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With the prime rate at 3.7%, now is the time for locking in early renewals.
With the news of another impactful interest rate hike from the Bank of Canada this morning, many are left wondering what this means for new homebuyers and current homeowners in Canada. Here at nesto, we have an answer: Now is the time to renew or refinance.
With reported interest rate volatility at an all-time high, the average changes documented in our May 2022 report land at 11 per month compared to just 2 per month average in 2021. It’s clear that rate changes will continue through summer 2022.
To curb rate hikes and inflation, refinancing and renewing allow pathways to savings down the line.
In an effort to help you ensure your low rate guarantee, we will now offer the longest rate-hold period offered in Canada, 150 days.
“With the average payment on a $500,000 fixed rate mortgage increasing by $375 and by $213 for a $500,000 variable rate mortgage in the last 6 months, now more than ever is the time for homeowners to lock in their lowest available rate today to avoiding paying for any further increases,” Malik Yacoubi, nesto’s CEO, said. “This is exactly why we offer a 150 rate lock-in period. It gives everyone peace of mind with the current market and ample time to consider debt consolidation to improve cash-flow among other savings opportunities”
For those wondering what else you can do to prepare if you’re not in the market for a renewal, but rather, a new purchase…Read our last blog post here that outlines tactile steps to ensure you are stress-free.
Overall, Bank of Canada’s rate hikes, once unexpected, have now become standard. It’s important to stay calm, keep a plan, and stay informed. Want to connect with a nesto mortgage expert and secure your low rate for 150 days? Call us now: 1-888-601-1315
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