5 Year Fixed 5.49%

5 Year Variable 5.65%

Open House - The Real Estate & Mortgage Show: November 5th, 2022

Open House - The Real Estate & Mortgage Show: November 5th, 2022

Date Posted: November 8, 2022

New housing numbers came in showing 45% less homes sold in October than in September. In September there were about 1700 home sold and in October there were just over 1000. Although we were expecting a drop in numbers, this amount of decrease was more than expecting. Typically, 1000 homes sold in a month would reflect December sales.

As the economy inches closer and closer to a recession, lots of discussion is appearing around mortgage rates and terms. Short term mortgage owners are coming up for renewal and are faced with the daunting rates of today. People are asking what’s the best decision between renewing, switching to a variable rate or start renting instead. There could be an entire article written on this topic – however, if you’re locking into the rates of today you will be paying a high interest rate for potentially a long period of time. If you take the variable rate now, you may be paying more for the next year or so, but as rates come back down, you could then lock into a lower rate.

If you are unsure about what to do with your current situation, contact your mortgage broker to get the best advice.

If you’re buying into the housing market, the best time is always now. Home prices will still increase over time, and you’re always in a better position if you buy real estate and wait instead of waiting to buy real estate.

 

 

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Contact your Mortgage Broker today for trusted advice.