Friday, May 22, 2009

Mortgage Rates - 5 year fixed may rise - Laurie Baird

The following information was forwarded to me by Laurie Baird

5-year bond yields have jumped to 2.27%--up 40 basis points in the last 30 days. As a result, mortgage funding costs are spiking (fixed mortgage rates are generally linked to bond yields).

A few smaller lenders have already raised, or plan to raise, their 5-year fixed rates. As reported a few weeks ago, this may be a precursor to further, more wide-scale, rate increases.

Laurie Baird
1405 A Richter St, Kelowna, BC, V1Y 2L9
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