Victoria BC – Karie Siess says the rates are going up

admin — Tue, 16 Jun 2009 13:58:48 +0000

Well, it was nice while it lasted, but, along with the nice increase in our weather temperatures, it seems we are going to see the same in our interest rates.
Here is what’s being “talked” about today…
“There is a lot of financial indifference in the markets…as many of the Economists have stated… the Bond Market is reacting to this…
I would suggest that investors (cash guys) are demanding more for their money, even in these times. Thus over the last few weeks I have been monitoring the long term Bond Market and it has risen almost 50bps and today it is up 3 bps alone…. This means the spread on mortgage rates is lessening and in turn pushing lenders to raise rates. I believe we are in for some interest rate hikes over the next 4 – 5 weeks, which may mean a couple more increases like we are seeing right now. Over the last week we have seen some lenders raise interest rates by 30 bps bringing them above the 4.25% mark, I am sure other lenders will follow.
There are still lenders that have not formally made any moves to their rates, but I am sure it is on its way. I would urge you to contact those clients that are ’sitting on the fence’ because they believe one or both of the following:”
” I think rates are going to go lower and I don’t want to pay more than I have too… ”
“… house prices are coming down, I want to wait and get best deal…”
Please call me today to discuss any clients you may be working with. I will pre-approve them and hold them at our current low rates!Bank of Canada maintains overnight rate target at 1/4 per cent and reiterates conditional commitment to hold current policy rate until the end of the second quarter of 2010.
Reviewed by Moishe Alexander, CFC CEO

http://livinginvictoriabc.blogspot.com/2009/06/karie-siess-says-rates-are-going-up.html

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Victoria BC – Karie Siess says the rates are going up