Mortgage experts are forecasting that mortgage rates could be pushed lower in the coming weeks, as lenders try to compete. In fact, earlier this week RBC made headlines by dropping their 5-year mortgages, which suggests others may do the same.
January may seem like a slow month for housing, but since many consumers are pre-approved for a mortgage with a guaranteed rate for as long as 120 days, it’s a prime time for lenders to lock down customers. – Financial Post
Bottom line, looking into pre-approval could be a good idea right now as rates go down. While we move towards the Spring market, this will give buyers an edge. Questions on buying a home? Feel free to contact us.
