It looks like it will be a great summer now that Alberta’s Open for Summer Plan has begun (and the weather has been amazing!) Hopefully, after an uncertain year or so, we all can relax a bit and continue with plans that were put on hold.
If you are ready to continue with your home plans, now is a great time to carry on with your mortgage application. This will hold an interest rate for you up to 120 days while you shop.
Yes, you read it right! When rates go up, your pre-approval will ensure that you get today’s low rates.
What are rates expected to do?
When it comes to overall trends for mortgage rates, we’re far more likely to see a steady increase in rates than any substantial drop.
Mortgage rates tend to be low when an economy is struggling and high when the economy is thriving. Employment and inflation are two other factors that affect mortgage rates. When employment numbers and inflation increase, so do mortgage rates.
To take advantage of today’s low mortgage rates before they go up, you may want to consider continuing with your home search this summer, if possible.
The home buying process can be confusing. I’m here to help you step by step achieve your home goals. The first step is to start with a mortgage pre-approval. This will ensure you can qualify for a mortgage and are shopping in the proper price range. Contact me today to get started!