Yesterday was a huge day for pre-approval submissions. Borrowers were locking in rates by the thousands.
For those still in need of a rate-hold, the remaining mortgage “deals” are mostly from non-bank lenders.
As of this writing:
The Big 5 have all raised 5-year “special offer” rates to 4.54%, or just above.
A diminishing number of non-bank lenders are still under 4% on a standard 5-year fixed mortgage. (It’s difficult to say how long that will last…probably not long.)
Interestingly, not only have 5-year fixed mortgages become more pricey, but shorter terms have also sprung up.
If you haven’t looked lately, check out where the 2-year bond is trading. It’s been over a year since the 2-year last exploded like this. That’s propelling shorter-term fixed rates—like 2- and 3-year mortgages—higher.
The exception to these rate increases are variable and 1-year terms, which have stayed put and are averaging prime and 2.49% respectively.