Mortgage rates are once again on the rise after dipping in the second half of 2006 and the first quarter of this year. According to BCREA’s June 2007 Mortgage Update, BCREA expects mortgage rates to edge up to 7.3 per cent in 2007 and to 7.5 per cent in 2008.
“While the resulting increase in mortgage carrying costs will constrain some potential buyers in the long run, sales may rise in the short run as new buyers take advantage of their pre-approved rates and avoid further rate hikes,” said Cameron Muir, BCREA Chief Economist.
Source: BCREADavid Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
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