Take Advantage of the Current Low Mortgage Rates

There has been much talk and predicting by the pundits regarding mortgage rates steadily rising.

However, they have still remained at historic lows throughout 2021 and now the beginning of 2022, making it a great time to apply for a mortgage loan, a commercial loan or a home refinancing.

Since late March 2020, the Bank of Canada has kept the prime rate at a low 2.45%. This is in response to the pandemic, of course, and the financial crisis we’re undergoing both as individuals and as a country.

It’s easy to understand the thinking of why now is the best time to buy. Vaccinations have been slowing the spread of COVID-19. The economy is recovering rapidly. The world is opening back up again. That means that high inflation rates are on the horizon, and inflation is usually not good for interest rates.

But with the prime rate being as low as it is at this time, we’re seeing some of the best interest rates in history, with current mortgage rates at a record low, causing a bit of a real estate boom.

If you are thinking about buying or refinancing soon, you will want to take advantage of these current low mortgage rates. Your best move will be to get pre-approved for your home loan. This will let you know exactly how much you can afford and enable you to lock in the best possible rate.

Please feel free to call our toll-free number – 1 888 965 0526 – and we can answer any questions you may have about obtaining a mortgage loan from Last Minute Mortgages.