They're going up, up, up
At this morning's sales meeting, we had our weekly mortgage rate update. It appears that rates are going up sooner then expected and higher than expected! As well, yesterday the new qualifying rules came into play, causing people to have to put a minimum of 10% down rather than the 5% we had previously and at the same time, borrowers have to be able to qualify at the 5yr highest rate, YIKERS! what a week! Having said all that...I just read in todays Financial Post..."Little Angst over interest rates rising" which says that a new poll shows little worry about this among Canadians Holding mortgages. Apparently Investors group announced results of a new poll released yesterday that said "Canadians may be overly confident that they can take higher borrowing costs in stride". I wonder how this affects the Canadians not holding mortgages but who would like to have one? the First time home buyers??? What do you think?