| Laura Burt |
| Professional Mortgage Planner |
June Mortgage News
As speculated, the prime interest rate rose by a quarter percent this month to 2.50%. If you hold a variable rate mortgage, you will see your payments increase slightly. I do not recommend locking in at this time. I believe it will be still be awhile before we see the prime interest rate catch up to the fixed mortgage rates. Variable rate mortgages are still very appealing. My current 3 year fixed variable is at prime minus .65% (1.85%).
We also saw fixed interest rates rise another .15% for various lenders, however, I still have access to a 5 year fixed rate at 4.25%. Still an amazing rate!
Remember, my services are completely free to you. If you are planning a move, or, thinking of moving but are not sure your options because of payment penalties, let me run some scenarios for you. It might just save you thousands!
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