Mortgage Blog
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What Is The Positive Of Higher Mortgage Rates?
June 7, 2021 | Posted by: Marc Crossman
Higher mortgage rates are typically seen as a negative, but there are two sides to every coin and some of the positives may surprise, or even benefit you!
Negatives
- Obviously, with higher rates come higher mortgage payments.
- Creates more interest in an already active real estate market.
- That FOMO Feeling – The fear of missing out on lower rates previously available.
Positives:
- Now is the time to obtain pre-approvals and secure rate holds while they are still low!
- Considering refinancing? The penalty calculation may be lower due to the interest rate differential (IRD) being reduced.
- Rising rates mean competition, explore or ask us about all rate options including variable rates.
As always, we are here to help. Contact us at 780 701 3888 or marc@albertamortgagepros.ca to find out if and how rising rates might be able to benefit you!
