Mortgage Rates Jump Up Again in Canada – Royal Bank 5 year Rate at 5.85% – Cornwall Ontario – April 14, 2010

Mortgage Rates Jump Up Again in Canada – Royal Bank 5 year Rate at 5.85% – Cornwall Ontario – April 14, 2010

Cornwall ON – Mortgage rates have gone up for the second time in less than a month as the cost of borrowing rises which is scary news for home owners in Canada as the potential for 80’s style hyper inflation hovers over the recession.

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RBC kicked off the increases in March when it increased the price of fixed-rate five-year mortgages by 0.60 percentage points to 5.85 per cent; many rivals followed suit. Following Tuesday’s move, RBC and Scotiabank’s posted rates will be 6.10 per cent.

What do you think Canada?  Is now the time to lock in before rates rise higher or steady the course?    You may post your comments below.

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