Rates on the rise again

TD has announced that they are raising fixed rates for 1 to 5 year terms by as much as 35 basis points.  The other financial institutions are expected to follow suit in the next few days, as rising bond yields are increasing their cost of funds, and putting upward pressure on mortgage rates. 

What does this mean to you? 

If you're planning to purchase in the next 4 months or so, you should lock in your pre-approval rate now, just to be safe.  And if you have a mortgage coming up for renewal in the near future, contact your financial institution or mortgage broker to see if you can lock in your rate early.