This week in mortgages:

- No changes to rates over the holidays. Bond market up a little this morning. 

- Appraisals. 

5 YEAR RATES:

Fixed insured 5.14  

Variable insured 6.20 

Fixed conventional 5.39 

Variable conventional 6.55 

Rentals Fixed 5.97 

Rentals Variable 7.15 

LENDER TURNAROUND TIMES:

2-3 business days for a Conditional Mortgage Commitment, and similar for any back and forth of documents. 

NEWS PIECE or TIDBIT:

Whether you know it or not, all property purchases are appraised. Either through an automated valuation system often called a desk appraisal, or a drive by, or a physical inspection of the property. The desk appraisals are done within minutes. Drive by appraisals take time to complete. Physical Inspection appraisals require the most amount of planning and detail, including pictures and a write up about the property. 

If you have a purchase that is being double ended, or is a pocket listing, or clients are putting 20% down, it may trigger a physical inspection appraisal, so prepare your condition and closing dates accordingly. 

Have a great start to the new year helping families with their real estate transactions!

Courtesy of James Sicotte | Polaris Mortgage Planners | (780) 719-6888