Here's a great tip if you're doing things with a mortgage...

If you're buying your first home or selling and moving to another home, you should always get a interest rate held for you to protect you against increases in the interest rate. In the last two weeks we've seen a increase in the 5-year fixed-rate mortgage.

While most wholesale banks have been offering below 3% on a 5-year fixed mortgage, the rates have bumped up to over 3%. Most mortgage lenders are now at 3.09% and 3.19% on a 5-year fixed-rate mortgage. The reason for this jump is that the forecast for future inflation is up slightly. This has an effect on the bond market. When the bond yield moves up, so do fixed-rate mortgages.

Check with the institution that's helping you with your mortgage to find out when your mortgage rate hold expires. Buying before your low mortgage rate expires can help you save thousands of dollars in interest.

I'd love to hear your experiences on negotiating your own mortgage. Please comment or e-mail me at lastovic.s@mortgagecentre.com.