Son Of A Broker » Fixed Rate Mortgages

Monday Mortgage Minute – Interest Rates July 5th 2010

chris — Tue, 06 Jul 2010 18:15:36 +0000

All signs are pointing to lower fixed rate mortgages again for the 3rd time this year. Bond yields are low and as a result we are seeing fixed rate mortgage prices dropping just a little bit further this week. The Bank of Canada has also dropped its benchmark qualifying rate for high ratio mortgages by 0.10%.

As a mortgage broker I get paid a steady finders fee from the lender. It doesn’t matter which lender we go to, the fees are similar so there is no incentive to take you to one lender over another. The only incentive I have is to give you honest open advice to make sure that you tell your friends and family about your positive experience. Send me a quick e-mail to get the ball rolling!

2.70% – 1 Year Fixed

3.49% – 3 Year Fixed

4.09% – 5 Year Fixed

3.13% – Merix 50/50 Mortgage (Fixed/Variable hybrid)

P-.65 3 Year Variable

P-.60 5 Year Variable

Prime Rate is currently 2.50%.

Bench Mark Qualifying rate is 5.89% (Used to qualify high ratio mortgages)

NOTE: Rates are subject to change without warning at the lender’s discretion.

Click here to view the embedded video.

Monday Mortgage Interest Rate Minute May 10th

chris — Tue, 11 May 2010 00:14:48 +0000

2.65% – 1 Year Fixed

3.85% – 3 Year Fixed

4.35% – 5 Year Fixed

3.25% – Merix 50/50 Mortgage (Fixed/Variable hybrid)

P-.40 3 Year Variable

P-.50 5 Year Variable

NOTE: Rates are subject to change without warning at the lender’s discretion.

Click here to view the embedded video.

New Merix Fixed 5 year with 90 Day Ratehold

chris — Tue, 04 May 2010 16:42:24 +0000

The problems over seas in Europe are already hitting close to home as bond yields have dipped for the last couple of days indicating that investor confidence is shaken. This bodes well for borrowers looking to get into fixed rate mortgages as there may be a reversal to the sharp steady increases to fixed rate mortgages over the past couple of weeks. Today, Merix Financial announced that they are lowering their fixed 5 year to 4.35%.

Click here to complete an application for a Merix Financial Mortgage today.

Monday Mortgage Minute May 3rd 2010

chris — Mon, 03 May 2010 16:28:42 +0000

Mortgage interest rates continue to climb for the 4th week in a row. There is a lot of discussion between observers and economists who think that the banks are prematurely driving rates up as highlighted in Rob Carrick’s Globe & Mail article, “Are Big Banks Jumping the Gun?”. With each passing week the variable option looks better and better, the only draw back is if you require a high ratio mortgage you will need to qualify based on the Bank of Canada’s Qualifying Rate which is an astronomical 6.25%. Not only is the spread between fixed and variable almost 3% there are a lot of forces at play which may prevent the prime rate from increasing significantly over the coming months, inflation is down in Canada and the Greek crisis will have far reaching global effects.

Chris Molder -Son Of A Broker

2.65% – 1 Year Fixed

3.85% – 3 Year Fixed

4.64% – 5 Year Fixed

4.39% – 5 Year Fixed Quickclose (Must close before June 15th)

3.25% – Merix 50/50 Mortgage (Fixed/Variable hybrid)

P-.40 3 Year Variable

P-.50 5 Year Variable

NOTE: Rates are subject to change without warning at the lender’s discretion.

Click here to view the embedded video.

Toronto Monday Mortgage Minute April 26th 2010

chris — Mon, 26 Apr 2010 19:11:40 +0000

After a very quick increase to fixed rate mortgages over the past 2 weeks mortgage lenders have started to compete for the new fixed 5 year. The standard rate is 4.59% however some lenders have introduced their quickclose rate at 4.39%.

The dilemma of deciding to go fixed over variable is on every borrower’s mind these days. Over the weekend the Globe & Mail featured the following article “Possible Rise In Mortgage Rates Pitting Couples Against One Another” . The spread between fixed (4.59%) and variable (1.75%) is about 2.80% which is significant. We know that in the coming months the Bank of Canada will increase the Prime Rate but with the latest report from Statistics Canada indicating that inflation was down in March it is questionable how quickly the prime rate will move up. Variable is looking like the better option these days but if you can’t make up your mind there is always the Merix 50/50. (3.25%)

5 Year Fixed – 4.54%

Quickclose 5 Year Fixed – 4.39% (must close before June 15th 2010)

3 Year Fixed – 3.84%

1 Year Fixed – 2.65%

Merix 50/50 Hybrid – 3.25% (current effective rate)

3&5 Year Variable P-.50% (1.75% current effective rate)

Rates subject to change without notice.

Click here to view the embedded video.

Monday Mortgage Minute For April 5th 2010.

chris — Mon, 05 Apr 2010 21:50:35 +0000

We all knew it was going to happen, we just didn’t know exactly when. Last Monday fixed rate mortgages increased. The fixed 5 year rate increased by a half of a percent from 3.89% to 4.39%. The following are current rates that I can offer but if you are feeling down that you missed an opportunity to capitalize on a low fixed rate mortgage consider my argument for opting for a variable rate mortgage at Prime minus 0.50 (1.75%). It appears that in the long run sticking it out with a variable may still be a good option. If you have questions or comments please feel free to write or contact me.

Chris Molder – Son Of A Broker

Fixed 3 year – 3.70%

Fixed 5 year – 4.39%

3 or 5 year Variable P-.50 (1.75%).

Click here to view the embedded video.

Monday Mortgage Interest Rate Minute – March 22nd

chris — Tue, 23 Mar 2010 00:36:51 +0000

Fixed mortgage rates are married to bond yields. As a mortgage broker I constantly look towards the 5 year Government of Canada bond yield to forecast where rates are heading to advise clients. Bond yields and fixed rate mortgages have a positive relationship. Put another way, when the yield on 5 year Canadian Bonds increases, the mortgage interest rate for a fixed 5 year mortgage also increases. Over the past 3 weeks we have observed an interesting trend. The bond yield has increased from 2.52% to 2.82%, an increase of +0.30% and yet lenders are not budging on their historically low interest rate offerings. If past trends are anything to go by a rate increase is just around the corner. In the mean time the following rates are still being offered.

Christopher Molder – Son Of A Broker

1 year fixed – 2.55%

3 year fixed – 3.35%

5 year fixed – 3.79%

SPECIAL * 5 year fixed – 3.69% (must close by April 26th 2010, purchase & refinance only)

3 year variable – Prime-.50% (1.75% effective rate)

5 year variable – Prime-.40% (1.85% effective rate)

Mortgage Interest Rates for March 15th

chris — Mon, 15 Mar 2010 12:53:53 +0000

Bond yields are up which would typically result in an increase to fixed rate mortgages however lenders are artificially keeping rates low in order to gain market share. This is good for borrowers currently in the market however don’t expect the low fixed rates to stay around forever as it only takes one bank to break the deadlock and we could see rates jump up by 0.50%. To secure a low rate give me a call or e-mail me for a quick consultation.

Chris Molder – Son Of A Broker

1 year fixed – 2.65%

3 year fixed – 3.35%

5 year fixed – 3.79%

3 year variable – Prime-.40% (1.85% effective rate)

5 year variable – Prime-.30% (1.95% effective rate)

RATE SPECIALS

5 year fixed – 3.69% (must close by April 26th 2010, purchase & refinance only)

NOTE: Rates are subject to change without warning at the lender’s discretion.

Click here to view the embedded video.

Fixed vs. Variable: The Train Is On The Tracks

chris — Thu, 11 Mar 2010 15:00:05 +0000

Do you remember when you were a kid and you stood on the train tracks on a hot summer day peering into the distance for the coming train? Then suddenly, in the distance, a single light appeared suspended in mid air and the shape of a massive train hurdling towards you sent your heart racing. It was the ultimate game of chicken. How long could your nerves last before you had to step off those tracks and into safety?

While mortgages are nowhere near as exciting as that childhood thrill, we can draw a parallel to the game of chicken and staying in a variable rate mortgage today. Current economic data indicates that the era of historic low interest rates may come to an end promptly and it is advisable to reassess your mortgage to determine if it is time to lock in.

Currently it is possible to lock your variable rate mortgage into a 5 year fixed at a rate anywhere between 3.89-3.99%. The train is on the tracks… what will you do?

Mortgages are very dynamic and the guidance that we offer is based on the circumstances of each individual. If you would like to review your mortgage to make sure that you are still on track please call us to have a quick chat. 416.461.0204

Chris Molder – Son Of A Broker

Toronto Mortgage Interest Rates March 1st 2010

chris — Tue, 02 Mar 2010 02:50:39 +0000

To start the month, there is a new variable rate mortgage! I can now offer Prime minus 40 (1.85%) on 3 year variable mortgages. It was also announced after I recorded my video, that the 5 year fixed rate special that I was offering at 3.69% has been extended for closings up until April 26th. Tomorrow, March 2nd, the Bank of Canada will be making their announcement on the prime rate. They are widely expected to leave the rate unchanged. If you are looking to be approved for a mortgage or have questions about your existing mortgage, get in touch with me.

Christopher Molder - Son Of A Broker

1 year fixed – 2.65%

3 year fixed – 3.50%

5 year fixed – 3.79%

3 year variable – Prime-.40% (1.85% effective rate)

5 year variable – Prime-.30% (1.95% effective rate)

RATE SPECIALS

5 year fixed – 3.69% (must close by April 26th 2010, purchase & refinance only)

NOTE: Rates are subject to change without warning at the lender’s discretion.

Click here to view the embedded video.