Recent Posts in ‘Mortgages’
Mortgage Interest Rate Review November 23rd 2011
The number of Canadians carrying mortgage debt into their 70s was the hottest mortgage topic this week. A recent RBC poll showed that one-third (33 per cent) of older Canadians over the age of 55, have 16 or more years left on their mortgage term. This statistic makes me wonder if these older Canadians aren’t
Mortgage Interest Rate Review November 10th 2011
The mortgage interest rate roller coaster continues to enthrall its riders yet again. The latest twist came as Sheryl King, an economist at Bank of America, predicts that Europe’s worsening sovereign-debt crisis is going to push the central bank to cut its key rate down to .025% or 2.25% in consumer terms. Her report predicted
King for a Day: Why Now Is The Time For A Fixed Rate Mortgage
Earlier this week Rob Carrick of the Globe & Mail wrote an article Variable or Fixed? It’s no contest. As a regular observer and reader of mortgage news I am rarely enthusiastic about the media’s mortgage rhetoric however this week’s article was timely and perfectly expresses why in today’s market the fixed rate mortgage is
By The Numbers: October Statistics
The following is a selection of key statistics published by the Canadian Association of Accredited Mortgage Professionals. The numbers reflect the slight increases we have seen to fixed rate mortgages and the spreads on variable rate mortgages.
Of Bonds, Mortgages & Pensions
As a mortgage broker I am always observing and monitoring the Government of Canada 5 year bond yield to look for cues about where fixed rate mortgages are heading. The price of fixed rate mortgages has a direct positive relation with Government of Canada bond yields so that when the yield goes up interest rates
Bank Of Canada Interest Rate Announcement- Prime Rate Unchanged
As was widely expected the Bank of Canada announced that they would keep the prime rate unchanged this morning. In the BoC’s press release which you can read here, the bank observed that the global economy has slowed significantly. The mood of households much like banks and business is to avoid risk and there is
Mortgage Interest Rate Review Oct 20 2011
At risk of sounding like a broken record, this week variable rate mortgages have continued with their upwards trend towards prime. This is a trend that has developed over the past 30 days and has caused the 5 year variable rate to rise 65 basis points inside of a month. We also saw a slight
The Donald, You’ve Been Trumped & Why You Should Use A Mortgage Broker
This past Spring I attended the Hot Docs film festival with my friend and real estate colleague Mark Savel of Savelandthecity.com fame. We watched a great film by British film director Anthony Baxter entitled “You’ve Been Trumped”. The film documents the David vs. Goliath like struggle of a local small town Scottish community attempting to
Variable Rate Mortgages Continue To Increase – Trend of the Shrinking Spread
The culprit seems to be narrowing spreads. The spread is essentially the difference between the rate offered by a lender to a client minus the lender’s cost to fund your mortgage. The lender’s base cost for variable rate mortgages is typically a 30 day bankers’ acceptance (BA) yield.