Monday Interest Rate Review for August 16th 2010

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If we were to take a general macro view of  fixed mortgage rates in Canada one can say that when the markets (i.e. TSX, DOW etc) are strong there is upwards pressure on fixed rate mortgages and the opposite is also true so that when the markets are weak there is downwards pressure on fixed rate mortgages. Over the past couple of weeks we have seen a steady decline in investment markets and investor confidence which has resulted in the lowering of fixed rate mortgages. For the 3rd time this year lenders are offering fixed 5 year mortgages for less than 4%. Very interesting when you consider the headlines from just a few months ago warning of an immanent long term increase of mortgage interest rates and all the caveats from the banks to lock in rates.

My name is Christopher Molder and I am a Toronto mortgage broker dedicated to the financial sufficiency and independence of my clients. Call or write me to get started on your path to financial freedom from the banks.

2.70% – 1 Year Fixed

2.90% – 3 Year Fixed

3.89% – 5 Year Fixed (quick close Sept 30th)

2.87% – Merix 50/50 Mortgage (Fixed/Variable hybrid)

P-.70   3 Year Variable

P-.65   5 Year Variable

Prime Rate is currently 2.75%.

Bank of Canada Qualifying rate has dropped to 5.59%.

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

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Christopher is a second-generation mortgage broker. Following in his dad’s steps, he helps borrowers demystify mortgage financing. Christopher lives in Toronto and when he is not in the office you’ll find him sailing on Lake Ontario.
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