Posts tagged ‘Current Rates’
Bank of Canada Leaves Prime Rate Unchanged
For the 13th consecutive time there is no change to report regarding the Bank of Canada’s prime rate. This came as no surprise to economists and observers but of note was the rosier picture being painted of the Canadian economy. In the last paragraph of their press release the BoC indicated that the time for [...]
10 Year Fixed Rate Mortgage or 5 Year Fixed Rate Mortgage
Should You Take A 5 Year Fixed Or A 10 Year Fixed Rate Mortgage? Mortgage borrowers hava lots of choice when it comes to the term of their mortgage. Here in Canada, the most popular option is the 5 year term. The hard part was deciding between fixed vs. variable. But with variable rate mortgages [...]
New Variable Rate Mortgage: P-.15
Looking for the best variable rate mortgage in the market right now? My lending partners over at Merix Financial have introduced a new market leading 5 year variable rate mortgage priced at prime minus 0.15% (2.85%) . For months the variable vs. fixed conversation was dead. With fixed rate mortgages being priced equal to variable [...]
How To Protect Yourself From A Mortgage Interest Rate Increase
How To Protect Yourself From A Mortgage Interest Rate Increase One of the questions I get asked all the time is, “how do I protect myself if the mortgage interest rates go up?” To help you with this challenge, I’ve put together 3 points you can use to protect yourself if the mortgage rates go [...]
Mortgage Interest Rate Review January 19th 2012
Late last week while I was away in Punta Cana for the Mortgage Centre Annual conference lenders announced their newest fixed rate mortgages. Lenders are now offering 3.15% for a fixed 5 year rate mortgage which has again set a new low for fixed rate mortgages. Some borrowers might be surprised that the new rates [...]
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 [...]
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 [...]