Posts tagged ‘Current Rates’
Mortgage Interest Rate Review January 19th 2012
Tweet 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 [...]
Mortgage Interest Rate Review November 23rd 2011
Tweet 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 [...]
Mortgage Interest Rate Review November 10th 2011
Tweet 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 [...]
Bank Of Canada Interest Rate Announcement- Prime Rate Unchanged
Tweet 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 [...]
Mortgage Interest Rate Review Oct 20 2011
Tweet 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 [...]
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.
Mortgage Interest Rate Review Oct 7th 2011
Tweet This week, mortgage interest rates have continued a trend that we’ve seen developing over the past 4 weeks. Mortgage lenders are effectively enticing mortgage borrowers to take fixed rate mortgages by lowering their fixed rates and increasing the spreads on their variable rate mortgages. This has created a convergence of fixed and variable making [...]
Bank Of Canada Leaves Prime Rate Unchanged
Tweet The Bank of Canada left the prime rate unchanged today. In explaining the decision to leave borrowing costs alone for an eighth meeting, as expected, the central bank said it believes Canada’s economy is growing again after stalling in the second quarter, but painted a troubling picture for the United States and Europe, and [...]
Mortgage Interest Rate Review August 31st
Tweet Late last week, RBC suddenly triggered a move to reduce the spread on their variable rate mortgages and it didn’t take long for the rest of the market to follow. Previous to the change the average spread for a 5 year variable was P-.75%. Today the spread has narrowed to P-.50%. There was tremendous [...]
