Posts tagged ‘Current Rates’
Everything you need to know this week about Canadian mortgage interest rates. Rates remain low and there is nothing on the horizon likely to change that. There is still lots of so-called global economic headwind which inhibits the Canadian economy from growing. So long as growth is stunted, rates will remain low. Last week there [...]
Last week the Globe & Mail published an interesting article in their mortgage section entitled pay your mortgage like it’s 2007 by Vancouver mortgage broker Rob McLister. In the article Rob points out that mortgage interest rates are half of what they were 5 years ago in 2007 (see graph below).
Mortgage renewals have a way of sneaking up on you just like birthdays. Chances are that when you receive your renewal notice in the mail you will be caught off guard and simply sign back your lender’s offer without negotiation. In fact, roughly 70% of Canadian mortgage holders do this. And it’s costing them hundreds [...]
Do you know why you are looking for the lowest mortgage interest rate? Because interest rate is the price of the money you borrow. And all things being equal you want the best price for any product or service you buy. Right now if you are shopping for a mortgage to buy a home, refinancing [...]
Do you want to get the best mortgage rate? Of course! But if you’re shopping for the best rate you’ve got to look at the macro events happening in the wider Canadian and global economies. When you understand the reasons why a fixed rate is priced you can make an informed decision with confidence.
Interest rates are low. Mortgage lenders are competing for market share. And I’ve been getting asked often from homeowners the question: is now the time to refinance?
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 [...]
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 [...]
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 [...]