Tuesday, December 15, 2009
Tuesday, December 8, 2009
Wednesday, December 2, 2009
What's up (or more appropriately down) with rates?
With bond yields dropping so are 5 year rates!
Best discounted no frills 5 year fixed now at 3.84% this is a quick close product with limited prepayment options.
If you like more features like 25% prepayments….I have a major lender that has just dropped their five year to 3.99% from 4.19%! more to follow? I think so. Most of the big banks wait for someone to lead the way and then they will follow suit.
This same lender just joined the non bank lenders with a variable at prime minus 0.10%!
Maybe we'll all be in for a nice Christmas present and a Happy New Year!
All the best!
Peter McKinnon 604-506-6789
Centum Pacific Mortgages
peter_mckinnon@centum.ca
www.peterlmckinnon.com
Best discounted no frills 5 year fixed now at 3.84% this is a quick close product with limited prepayment options.
If you like more features like 25% prepayments….I have a major lender that has just dropped their five year to 3.99% from 4.19%! more to follow? I think so. Most of the big banks wait for someone to lead the way and then they will follow suit.
This same lender just joined the non bank lenders with a variable at prime minus 0.10%!
Maybe we'll all be in for a nice Christmas present and a Happy New Year!
All the best!
Peter McKinnon 604-506-6789
Centum Pacific Mortgages
peter_mckinnon@centum.ca
www.peterlmckinnon.com
Friday, November 20, 2009
5 Year fixed drops! What did I tell you yesterday!
3.89% 5 yr fixed, closed. http://www.peterlmckinnon.com
3.89% 5 yr fixed, closed. http://www.peterlmckinnon.com
Thursday, November 19, 2009
Tuesday, November 17, 2009
Friday, November 6, 2009
Interest Rate Update ----lenders drop 5 yr fixed to 4.09%, 2.25% VRM holding steady
http://www.peterlmckinnon.com
http://www.peterlmckinnon.com
Friday, October 30, 2009
Economic Highlights GDP, Interest Rates, Dollar
Weekly Economic Hightlights from TD Economics:
- Canadian GDP fell 0.1% in August, dampening prospects for the potency of Canada’s Q3/2009 rebound.
- Canadian industrial product and raw materials indices declined in September, pointing to continued downward pressure on core consumer prices from cheaper inputs.
- Employment Insurance beneficiaries declined in August, but likely exhaustion rather than new jobs.
- Bank of Canada sticks to script that higher dollar means slower recovery, pointing to low rates for longer.
Happy Halloween!!
Thursday, October 29, 2009
Thursday, October 22, 2009
How to Rebuild your Credit Rating
I have had a few clients that have had some trouble with their credit bureau report which affects their ability to get a mortgage at normal rates. So how does one improve their bureau score?
STEP ONE: View your credit file to ensure all the information about you is correct, and that all your outstanding debts have been paid off. To get your credit file, contact,
TransUnion Canada http://www.transunion.ca
Equifax Canada http://www.equifax.com
This is important as many credit providers are happy to update your file with bad news but seem to overlook updating your file when you've caught up or paid off an account completely.
If there are errors contact the lenders and have them update the credit bureau.
STEP TWO: Arrange a loan, likely at a very high interest rate, and then have a perfect payment record over the next 12 months.
Follow up: After a year of making your payments in full and on time, try to re-negotiate your loan down to normal rates.
Car loans are great for this. Car dealerships are usually more lenient especially if you're looking to finance a newer car.
STEP THREE: Get a secured credit card, where you keep money on deposit with your card company to offset the maximum you can charge on your card.
Follow up: After two years of paying your card off on time, apply for a conventional credit card.
Unfortunately the process does take time, usually 12 - 24 months of consistent payments, so if this is your situation just get started and you'll be able to go back into debt before you know it!!
peter_mckinnon@centum.ca
www.peterlmckinnon.com
STEP ONE: View your credit file to ensure all the information about you is correct, and that all your outstanding debts have been paid off. To get your credit file, contact,
TransUnion Canada http://www.transunion.ca
Equifax Canada http://www.equifax.com
This is important as many credit providers are happy to update your file with bad news but seem to overlook updating your file when you've caught up or paid off an account completely.
If there are errors contact the lenders and have them update the credit bureau.
STEP TWO: Arrange a loan, likely at a very high interest rate, and then have a perfect payment record over the next 12 months.
Follow up: After a year of making your payments in full and on time, try to re-negotiate your loan down to normal rates.
Car loans are great for this. Car dealerships are usually more lenient especially if you're looking to finance a newer car.
STEP THREE: Get a secured credit card, where you keep money on deposit with your card company to offset the maximum you can charge on your card.
Follow up: After two years of paying your card off on time, apply for a conventional credit card.
Unfortunately the process does take time, usually 12 - 24 months of consistent payments, so if this is your situation just get started and you'll be able to go back into debt before you know it!!
peter_mckinnon@centum.ca
www.peterlmckinnon.com
Wednesday, October 14, 2009
Variable rates at prime MINUS 0.10% but Fixed rates are on the rise! Majors have moved to 4.34%!! apply now http://www.peterlmckinnon.com
Monday, October 5, 2009
Rate update for October 5th ---- 5 year Variable @ prime!! 2.25% 5 year Fixed 3.75% http://www.peterlmckinnon.com to apply
Thursday, October 1, 2009
Broker Loyalty?
I have noticed an interesting phenomenon since joining this industry.
Clients who have spoken with a financial institution about their mortgage needs and have been quoted a given rate and terms. Then our mortgage shoppers go to the internet or broker market and find out they could get a much cheaper rate elsewhere.
After working with a broker to secure the better rate in a comparative product, the bank follows up with the clients (hopefully, although not all banks are very diligent on this process) to find out that they are working with a broker and have secured a better rate.
At this point the banks representative says "oh, I can get you that rate" or my personal used car salesman's favourite " let me check with my manager and see what I can do". Miraculously they come back with a slightly lower rate.
My question is this? What do you do? Take the lower rate from the bank, who obviuosly didn't give you their best rate the first time around, OR do you stick with your broker who was truly looking after your best interest from the start?
Luckily in my experience most people take the second option, but there's always a few that cause me to shake my head!
Rate update 3.75% 5 year fixed, 2.35% Variable 5 year
4 year Special variable at prime!! 2.25%! til Oct 30th.
Visit http://www.peterlmckinnon.com to get started!
Clients who have spoken with a financial institution about their mortgage needs and have been quoted a given rate and terms. Then our mortgage shoppers go to the internet or broker market and find out they could get a much cheaper rate elsewhere.
After working with a broker to secure the better rate in a comparative product, the bank follows up with the clients (hopefully, although not all banks are very diligent on this process) to find out that they are working with a broker and have secured a better rate.
At this point the banks representative says "oh, I can get you that rate" or my personal used car salesman's favourite " let me check with my manager and see what I can do". Miraculously they come back with a slightly lower rate.
My question is this? What do you do? Take the lower rate from the bank, who obviuosly didn't give you their best rate the first time around, OR do you stick with your broker who was truly looking after your best interest from the start?
Luckily in my experience most people take the second option, but there's always a few that cause me to shake my head!
Rate update 3.75% 5 year fixed, 2.35% Variable 5 year
4 year Special variable at prime!! 2.25%! til Oct 30th.
Visit http://www.peterlmckinnon.com to get started!
Friday, September 25, 2009
Thursday, September 24, 2009
Vancouver Home Prices 10th Highest in North America
If you are wondering when the bubble is going to burst in Vancouver real estate, don't hold your breath!
Vancouver remains the most expensive city for houses in Canada and the tenth most expensive city in North America, according to the 2009 Coldwell Banker Home Price Comparison Index, which looks at the prices of 2,200 square foot homes in different markets.
Vancouver's average price was $1,262,625 (CDN) while Fort McMurray, Alta, beat out Calgary and Edmonton with an average price of $638,000 CDN. Toronto's average price was $824,347 CDN.
"Despite record-breaking prices in many of Canada's major markets, these homes are selling, as buyers take advantage of today's historically low interest rates," said John Geha, president of Coldwell Banker Canada Operations, who described the type of house surveyed in the study as the "aspirational home." "These move-up buyers have been a critical component in our resurgent real estate market, and will continue to play a major role in Canada's recovering economy.
Check out this story to see why the world considers our real estate a bargain!
http://www.cbc.ca/consumer/story/2009/09/23/realestate-global.html
Vancouver remains the most expensive city for houses in Canada and the tenth most expensive city in North America, according to the 2009 Coldwell Banker Home Price Comparison Index, which looks at the prices of 2,200 square foot homes in different markets.
Vancouver's average price was $1,262,625 (CDN) while Fort McMurray, Alta, beat out Calgary and Edmonton with an average price of $638,000 CDN. Toronto's average price was $824,347 CDN.
"Despite record-breaking prices in many of Canada's major markets, these homes are selling, as buyers take advantage of today's historically low interest rates," said John Geha, president of Coldwell Banker Canada Operations, who described the type of house surveyed in the study as the "aspirational home." "These move-up buyers have been a critical component in our resurgent real estate market, and will continue to play a major role in Canada's recovering economy.
Check out this story to see why the world considers our real estate a bargain!
http://www.cbc.ca/consumer/story/2009/09/23/realestate-global.html
Monday, September 21, 2009
Friday, September 11, 2009
Thursday, September 10, 2009
BoC Holds Rates and Outlook
Bank of Canada is holding fast at 0.25%, no suprises but it still nice to hear them reiterate their stance and outlook. Some bank economists are even predicting rates may hold til the end of 2010.
Read more:
http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2009/09/boc-keeps-rates-steady.html
Can't predict the future, but for now, we have lenders easing their rates in all products, variable and fixed terms.
Here are my current best rates...........OAC
Fixed Rate Products
Term Rate
1 Year 2.55%
2 Year 2.90%
3Year 3.45%
4 Year 3.89%
5 Year 4.09% Standard
5 Year* 3.95% 30 Day Closing Special
7 Year 5.20%
10 Year 5.40%
5 Year Variable prime plus 0.20%
Open variable prime plus 0.80%
http://www.peterlmckinnon.com
peter_mckinnon@centum.ca
Read more:
http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2009/09/boc-keeps-rates-steady.html
Can't predict the future, but for now, we have lenders easing their rates in all products, variable and fixed terms.
Here are my current best rates...........OAC
Fixed Rate Products
Term Rate
1 Year 2.55%
2 Year 2.90%
3Year 3.45%
4 Year 3.89%
5 Year 4.09% Standard
5 Year* 3.95% 30 Day Closing Special
7 Year 5.20%
10 Year 5.40%
5 Year Variable prime plus 0.20%
Open variable prime plus 0.80%
http://www.peterlmckinnon.com
peter_mckinnon@centum.ca
Wednesday, September 2, 2009
Blog update on latest rates and trends.
http://mckinnonmortgages.blogspot.com/
Big 5 drops variable rate to 0.20% leading the way for more drops to come??
http://mckinnonmortgages.blogspot.com/
Big 5 drops variable rate to 0.20% leading the way for more drops to come??
Interest Rate Update
Today we've had one of the Big 5 lenders drop their variable 5 year rate to 0.20%!
This is below the best that many non bank lenders are offering, which usually leads to more competitive responses from all lenders! And who wins? the mortgage customer!
Bond yields are holding steady in the mid 2.50% range so this may give some room for the longer term rates to move.
Current rates:
1 year 2.55%
3 year 3.59%
5 year 4.19% Standard
5 year 3.95% Quick Close
Closed variable bank prime plus 0.20% or 2.45% currently.
Check out the rates regularly on my webiste at
http://www.peterlmckinnon.com/
or contact me directly for the latest rates and products
peter_mckinnon@centum.ca
This is below the best that many non bank lenders are offering, which usually leads to more competitive responses from all lenders! And who wins? the mortgage customer!
Bond yields are holding steady in the mid 2.50% range so this may give some room for the longer term rates to move.
Current rates:
1 year 2.55%
3 year 3.59%
5 year 4.19% Standard
5 year 3.95% Quick Close
Closed variable bank prime plus 0.20% or 2.45% currently.
Check out the rates regularly on my webiste at
http://www.peterlmckinnon.com/
or contact me directly for the latest rates and products
peter_mckinnon@centum.ca
Friday, August 28, 2009
BC Housing sales have doubled.....Friday, August 28,2009
since the january bottom.
That's according to Cameron Muir of the BC Real Eastate Association.
Buyers are coming back in droves causing multiple offer situation for many properties, but luckily for purchasers there hasn't been a jump in overall prices.
Good news is that the Real Estate board expects only a 1 percent increase in prices until well into 2010. You add the lack of inflation threat and Bank of Canada keeping interest rates low and we have a great opportunity to get that first home, upgrade(or downsize), or add an investment property, or second home.
read more at
http://www.vancouversun.com/business/real+estate+upward+climb+rest/1935829/story.html
RATE UPDATE::
Variable Rate 5 YR .................2.55% (Custom maturities at prime plus 0.15%)
3YR Fixed.................................3.59%
5YR Fixed.................................4.15%
5YR Fixed SPECIAL...............3.99%
http://www.peterlmckinnon.com/
peter_mckinnon@centum.ca
That's according to Cameron Muir of the BC Real Eastate Association.
Buyers are coming back in droves causing multiple offer situation for many properties, but luckily for purchasers there hasn't been a jump in overall prices.
Good news is that the Real Estate board expects only a 1 percent increase in prices until well into 2010. You add the lack of inflation threat and Bank of Canada keeping interest rates low and we have a great opportunity to get that first home, upgrade(or downsize), or add an investment property, or second home.
read more at
http://www.vancouversun.com/business/real+estate+upward+climb+rest/1935829/story.html
RATE UPDATE::
Variable Rate 5 YR .................2.55% (Custom maturities at prime plus 0.15%)
3YR Fixed.................................3.59%
5YR Fixed.................................4.15%
5YR Fixed SPECIAL...............3.99%
http://www.peterlmckinnon.com/
peter_mckinnon@centum.ca
Tuesday, August 25, 2009
Mortgage Rate Update August 25th
Lenders are starting to lower rates!
Featured Rates for August 24, 2009
5 Year Quick Close 3.99%
5 Year Standard 4.15%
3 Year Standard 3.59%
5 Year Variable Prime + .30%
Current Bank Prime =2.25%
peter_mckinnon@centum.ca
http://www.peterlmckinnon.com
Featured Rates for August 24, 2009
5 Year Quick Close 3.99%
5 Year Standard 4.15%
3 Year Standard 3.59%
5 Year Variable Prime + .30%
Current Bank Prime =2.25%
peter_mckinnon@centum.ca
http://www.peterlmckinnon.com
Friday, August 21, 2009
#2208 - 550 Pacific Blvd Yaletown Open house
I will be working with Nick Nikjou this Sunday 2 - 4 pm at the fabulous AZURA by Concord Pacific #2208 - 550 Pacific Blvd, 1brdm and den with amazing amenities!
Check it out at
http://www.mikestewart.ca/listings.php
and for Nick http://www.century21.ca/nick.nikjou
Check out the latest rates at http://www.peterlmckinnon.com or call 604-506-6789!
Check it out at
http://www.mikestewart.ca/listings.php
and for Nick http://www.century21.ca/nick.nikjou
Check out the latest rates at http://www.peterlmckinnon.com or call 604-506-6789!
AZURA OPEN HOUSE SUN 2-4pm #2208 - 550 Pacific Blvd. Check out this 1 bdrm and den in Yaletown http://ping.fm/Lrp45
Thursday, August 20, 2009
Wednesday, August 19, 2009
Inflation NOT a concern, bond yields slip
The latest report from Stats Can says inflation is at its lowest in 56 years!
prices actually declined by 0.9% last month. Much of this decline is attributable to lower gas prices off 40 cents a litre on avergage since last July's high of $1.37/litre, but the core inflation rate is staill at a very comfortable 1.8%.
Read more: http://www.globeinvestor.com/servlet/story/RTGAM.20090819.wcpi0819/GIStory/
What does this mean for mortgage interest rates?
Well the BoC uses a 2.0% core inflation rate, so 1.8% indicates that Mr. Carney will be sticking to his no increase policy. There has also been a drop in the 5 year bond yields on this news to 2.49%, which means that some lenders may look at easing their fixed rates from the current 4.29% to maybe the 4% or lower range. These will most likely be the non-bank lenders so you'll want to make sure your mortgage broker is on the ball for you!
http://www.peterlmckinnon.com
peter_mckinnon@centum.ca
prices actually declined by 0.9% last month. Much of this decline is attributable to lower gas prices off 40 cents a litre on avergage since last July's high of $1.37/litre, but the core inflation rate is staill at a very comfortable 1.8%.
Read more: http://www.globeinvestor.com/servlet/story/RTGAM.20090819.wcpi0819/GIStory/
What does this mean for mortgage interest rates?
Well the BoC uses a 2.0% core inflation rate, so 1.8% indicates that Mr. Carney will be sticking to his no increase policy. There has also been a drop in the 5 year bond yields on this news to 2.49%, which means that some lenders may look at easing their fixed rates from the current 4.29% to maybe the 4% or lower range. These will most likely be the non-bank lenders so you'll want to make sure your mortgage broker is on the ball for you!
http://www.peterlmckinnon.com
peter_mckinnon@centum.ca
Friday, August 14, 2009
Mortgage Rate Update Friday, August 14th
Interest rates holding at lows! Check it out...
Variable 5yr closed bank prime 2.25 + .35%
Fixed 5yr Closed 3.99% Special 30 day closing
Standard 5yr fixed 4.29%
Our friends at MCAP are offering a 2.40% variable maturity for May 2012. Very cheap and interesting product for those who want to ride the variable but keep their options open for renewal in approx. 2years and 10 months! http://www.mcap.com/Home.aspx
Big news for the week July home sales for Vancouver saw a 90% increase over 2008! So if you are in he market for property in Vancouver get approved and get ready to make an offer the first look. Listings are scarce and you need to move fast to get in.
Check out the details at the Globe and Mail:
http://www.globeinvestor.com/servlet/story/RTGAM.20090814.whousing0814/GIStory/
Have a great weekend!
Variable 5yr closed bank prime 2.25 + .35%
Fixed 5yr Closed 3.99% Special 30 day closing
Standard 5yr fixed 4.29%
Our friends at MCAP are offering a 2.40% variable maturity for May 2012. Very cheap and interesting product for those who want to ride the variable but keep their options open for renewal in approx. 2years and 10 months! http://www.mcap.com/Home.aspx
Big news for the week July home sales for Vancouver saw a 90% increase over 2008! So if you are in he market for property in Vancouver get approved and get ready to make an offer the first look. Listings are scarce and you need to move fast to get in.
Check out the details at the Globe and Mail:
http://www.globeinvestor.com/servlet/story/RTGAM.20090814.whousing0814/GIStory/
Have a great weekend!
Thursday, August 13, 2009
Monday, August 10, 2009
Rate Update Monday, August 10,2009
Current mortgage interest rates:
5 year Fixed Closed 3.99%
5 yr VRM Closed 2.50%
Average MLS resale price for local markets
City June 2008 June 2009
Halifax $235,312 $240,093
Saint John, NB $170,199 $172,731
Montréal $269,257 $275,578
Ottawa $298,336 $307,793
Toronto $395,918 $403,918
Hamilton/Burlington $287,249 $297,117
Winnipeg $206,327 $212,542
Saskatoon $310,386 $276,867
Calgary $418,866 $392,601
Edmonton $341,376 $328,285
Vancouver $611,613 $575,949
Victoria $476,639 $476,686
Source: Canadian Real Estate Association
5 year Fixed Closed 3.99%
5 yr VRM Closed 2.50%
Average MLS resale price for local markets
City June 2008 June 2009
Halifax $235,312 $240,093
Saint John, NB $170,199 $172,731
Montréal $269,257 $275,578
Ottawa $298,336 $307,793
Toronto $395,918 $403,918
Hamilton/Burlington $287,249 $297,117
Winnipeg $206,327 $212,542
Saskatoon $310,386 $276,867
Calgary $418,866 $392,601
Edmonton $341,376 $328,285
Vancouver $611,613 $575,949
Victoria $476,639 $476,686
Source: Canadian Real Estate Association
Friday, August 7, 2009
Open house this Sun 2-4 at 1111 Alberni "Shangri La check out this place! http://ping.fm/gXTUd
http://ping.fm/uBDhT
http://ping.fm/uBDhT
Friday, July 31, 2009
Tough times, heat wave, LONG WEEKEND!
With so much going on this week its tough to find clarity of a topic.
Let's see..... We have Fireworks - Pride Festivities - Blackcomb Fires - Okanagan Fires
38 degree Heat Wave - New HST tax coming..... phew!
I am just glad its a long weekend! And I am not working!
Go create some memories this weekend and don't worry...the world will sort itself out as it always does!
Cheers
Let's see..... We have Fireworks - Pride Festivities - Blackcomb Fires - Okanagan Fires
38 degree Heat Wave - New HST tax coming..... phew!
I am just glad its a long weekend! And I am not working!
Go create some memories this weekend and don't worry...the world will sort itself out as it always does!
Cheers
Friday, July 24, 2009
5 year rates bottoming
Well those pesky Bond yields have started to rise again!
Just passed 2.65% today after optomistic comments about an early recovery from the recession by Mark Carney of the Bank of Canada.
What does this mean to mortgage consumers? If you are a little uncomfortable with variable rate products currently offering 2.50% you might want to lock into your lenders current 5 year rate. We have many lenders currently offering 4.19-4.29% for 5 year fixed.
For more info http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2009/07/mortgage-advice-from-mark-carney.html
and to see the Mark Carney report:
http://watch.bnn.ca/#clip196425
Nobody knows the future, so remember to always consult a licensed mortgage professional about your individual situation.
Just passed 2.65% today after optomistic comments about an early recovery from the recession by Mark Carney of the Bank of Canada.
What does this mean to mortgage consumers? If you are a little uncomfortable with variable rate products currently offering 2.50% you might want to lock into your lenders current 5 year rate. We have many lenders currently offering 4.19-4.29% for 5 year fixed.
For more info http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2009/07/mortgage-advice-from-mark-carney.html
and to see the Mark Carney report:
http://watch.bnn.ca/#clip196425
Nobody knows the future, so remember to always consult a licensed mortgage professional about your individual situation.
Tuesday, July 21, 2009
Bank of Canada keeps rate at 0.25%! Mortgage rates holding 2.60% variable and 4.19% 5 year fixed. http://mckinnonmortgages.blogspot.com/
BoC confirms rate hold
There were no surprises today with the Bank of Canada rate decision....holding at 0.25% setting the Bank prime at 2.25%. The only factor to watch out for that may change this outlook is a rapid rise in inflation which right now is not a concern as the CPI actually decreased recently.
“Conditional on the outlook for inflation, the target overnight rate can be expected to remain at its current level until the end of the second quarter of 2010.” (That suggests at least 11 more months of prime rate at 2.25%.)
What does this mean to mortgage holders and those looking to get into the market??
If you have a variable rate mortgage you can feel comfort in knowing you'll have 10 - 11 more months to decide on locking into a 5 year product. If you are looking to enter the market or refinance the cost of borrowing will remain attractive for the next year or so.
Again, everyone's circumstances are different so make sure you consult with a mortgage broker when you're ready to go!!
“Conditional on the outlook for inflation, the target overnight rate can be expected to remain at its current level until the end of the second quarter of 2010.” (That suggests at least 11 more months of prime rate at 2.25%.)
What does this mean to mortgage holders and those looking to get into the market??
If you have a variable rate mortgage you can feel comfort in knowing you'll have 10 - 11 more months to decide on locking into a 5 year product. If you are looking to enter the market or refinance the cost of borrowing will remain attractive for the next year or so.
Again, everyone's circumstances are different so make sure you consult with a mortgage broker when you're ready to go!!
Friday, July 17, 2009
Anyone looking for a downtown pad? Come see me this weekend at the Shangri La! Open house Sat and Sun 1-4pm #2509 - 1111 Alberni Street
http://ping.fm/PtsUz
http://ping.fm/PtsUz
Oooo La La - the Shangri La!!!
Hi All,
If you are in the market for a downtown getaway pad come by 1111 Alberni Street this weekend!! I'll be at an Open House with realtor extrodinaire Nick Nikjou of Century 21 In town Realty. http://www.century21.ca/nick.nikjou
Saturday and Sunday 1pm - 4pm
Gorgeous 2 bedroom 2 bath on the 25th floor!
Of course if you need any help with financing this $1,149,000 purchase you know who to call!!
If you are in the market for a downtown getaway pad come by 1111 Alberni Street this weekend!! I'll be at an Open House with realtor extrodinaire Nick Nikjou of Century 21 In town Realty. http://www.century21.ca/nick.nikjou
Saturday and Sunday 1pm - 4pm
Gorgeous 2 bedroom 2 bath on the 25th floor!
Of course if you need any help with financing this $1,149,000 purchase you know who to call!!
Wednesday, July 8, 2009
Rates stay at 4.24% for 5yr even though bond yields have slipped 40 bps... http://mckinnonmortgages.blogspot.com/
5 Year Bond Yields continue to slip....
Well, just when you thought the trend was to higher 5 year rates, the Goverment of Canada 5 year treasury yields are dropping again.
http://www.bloomberg.com/apps/quote?ticker=GCAN5YR%3AIND
In mid June, the 5 yr yields, which drive the banks setting of fixed rates, were topping 2.81% which led to the increase in rates for fixed term products by 0.75 - 1.00%. A month later? These yields are slipping below 2.40% as I write this, but are the banks going to move?
Bank insiders have said no based on 2 facts:
Profitability, if the banks keep the rates at present levels but their cost of borrowing drops they make more money!! And, after all, that's what they are in business for...
Secondly, with the ups and downs in many economic factors on a weekly basis the banks are in a "wait and see" mode. No point in lowering rates just to move them back up just as fast.
In my opinion, a little stability is welcome!!
http://www.bloomberg.com/apps/quote?ticker=GCAN5YR%3AIND
In mid June, the 5 yr yields, which drive the banks setting of fixed rates, were topping 2.81% which led to the increase in rates for fixed term products by 0.75 - 1.00%. A month later? These yields are slipping below 2.40% as I write this, but are the banks going to move?
Bank insiders have said no based on 2 facts:
Profitability, if the banks keep the rates at present levels but their cost of borrowing drops they make more money!! And, after all, that's what they are in business for...
Secondly, with the ups and downs in many economic factors on a weekly basis the banks are in a "wait and see" mode. No point in lowering rates just to move them back up just as fast.
In my opinion, a little stability is welcome!!
Thursday, July 2, 2009
Great article in the Straight about variable rates and their effect on mortgage payments...http://ping.fm/IvO5O
Wednesday, June 24, 2009
Bond Yields Easing
Is the Fed's quantitative easing working?
Maybe....after the meteoric rise in 5 yr yields and interest rates on mortgages over the last 3 weeks, the 5 year bond yields are easing slightly back down to 2.54% from a closing high of 2.81%.
The big banks last moved their five year rates back when the yields were at 2.69% so does this mean rates may come down? I wouldn't bet on it just yet, but I think this means things will remain stable for the next few months. No drastic up or downs for now.
Maybe....after the meteoric rise in 5 yr yields and interest rates on mortgages over the last 3 weeks, the 5 year bond yields are easing slightly back down to 2.54% from a closing high of 2.81%.
The big banks last moved their five year rates back when the yields were at 2.69% so does this mean rates may come down? I wouldn't bet on it just yet, but I think this means things will remain stable for the next few months. No drastic up or downs for now.
Tuesday, June 23, 2009
Friday, June 12, 2009
BoC to hold rates til June 2010
In a recent speech Mark Carney, Bank of Canada Governor, has stated again the BoC will not be raising the prime rate...
He said "The Bank of Canada has no plans to adjust its rates until at least next June as it attempts to keep inflation at check below two per cent. "
This is good news for those mortgagees in Variable rate products. Now if the 5 year bond yields would settle down we may see some leveling off in the fixed rate market, in which we have seen a jump almost 1%. Current 5 year average is 4.49% some lenders are holding at 3.99% but who knows for how long.
If you are in the market, contact your broker and get a preapproval to hedge your bet for the 90 to 120 days just in case!!
He said "The Bank of Canada has no plans to adjust its rates until at least next June as it attempts to keep inflation at check below two per cent. "
This is good news for those mortgagees in Variable rate products. Now if the 5 year bond yields would settle down we may see some leveling off in the fixed rate market, in which we have seen a jump almost 1%. Current 5 year average is 4.49% some lenders are holding at 3.99% but who knows for how long.
If you are in the market, contact your broker and get a preapproval to hedge your bet for the 90 to 120 days just in case!!
Tuesday, June 9, 2009
Bond Yields going up.....
Bond yields have hit 2.71% today up 20 points from yesterday so.....
Fixed rates will continue to rise, and we may even see shorter term rates start to creep.
http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2009/06/bond-yields-jump-again.html
http://www.bankofcanada.ca/en/rates/bonds.html
Fixed rates will continue to rise, and we may even see shorter term rates start to creep.
http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2009/06/bond-yields-jump-again.html
http://www.bankofcanada.ca/en/rates/bonds.html
Friday, June 5, 2009
Interest rate update
I have been warning for a while and boy it's happened fast!
Current rates:
5 Year Fixed 3.99 - 4.09%!
3 Year Fixed 3.15%
1 Year Fixed 2.75%
Closed Variable 2.65%
If you were waiting for the bottom, it's here!
http://www.peterlmckinnon.com
Current rates:
5 Year Fixed 3.99 - 4.09%!
3 Year Fixed 3.15%
1 Year Fixed 2.75%
Closed Variable 2.65%
If you were waiting for the bottom, it's here!
http://www.peterlmckinnon.com
Wednesday, June 3, 2009
Monday, June 1, 2009
Fixed Rates UP, Variable Down?
The Royal Bank is the first of the big 5 to raise its rates. They have set thier benchmark posted rate for a 5 year fixed at 5.45% up 20 basis points. This brings their "discounted" specials to 4.15% . http://www.globeinvestor.com/servlet/story/CNW.20090601.C9687/GIStory/
Most of us have expected this due to the rise in the bond yield which has hit 2.56. It is olny a matter of time til the rest follow.
Don't worry, we have plenty of lenders still holding below 4.00% and I am still able to put my cients in at 3.60% OAC, but I would suggest anyone looking to purchase or renew to get an application in now and hold your rates for the next 90 -120 days depneding on your bank or broker.
If you are still feeling lucky or just love the variable products, rates are coming down! Short term money is getting cheaper as the stimulus packages take effect, and with the BOC expected to hold the rate at 0.25% on Thursday, we have lenders dropping these to bank prime plus 0.40%. 2.65% for a closed 5 year VRM!
Going to be a great summer for real estate and finance!
Most of us have expected this due to the rise in the bond yield which has hit 2.56. It is olny a matter of time til the rest follow.
Don't worry, we have plenty of lenders still holding below 4.00% and I am still able to put my cients in at 3.60% OAC, but I would suggest anyone looking to purchase or renew to get an application in now and hold your rates for the next 90 -120 days depneding on your bank or broker.
If you are still feeling lucky or just love the variable products, rates are coming down! Short term money is getting cheaper as the stimulus packages take effect, and with the BOC expected to hold the rate at 0.25% on Thursday, we have lenders dropping these to bank prime plus 0.40%. 2.65% for a closed 5 year VRM!
Going to be a great summer for real estate and finance!
Friday, May 29, 2009
Yes, Rates are going up!!
It's official....5 year rates are up!
Just received updates from our last lenders at 3.54% both are now at 3.79% joining the trend started last week.
Now we'll have to wait and see what the big banks do.
Just received updates from our last lenders at 3.54% both are now at 3.79% joining the trend started last week.
Now we'll have to wait and see what the big banks do.
5 year Rates creeping up?
Have received updates from 2 lenders this week that have moved their 5 year fixed interest rates up by 10 basis points. Is this the start of the uptrend? Could be.....
The lenders in question are non bank institutions that were discounted from many of the bank rates so when they go up they are just coming into the range where many of our lenders have always been, in the 3.79 - 3.99% range.
If you are currently in a variable, especially prime plus, product and your not in a gambling mood, you may consider locking in to your lenders current rate.
If you are currently looking at a renewal or new purchase in the next 3 months you should contact your mortgage broker and get a preapproval in place to protect the rate, just in case.
REMEMBER .....Just because you're preapproved doesn't mean you have to go with that lender.
The lenders in question are non bank institutions that were discounted from many of the bank rates so when they go up they are just coming into the range where many of our lenders have always been, in the 3.79 - 3.99% range.
If you are currently in a variable, especially prime plus, product and your not in a gambling mood, you may consider locking in to your lenders current rate.
If you are currently looking at a renewal or new purchase in the next 3 months you should contact your mortgage broker and get a preapproval in place to protect the rate, just in case.
REMEMBER .....Just because you're preapproved doesn't mean you have to go with that lender.
Friday, May 22, 2009
Variable Interest Rate Drop
Some interesting things are going on. First, we have private lenders going lower than the banks for the variable business. I now have a few lenders at bank prime plus 0.60%! That's 2.85%!
On the other side of the fence the rumblings are starting to surface about the bond yield, which recently touched 2.27% (up 40 basis points in a few weeks), driving the 5 year fixed rates up. I have had one lender increase their 5 year rate from 3.54% to 3.69 to 3.75%. What does this mean?
May be time to lock in if you're in a variable product? Definitely time to keep an eye on things.
Stay tuned!
www.peterlmckinnon.com
On the other side of the fence the rumblings are starting to surface about the bond yield, which recently touched 2.27% (up 40 basis points in a few weeks), driving the 5 year fixed rates up. I have had one lender increase their 5 year rate from 3.54% to 3.69 to 3.75%. What does this mean?
May be time to lock in if you're in a variable product? Definitely time to keep an eye on things.
Stay tuned!
www.peterlmckinnon.com
Friday, May 15, 2009
5 year Fixed now 3.54% OAC
Yes they've gotten even cheaper! 3.54% OAC
Since last September, your dollar is worth 20% more when qualifying for a mortgage, and your payments will be 20% less! Check out a great article at
http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2009/05/cheaper-homeownership-lures-first-timers.html
I know most will be enjoying their long weekend but I'll be working...if you want to check out a great downtown condo come by the Pomaria, #1102 - 1455 Howe Street between 2pm and 4pm
and say hello.
Cheers
Since last September, your dollar is worth 20% more when qualifying for a mortgage, and your payments will be 20% less! Check out a great article at
http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2009/05/cheaper-homeownership-lures-first-timers.html
I know most will be enjoying their long weekend but I'll be working...if you want to check out a great downtown condo come by the Pomaria, #1102 - 1455 Howe Street between 2pm and 4pm
and say hello.
Cheers
Hope everyone has a great long weekend! If you're thinking about looking for some realestate here's an interesting look at what's happening out there! http://ping.fm/1vS3N
Tuesday, May 12, 2009
Friday, May 8, 2009
1702 - 980 Cooperage Way Open House
Just confirmed I'll be at Coopers Pointe for open houses this weekend.
Sat and Sun 2-4pm
#1702 - 980 Cooperage Way Vancouver
Come out and check it out!
Sat and Sun 2-4pm
#1702 - 980 Cooperage Way Vancouver
Come out and check it out!
Vancouver Mortgage Best Interest Rates Spurring Activity
Well things are heating up!!
Have you noticed how many SOLD signs are appearing on those listings that you have been driving by for months?
With the lowest interest rates on 5 year fixed at 3.59% making it easier for people to qualify with less income, coupled with an average of 16% decline in prices, why wouldn't the market be bouncing!
If you are looking to buy or sell, get out to some open houses this weekend and take a look at what's available. It is a great way to gauge the market and get informed. I have a couple I will be attending Saturday and Sunday in the False Creek area. I'll update once I have the details.
Enjoy!
Have you noticed how many SOLD signs are appearing on those listings that you have been driving by for months?
With the lowest interest rates on 5 year fixed at 3.59% making it easier for people to qualify with less income, coupled with an average of 16% decline in prices, why wouldn't the market be bouncing!
If you are looking to buy or sell, get out to some open houses this weekend and take a look at what's available. It is a great way to gauge the market and get informed. I have a couple I will be attending Saturday and Sunday in the False Creek area. I'll update once I have the details.
Enjoy!
Monday, May 4, 2009
Existing homes sales on the rise in US, bodes well for real estate in vancouver check out Globeinvestor
http://beta.theglobeandmail.com/globe-investor/pending-us-home-sales-rise-in-march/article1128524/
http://beta.theglobeandmail.com/globe-investor/pending-us-home-sales-rise-in-march/article1128524/
Friday, May 1, 2009
Is it a good time to get a mortgage?
Is now a good time to get a mortgage? YES!
Today’s interest rates are historicallylow. Three years ago, the best discounted five-year fixed term mortgage rates were at five per cent and the maximum amortization was 25 years. Today, the banks can extend the amortization to 35 years and interest rates are approximately one per cent lower.
What does that mean for you?
A payment on a $250,000 mortgage in 2006 would have been $1,455 per month. Today your payment is $1,153 per month! And the annual income you need to qualify for that payment is
more than $11,000 less! The bottom line is that your purchasing power has increased substantially due to very low mortgage rates.
Opportunity is knocking........
Today’s interest rates are historicallylow. Three years ago, the best discounted five-year fixed term mortgage rates were at five per cent and the maximum amortization was 25 years. Today, the banks can extend the amortization to 35 years and interest rates are approximately one per cent lower.
What does that mean for you?
A payment on a $250,000 mortgage in 2006 would have been $1,455 per month. Today your payment is $1,153 per month! And the annual income you need to qualify for that payment is
more than $11,000 less! The bottom line is that your purchasing power has increased substantially due to very low mortgage rates.
Opportunity is knocking........
Thursday, April 30, 2009
Vancouver Mortgage Interest Rates
How low can interest rates go??
We now have 5 year fixed rates at 3.59% OAC, watch those bond yields, maybe the time to lock in if your in a variable!!
We now have 5 year fixed rates at 3.59% OAC, watch those bond yields, maybe the time to lock in if your in a variable!!
Broker Introduction
I have spent my career successfully delivering customized solutions for my clients across varying industries. In joining Centum Pacific Mortgages, I am able to focus my professional experience on providing the very best mortgage solutions for existing or soon to be property owners.
As a mortgage professional, it is my passion to know the financial products and options available to make your mortgage experience an easy one. With access to over 40 lenders, offering preferred rates, I will find you the very best interest rates and payment options to suit your individual financial objectives.
Whether you are looking at a new home purchase, renewing or refinancing an existing property, let me do what I do best…..look out for your best interest!
Please contact me at your convenience by email at peter_mckinnon@centum.ca or visit my website http://www.peterlmckinnon.com for the most current rate information.
As a mortgage professional, it is my passion to know the financial products and options available to make your mortgage experience an easy one. With access to over 40 lenders, offering preferred rates, I will find you the very best interest rates and payment options to suit your individual financial objectives.
Whether you are looking at a new home purchase, renewing or refinancing an existing property, let me do what I do best…..look out for your best interest!
Please contact me at your convenience by email at peter_mckinnon@centum.ca or visit my website http://www.peterlmckinnon.com for the most current rate information.
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