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
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