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.
Friday, May 29, 2009
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........
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