Tag Archives: rate update

Mortgage Monday Rate Update – April 2013

April 8, 2013

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First off, let me apologize for missing my Mortgage Monday blog posts from the past couple of weeks. I was on vacation back in Vancouver before the big spring mortgage rush hit, and decided to enjoy the beautiful spring weather they already had out there. 😉  Thanks for understanding.

For those that are shopping for a new house, or looking to do a refinance (or even just a simple mortgage renewal), rates and numbers are an important part of the mortgage equation. When rates change even the slightest of percentage points, it could cost or save you thousands of dollars. Every once in a while, here on the Mortgage Monday posts, I’ll update you on what’s going on in the world of mortgage rates. While the numbers haven’t changed that much, we haven’t done an update here on the blog for a couple of months…

 

  • The Bank of Canada interest rate continues to be stuck at 1.00%.  They meet again next week, but I don’t see this changing for a while yet.
  • The Bank of Canada prime lending rate is also holding steady at 3.00%. It has also been holding steady since Fall 2010 – if the bank rate goes up, the prime lending rate will follow.  We probably won’t see this start to move up well into 2013 or even 2014.
  • The qualifying rate (the rate you would need to qualify at for a variable mortgage) for a 5-year mortgage has actually dropped slightly to 5.14% from 5.24%. That being said, there are still not too many folks  getting into a variable mortgage these days with fixed rates continuing to be so low.
  • The current best variable rate (can change on a daily basis) is in the prime-0.40% (2.60%) ballpark, though many lenders are still currently offering ‘prime’ as their variable rate.
  • The current best 5-year fixed mortgage rate (changes daily) has moved slightly lower over the past couple of months and sits in the 2.79%-2.99% range, depending on qualifications and options.  Again, always contact your mortgage broker for current best rates for your situation (and as we’ve talked about previously, The Best Mortgage Rate is Not Always the Best Option).  Be careful when looking at some of the heavily discounted rates – many of them are considered “no-frills” mortgages and can come with restrictive options which could end up costing you thousands.
  • While the “hot term” in Canada these days may still continue to be the full-featured, 10-year fixed mortgage with rates as low as 3.69% (check out my posts from last year on the 10-Year Mortgage Below 4% and Should You Consider a 10-Year Mortgage?), the 5-year term is remaining the “go-to” term in Canada – especially with 5-year rates as low as 2.79%. Based on the history of lending rates, locking in for 10 years at below 4%, or 5 years for less than 3% is nothing short of fantastic.

While I’m happy to provide an update on what’s going on as rates, if you’re interested on getting personalized mortgage advice, speak to your favorite mortgage broker who can help you decide the best rates and options for you.

Tim

Tim is a mortgage agent in Barrie who specializes in helping first-time home buyers. He works with a variety of lenders and can help customize a mortgage with the best rates & options that fit the needs of each customer.

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Mortgage Monday Rate Update – February 2013

February 11, 2013

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For those that are shopping for a new house, or looking to do a refinance (or even just a simple mortgage renewal), rates and numbers are an important part of the mortgage equation. When rates change even the slightest of percentage points, it could cost or save you thousands of dollars. Every once in a while, here on the Mortgage Monday posts, I’ll update you on what’s going on in the world of mortgage rates. If this kind of stuff doesn’t really interest you, I won’t be offended if you just skim through it – I’ll try to make it as painless as possible. 😉

  • The Bank of Canada interest rate continues to be stuck at 1.00%.  The next meeting is scheduled for March 6th, 2013, but forecasters are now predicting this will stay at 1% for the foreseeable future.
  • The Bank of Canada prime lending rate is also holding steady at 3.00%. It has also been holding steady since Fall 2010 – if the bank rate goes up, the prime lending rate will follow.  We probably won’t see this start to move up well into 2013 or even 2014.
  • The qualifying rate (the rate you would need to qualify at for a variable mortgage) for a 5-year mortgage is still at 5.24% (its been holding steady there since June 2012), though ot many folks are getting into a variable mortgage these days with fixed rates being so low.
  • The current best variable rate (can change on a daily basis) is in the prime-0.35% (2.65%) ballpark, though many lenders are still currently offering ‘prime’ as their variable rate.
  • The current best 5-year fixed mortgage rate (changes daily) hasn’t really moved around much and is still in the area of 2.99%-3.09%, though it looks like rates are starting to move a little higher.  Again, always contact your mortgage broker for current best rates for your situation (and as we’ve talked about previously, The Best Mortgage Rate is Not Always the Best Option).  Be careful when looking at some of the heavily discounted rates – many of them are considered “no-frills” mortgages and can come with restrictive options which could end up costing you $1,000’s.
  • The “hot term” in Canada these days continues to be full-featured, 10-year fixed mortgage with rates as low as 3.79% (check out my posts from last year on the 10-Year Mortgage Below 4% and Should You Consider a 10-Year Mortgage?). If you want to lock in for a decade and record-low rates, definitely take a look at locking in for 10 years at less than 4%.  I had more clients moving into 10-year terms than any other term in the last quater of 2012.

If you’ve been following along with my rate updates, they have been very repetitive for the past 6-8 months – very few of the numbers have changed since mid-2012. While I’m happy to provide an update on what’s going on as rates, if you’re interested on getting personalized mortgage advice, speak to your favorite mortgage broker who can help you decide the best rates and options for you.

Tim

Tim is a mortgage agent in Barrie who specializes in helping first-time home buyers. He works with a variety of lenders and can help customize a mortgage with the best rates & options that fit the needs of each customer.

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Mortgage Monday Rate Update – October 2012

October 15, 2012

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I have to say, these rate updates are becoming a little dull – rates haven’t been moving around much lately, but at least they’re staying low, right?

Whether you like it or not, stats and numbers are a part of the world of mortgages. When rates change even the slightest of percentage points, it could cost or save you thousands of dollars. Every once in a while, here on the Mortgage Monday posts, I’ll update you on what’s going on in the world of mortgage rates. If this kind of stuff doesn’t really interest you, I won’t be offended if you just skim through it – I’ll try to make it as painless as possible. 😉

  • The Bank of Canada interest rate continues to hang out at 1.00%.  The next meeting is scheduled for October 23rd, 2012.
  • The Bank of Canada prime lending rate is also holding steady at 3.00%. It has also been holding steady since Fall 2010 – if the bank rate goes up, the prime lending rate will follow.  At the earliest, we’re probably looking at late 2012/early 2013.
  • The qualifying rate (the rate you would need to qualify at for a variable mortgage) for a 5-year mortgage is still at 5.24%.  Not many folks are getting into a variable mortgage these days (though we’re starting to see some better rates in the variable department now).
  • The current best variable rate (changes daily) is in the prime-0.35% (2.65%) ballpark, though many lenders are still currently offering ‘prime’ as their variable rate.
  • The current best 5-year fixed mortgage rate (changes daily) hasn’t really moved around much and is still in the area of 2.99%-3.09% – again, always contact your mortgage broker for current best rates for your situation (and as we’ve talked about previously, The Best Mortgage Rate is Not Always the Best Option).  Be careful when looking at some of the heavily discounted rates – many of them are considered “no-frills” mortgages and can come with restrictive options which could end up costing you $1,000’s.
  • The “hot term” in Canada these days is still the full-featured, 10-year fixed mortgage with rates as low as 3.99% (check out my post from a couple of months ago on the 10-Year Mortgage Below 4% and a more recent one: Should You Consider a 10-Year Mortgage?). If you want to lock in for a decade and record-low rates, definitely take a look at locking in for 10 years at less than 4%.

If you’ve been following along with my rate updates, they are probably starting to sound pretty repetative.  Essentially, none of the numbers have changed from last month (again). While I’m happy to provide an update on what’s going on as rates, if you’re interested on getting personalized mortgage advice, speak to your favorite mortgage broker who can help you decide the best rates and options for you.

Tim

Tim is a mortgage agent in Barrie who specializes in helping first-time home buyers. He works with a variety of lenders and can help customize a mortgage with the best rates & options that fit the needs of each customer.

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Mortgage Monday Rate Update – September 2012

September 10, 2012

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We’re back into the swing of things after taking a week off last week – I hope everyone had a great long weekend last weekend.  Whether you like it or not, stats and numbers are a part of the world of mortgages. When rates change even the slightest of percentage points, it could cost or save you thousands of dollars. Every once in a while, here on the Mortgage Monday posts, I’ll update you on what’s going on in the world of mortgage rates. If this kind of stuff doesn’t really interest you, I won’t be offended if you just skim through it – I’ll try to make it as painless as possible. 😉

  • The Bank of Canada interest rate continues to hang out at 1.00%.  The most recent meeting was less than a week ago, and the next meeting is scheduled for October 23rd, 2012.
  • The Bank of Canada prime lending rate is also holding steady at 3.00%. It has also been holding steady since Fall 2010 – if the bank rate goes up, the prime lending rate will follow.  At the earliest, we’re probably looking at late 2012/early 2013.
  • The qualifying rate (the rate you would need to qualify at for a variable mortgage) for a 5-year mortgage is still at 5.24%.  Not many folks are getting into a variable mortgage these days (though we’re starting to see some better rates in the variable department now).
  • The current best variable rate (changes daily) is in the prime-0.35% (2.65%) ballpark, though many lenders are still currently offering ‘prime’ as their variable rate.
  • The current best 5-year fixed mortgage rate (changes daily) hasn’t really moved around much and is still in the area of 3.09% – again, always contact your mortgage broker for current best rates for your situation (and as we’ve talked about previously, The Best Mortgage Rate is Not Always the Best Option).
  • The “hot term” in Canada these days is still the full-featured, 10-year fixed mortgage with rates as low as 3.99% (check out my post from a couple of months ago on the 10-Year Mortgage Below 4% and a more recent one: Should You Consider a 10-Year Mortgage?). If you want to lock in for a decade and record-low rates, definitely take a look at locking in for 10 years at less than 4%.

If you’ve been following along with my rate updates, they are probably starting to sound pretty repetative.  Essentially, none of the numbers have changed from last month (again). While I’m happy to provide an update on what’s going on as rates, if you’re interested on getting personalized mortgage advice, speak to your favorite mortgage broker who can help you decide the best rates and options for you.

Tim

Tim is a mortgage agent in Barrie who specializes in helping first-time home buyers. He works with a variety of lenders and can help customize a mortgage with the best rates & options that fit the needs of each customer.

More Posts - Website

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Mortgage Monday Rate Update – August 2012

August 20, 2012

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Whether you like it or not, stats and numbers are a part of the world of mortgages. When rates change even the slightest of percentage points, it could cost or save you thousands of dollars. Every once in a while, here on the Mortgage Monday posts, I’ll update you on what’s going on in the world of mortgage rates. If this kind of stuff doesn’t really interest you, I won’t be offended if you just skim through it – I’ll try to make it as painless as possible. 😉

  • The Bank of Canada interest rate continues to hang out at 1.00%.  Not a big surprise here.   Next meeting date is on September 5th, 2012.
  • The Bank of Canada prime lending rate is also holding steady at 3.00%. It has also been holding steady since Fall 2010 – if the bank rate goes up, the prime lending rate will follow.  At the earliest, we’re probably looking at late 2012/early 2013.
  • The qualifying rate (the rate you would need to qualify at for a variable mortgage) for a 5-year mortgage is still at 5.24%.  Not many folks are getting into a variable mortgage these days (though we’re starting to see some better rates in the variable department now).
  • The current best variable rate (changes daily) is in the prime-0.35% (2.65%) ballpark, though many lenders are still currently offering ‘prime’ as their variable rate.
  • The current best 5-year fixed mortgage rate (changes daily) hasn’t really moved around much and is still in the are of 3.09% – again, always contact your mortgage broker for current best rates for your situation (and as we’ve talked about previously, The Best Mortgage Rate is Not Always the Best Option).
  • The “hot term” in Canada these days is still the full-featured, 10-year fixed mortgage with rates as low as 3.99% (check out my post from a couple of months ago on the 10-Year Mortgage Below 4% and a more recent one: Should You Consider a 10-Year Mortgage?). If you want to lock in for a decade and record-low rates, definitely take a look at locking in for 10 years at less than 4%.

If you’ve been following along with my rate updates, this has probably been one ofmthe most boring to date.  Essentially, none of the numbers have changed from last month other than the variable rate becoming a little more competitive again – though some of these numbers can change monthly and even daily. While I’m happy to provide an update on what’s going on as rates, if you’re interested on getting personalized mortgage advice, speak to your favorite mortgage broker who can help you decide the best rates and options for you.

Tim

Tim is a mortgage agent in Barrie who specializes in helping first-time home buyers. He works with a variety of lenders and can help customize a mortgage with the best rates & options that fit the needs of each customer.

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