Tag Archives: variable rate

Mortgage Monday Rate Update – July 2013

July 15, 2013

0 Comments

We’ve been doing these Mortgage Monday Rate Updates for going on two years now, and haven’t had much movement the entire time… but finally, there’s actually some movement to report. 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.

  • The Bank of Canada interest rate continues to be stuck at 1.00%.  The next meeting is in a couple of days, but indications are it will continue to stay where it is 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 until late 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 5.14%. With fixed rates starting to rise again, Canadians may again look to the variable rate mortgage for long-term savings.
  • The current best variable rate (can change on a daily basis) is still in the prime-0.40% (2.60%) ballpark, though many lenders are currently offering in and around ‘prime’ as their variable rate.
  • The current best 5-year fixed mortgage rate (this can change daily) has started to creep upwards over the past month and is now in the 3.29%-3.59% range (for a full-featured mortgage, and closer to 3% for a limited, no-frills mortgage), depending on qualifications and options. Again, always contact your mortgage broker for current best rates and options for your situation (and as we’ve talked about previously, The Best Mortgage Rate is Not Always the Best Option).
  • While the “hot term” in Canada these days may be moving away from the 10-year and back toward the more common 5-year term, the full-featured 10-year fixed mortgage continues to be popular with rates continuing to stay below 4% (check out my posts from last year on the 10-Year Mortgage Below 4% and Should You Consider a 10-Year Mortgage?).  Based on the history of lending rates, locking in for 10 years at below 4%, or 5 years for around 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 favourite 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

Continue reading...

Mortgage Monday Rate Update – June 2013

June 17, 2013

0 Comments

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.

  • The Bank of Canada interest rate continues to be stuck at 1.00%.  The next meeting is in the middle of July, but indications are it will continue to stay where it is 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 is still 5.14%. 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 (this can change daily) has started to creep upwards recent weeks and is now in the 2.99%-3.09% 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).
  • While the “hot term” in Canada these days may be moving away from the 10-year and back toward the more common 5-year term, the full-featured, 10-year fixed mortgage continues to be popular 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?).  Based on the history of lending rates, locking in for 10 years at well-below 4%, or 5 years for around 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.

More Posts - Website

Continue reading...

Mortgage Monday Rate Update – April 2013

April 8, 2013

0 Comments

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.

More Posts - Website

Continue reading...

Low Interest Rates: Here to Stay?

March 18, 2013

0 Comments

According to a recent survey done by CIBC, almost half of Canadians believe that today’s low rates will remain unchanged over the next year (a notable increase from the same poll two years ago when only 24 per cent of Canadians believed interest rates would remain low).  What do you think – are rates going to stay this low into 2014?

Some other highlights of the poll include:

  • 45 per cent of Canadians said they would choose a fixed rate mortgage if they had to decide today
  • 26 per cent of Canadians said they would choose a variable rate mortgage
  • Another 25 per cent said they were uncertain which mortgage would be right for them, an increase over the 16 per cent who were undecided in 2012

You can read the full report online here.

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

Continue reading...

Mortgage Monday Rate Update – January 2013

January 14, 2013

0 Comments

Welcome back to BarrieRealEstateTalk! Cesia and I are looking forward to bringing you more great posts on real estate in the Barrie area.  If you’re a real estate professional in the Barrie area and you’re interested in doing some guests posts on BarrieRealEstateTalk.ca, send me an email – we’d love to have more contributors!

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 hang out at 1.00%.  The next meeting is scheduled for January 23rd, 2013.
  • 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 later.
  • 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 (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 3.89% (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 are probably starting to sound pretty repetative.  Very few of the numbers have changed for the past several months. 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

Continue reading...