April Showers Likely Bringing Higher Fixed Mortgage Rates

April 10, 2012 by Kelvin Mangaroo

April Showers Likely Bringing Higher Fixed Mortgage Rates

RateSupermarket.ca’s expert mortgage panel predicts hike in fixed rates, but stability in variable rates this month. The spring real estate frenzy has started early this year, perhaps due in part to record low fixed mortgage rates in March. Sadly for borrowers, all good things must come to an end. To paraphrase the old saying, “what goes down must come back up.” As such, fixed rates are expected to rise this month, according to some experts. Conversely, RateSupermarket.ca’s Mortgage Rate Outlook Panel is anticipating variable mortgage rates to remain unchanged in April.
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Thursday Mortgage Round Up: April 5th, 2012

April 5, 2012 by Laura

Thursday Mortgage Round Up: April 5th, 2012

A survey found that 43 per cent of Canadian homeowners would be in a bind if interest rates were to increase. 4 out of 10 claimed they would feel pressure if rates would rise as little as two per cent while 1 out of 5 said the same two per cent increase would hurt their ability to service their mortgage. Only 57 per cent felt that their mortgages would still be affordable if mortgage rates increase. But how likely is a 2 per cent increase in mortgage rates?
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Friday Mortgage Round-Up: March 30th, 2012

March 29, 2012 by Laura

Friday Mortgage Round-Up: March 30th, 2012

A recent poll has shown that 50 per cent of all Canadians would choose a fixed rate mortgage if they had to decide today, up from 39 per cent in 2011; whereas only 32 per cent would choose a variable rate mortgage, no change from last year. The other 18 per cent aren’t sure which product would be right for them which is much less than the 30 per cent from last year. Likely the shift in preferences is due to the fact that the majority (86 per cent) of Canadians believe that mortgage rates will either stay the same or increase within the next year.
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Friday Mortgage Round Up – March 9th, 2012

March 8, 2012 by Laura

Friday Mortgage Round Up – March 9th, 2012

Last weekend the government announced a change to current mortgage regulations which now require federal financial institutions to revise the mortgage penalty disclosures they provide to consumers. Plus, BMO is back in full force with their announcement of offering 2.99 per cent on their 5 year fixed mortgage product and TD has responded by bringing back their 2.99 per cent 4 year fixed mortgage.
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Bank of Canada Rate Announcement March 2012 – No Change to Interest Rates

March 8, 2012 by Laura

Bank of Canada Rate Announcement March 2012 – No Change to Interest Rates

The Bank of Canada (BOC) announced today (March 8th, 2012) that the overnight lending rate will remain unchanged for the 12th consecutive time over the last 18 months. The last time the BOC made a change to the overnight lending rate was back in September of 2010 with an increase of 25 basis points. The overnight rate currently lingers at 1 per cent. The bank rate is at 1.25 per cent and the prime lending rate also remains at 3 per cent.
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