Tim's Mortgage News / Rates and FAQ's

[TimLacroix]

Current Rates to Open Week January 5, 2015

Special Rate Offer

3 Year - 2.49% (High Ratio only)
Quick Close - Close within 45 days

3 Year ARM - 2.25% (Prime - 0.75%)
90 Days - Some restriction apply (call/email for more details)

Full Feature Rates -- 90 to 120 day rate protection
Starting at:
3 Year Fixed - 2.69%
4 Year Fixed - 2.77%
5 Year Fixed - 2.89%

3 Year + ARM - 2.35%
5 Year ARM/VRM - 2.35%

Restricted / Conditions apply Rates
Starting at:
5 Year Fixed - 2.74%* High Ratio
5 Year Fixed - 2.84%* Conventional
5 Year VRM - 2.20* High Ratio
5 Year VRM - 2.30* Conventional
* Restrictions Apply - Call or PM for details

Call or PM for MORE "UnPublished" rates or other term information.

OAC, some terms and conditions may apply, rates subject to change without notice

[FYD524]

Quick review for Tim:
Reached out to him here in November and the process to close was painless.

Like I think most other people do, I prefer services that are efficient and well executed. Tim and his team are responsive, professional, and available to help with questions whenever you need.

Great guy to deal with. Would recommend and use his services again.

- Colin

[TimLacroix]

Originally posted by FYD524
Quick review for Tim:
Reached out to him here in November and the process to close was painless.

Like I think most other people do, I prefer services that are efficient and well executed. Tim and his team are responsive, professional, and available to help with questions whenever you need.

Great guy to deal with. Would recommend and use his services again.

- Colin

Thanks Colin! Very much appreciate the kind words. Hope your family enjoyed the NEW place for the holidays!! Best wishes for 2015!!! ~ Tim & team!

[TimLacroix]

5 Year Bond Yield down again to start the week... currently sitting at 1.175%.

Could see some promotions this week?

If you are looking to buy, refinance or renew (within 6 months)... reach out and we can protect you and monitor for rate/ product opportunities without multiple credit hits.

[TimLacroix]

5 Year Bond Yield is starting the day around 1.179% down from 1.275% a week ago.

Oil is down to $45.38 and the Dollar is up slightly at $0.8373.

Not much movement on rates yet... some small promotions but nothing significant yet.

[TimLacroix]

OUCH! Bond Yield down again !!!!

5 Year Bond Yield is starting the day around 1.094% down from 1.275% a week ago.

Oil is up slightly to $46.46 and the Dollar is sitting at $0.8364.

Interesting times...

[sputnik]

Interesting indeed. My mortgage is up for renewal in June.

[BigMass]

im predicting a rate cut by the end of the year. So long dollar. Buy what you need from the US now.

[TimLacroix]

We get to start the week with some rate and market updates!

5 Year Bond Yield still struggle and are starting the day around 1.072%.

Oil is down slightly to $47.85 and the Dollar is sitting at $0.8350.

Current Rates to Open Week January 19, 2015

Special Rate Offer

3 Year - 2.59% (High Ratio only)
Quick Close - Close within 45 days

3 Year ARM - 2.25% (Prime - 0.75%)
90 Days - Some restriction apply (call/email for more details)

Full Feature Rates -- 90 to 120 day rate protection
Starting at:
3 Year Fixed - 2.69%
4 Year Fixed - 2.79%
5 Year Fixed - 2.89%

3 Year + ARM - 2.30% * Maturity is May 2018
5 Year ARM/VRM - 2.35%

Restricted / Conditions apply Rates
Starting at:
5 Year Fixed - 2.74%* High Ratio
5 Year Fixed - 2.79%* Conventional & High Ratio
5 Year VRM - 2.20* High Ratio
5 Year VRM - 2.30* Conventional & High Ratio
* Conditions / Restrictions Apply - Call or PM for details

Call or PM for MORE "UnPublished" rates or other term information.

OAC, some terms and conditions may apply, rates subject to change without notice

[TimLacroix]

TD Bank (TSX:TD) was quick to announce Wednesday it will maintain its prime interest rate at three per cent, noting that factors beyond the central bank influence its rates.

"Not only do we operate in a competitive environment, but our prime rate is influenced by the broader economic environment, and its impact on credit," the bank said in a statement.

** The other banks have not made any announcements yet about what their stand is on PRIME!

Prime is still 3.00%. Stay tuned...

[kaput]

.

[TimLacroix]

Originally posted by kaput
What about other lenders like first national?

These lenders like First National will be holding still as well. They usually follow the banks...

Lenders were not prepared for the 0.25% cut so it will take time before any lenders make a change... if they make a change.

However, there is rumor / speculation that there may be another cut in April / May. Hmm... again I think this is a wait see as everyone has been wrong for quite a while.

If there is another cut then... I would definitely expect a cut to Prime.

Its a bit of a waiting game...

[TimLacroix]

Interesting article about BoC rate and Prime rate, posted in Financial Post

The “whole point [of the cut from 1% to 0.75%] was for the banks to follow suit [and] stimulate spending. If they don’t, then the Bank cut the rate for nothing,” a former Finance official who now advises banks told the Financial Post.

Further into the article it mentions that if banks don't cut Prime, BoC may be forced to lower BoC rate again to get the banks to cut Prime

If banks don’t come to the conclusion that they need to cut their lending rates, observers say the Bank of Canada may act again and slash overnight interest rates further.

“I think what you might see, if the banks don’t pass on this cut, is the Bank of Canada will just lower rates again in the spring to force them to do it,” said one banking source.

That view was backed up by research published Friday by Bank of America Merrill Lynch, which noted that the prime lending rate at banks typically moves “in lockstep” with Bank of Canada adjustments.

“In our view, if banks fail to lower the prime rate, [Bank of Canada Governor Stephen] Poloz may be tempted to respond with another dose of policy easing,” economist Emanuella Enenajor wrote in the report

It seems as though it is still a wait and see on whether someone lowers Prime before the next BoC meeting. The next 3 meeting dates are:
4 March
15 April* Monetary Policy Report published
27 May

[roopi]

Pretty ridiculous that when the BOC raises rates with 24 hours the banks have raised their rates but nothing now. More profits for the banks this way I guess.

[blownz]

I agree lol

But I also don't think lowering rates to encourage people to take on more debt is a good idea. Debt is too high already. And people won't use lower rates to help pay off debt, they will use it to load up on more debt. Sure spending money is good for the economy, but the longer the debt loads increase, the worse the correction will be when people finally do have to pay stuff off or rates do increase.

[ExtraSlow]

It's a bit hypocritical for the BOC to be worried about debt levels while holding interest rates low. That's like your drug dealer worrying about your addiction problem.

[TimLacroix]

RBC lowered its Prime rate to 2.85%, effective tomorrow Wednesday... announcement here!

Stay tuned for others to follow!

[TimLacroix]

Hi Beyonders, its been a busy week and have not had a chance to update rates. They have been changing daily with lenders... will have a full update Monday.

If you have questions or need current information, please PM, call or email. ~Tim

[TimLacroix]

It's an interesting Friday folks.

Canada GDP shrinks on biggest factory drop in six years

Loonie tumbles this morning again to $0.7848.

Oil is up slightly to $45.43 but as we have all seen, gas at the pump is up about 0.10 cents per litre today.

And 5 Year Bond Yield is down again today to 0.629%. Based on this, we should see 5 year fixed rates around 2.20% or so...

I will have a full rate update this weekend... for Monday morning. PM or call if you have questions in the meantime... thank you and have a great weekend everyone!

[TimLacroix]

Current Rates to Open Week February 2, 2015

Special Rate Offer
3 Year ARM - 2.05% (Prime - 0.80%)
90 Days - Some restriction apply (call/email for more details)

5 Year Fixed - 2.74%
Quick Close - Close within 45 days

Full Feature Rates -- 90 to 120 day rate protection
Starting at:
3 Year Fixed - 2.49%
4 Year Fixed - 2.69%
5 Year Fixed - 2.79%

3 Year + ARM - 2.10% * Maturity is May 2018
5 Year ARM/VRM - 2.15%

HELOC Rates Prime +0.25%

Builder - New Home Mortgage Rates
5 Year Fixed - 6 Month Rate Hold - 2.84%* High Ratio and Conventional
5 Year Fixed - 12 Month Rate Hold - 3.28%* High Ratio
5 Year Fixed - 12 Month Rate Hold - 3.38%* Conventional

Restricted / Conditions apply Rates
Starting at:
5 Year Fixed - 2.59%* Conventional & High Ratio
5 Year VRM - 2.00%* High Ratio
5 Year VRM - 2.05%* Conventional
* Conditions / Restrictions Apply - Call or PM for details

Call or PM for MORE "UnPublished" rates or other term information.

OAC, some terms and conditions may apply, rates subject to change without notice