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  1. #1
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    Default Mortgage Rates - News & Updates

    Good morning Beyond members!

    I do not like to push mortgage rates as a #1 feature! However, I do understand how important rates are to choosing a mortgage solution.

    For those that are in the process of securing rates, looking to purchase, refinance, renew within the next 6 months... please note that rates are on the RISE AGAIN!

    In particular the fixed rates have experienced approx. 20bps to 60bps points increase over the past 2 weeks. Meaning, 5 year rates have increased from 2.79% to 2.99%-3.39%!

    Since Friday June 21, the Bond Yields have increased by another 15-20bps... meaning that more rate increases are coming... some lenders increasing to 3.49% and 3.54%.

    When do fixed rates adjust? ...If the increase in bond yield continues to go up, the spread will continue to shrink and this could be a trigger for interest rates to rise. The comfort zone is between 1.90% and 2.10% from current rates which is approximately 3.39%.

    NOTE: Current spread is approximately 1.5% meaning rates should rise.

    Click 5 Year Bond Yields to review potential changes in mortgage rates... or contact us if you have questions.
    Last edited by TimLacroix; 06-26-2013 at 07:59 PM.
    Thanks,
    Tim Lacroix | 403-648-1541
    Mortgage. Made Easy Experts
    Kardia Mortgage Inc
    www.TimLacroix.com

    If you have any questions please feel free to PM me or email [email protected]

    Click here to View current Mortgage Rates

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    Bad news bears for me, I'm still not close enough to lock in a rate

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    Originally posted by Twin_Cam_Turbo
    Bad news bears for me, I'm still not close enough to lock in a rate
    Are you building? If so, what is the expected time for completion? There may be options...
    Thanks,
    Tim Lacroix | 403-648-1541
    Mortgage. Made Easy Experts
    Kardia Mortgage Inc
    www.TimLacroix.com

    If you have any questions please feel free to PM me or email [email protected]

    Click here to View current Mortgage Rates

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    Originally posted by TimLacroix


    Are you building? If so, what is the expected time for completion? There may be options...
    Last time I spoke to them they were projecting late October-Mid November but with the rains they might be looking even later now.

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    Originally posted by Twin_Cam_Turbo


    Last time I spoke to them they were projecting late October-Mid November but with the rains they might be looking even later now.
    Depending on if it is a condo or house, there is 6 month, 9 month and 12 month rate protections.
    Thanks,
    Tim Lacroix | 403-648-1541
    Mortgage. Made Easy Experts
    Kardia Mortgage Inc
    www.TimLacroix.com

    If you have any questions please feel free to PM me or email [email protected]

    Click here to View current Mortgage Rates

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    Originally posted by TimLacroix


    Depending on if it is a condo or house, there is 6 month, 9 month and 12 month rate protections.
    It's a town home, what would the 9 month rate protection be at right now? I think when I did my original approval it was 3.79% with RBC. Problem is my father had to consign for me and he doesn't want to have to go through all this approval stuff again.

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    Default Mortgage Rate Update

    Quick Rate update:

    There still remains some 5 year fixed rates as low as 3.04% (high ratio) and 3.14% (conventional).

    These are for quick closes and longer 5 year rates are 3.19% and up.

    OAC, Some terms and conditions may apply, rates subject to change without notice
    Last edited by TimLacroix; 06-26-2013 at 12:31 PM.
    Thanks,
    Tim Lacroix | 403-648-1541
    Mortgage. Made Easy Experts
    Kardia Mortgage Inc
    www.TimLacroix.com

    If you have any questions please feel free to PM me or email [email protected]

    Click here to View current Mortgage Rates

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    Fuuuck. I made a hasty move when I was 21 and bought a home with 6.8% interest for a 7 year term. I've got a year and a half until renewal. And to top it off I took a cash back to cover costs with lawyers and such, so if I was to breach contract it puts me back to where my mortgage started.

    Tax man strikes again!

  9. #9
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    Originally posted by Idiot Stick
    Fuuuck. I made a hasty move when I was 21 and bought a home with 6.8% interest for a 7 year term. I've got a year and a half until renewal. And to top it off I took a cash back to cover costs with lawyers and such, so if I was to breach contract it puts me back to where my mortgage started.

    Tax man strikes again!
    I hope your broker or banker discussed the cash back at length to determine if it was the right thing to do? That sounds like a mute point now but the product is not for everyone.

    If you are thinking about breaking the mortgage, please contact the lender to determine the penalty. You may be subject to a clawback on the cash back and a penalty. THe good thing is that you penalty would only be a 3 month calculation and not IRD... approx. $1,700 for every $100,000 of mortgage.

    If you have questions please do not hesitate to PM.
    Thanks,
    Tim Lacroix | 403-648-1541
    Mortgage. Made Easy Experts
    Kardia Mortgage Inc
    www.TimLacroix.com

    If you have any questions please feel free to PM me or email [email protected]

    Click here to View current Mortgage Rates

  10. #10
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    There were issues with my house close. So if i can't get it closed by a certain date the old seller gets to pay the difference of my mortgage :-)

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