Tim's Mortgage News / Rates and FAQ's

[TimLacroix]

Current Rates to Open Week Sept 18, 2023

Prime Rate - 7.20%

PROMOTIONS

PROMO 1 --> 3 Year ARM/VRM - 6.10% High Ratio Purchase, Switch Only, Owner Occupied, 90 Days to Close (some restrictions)

PROMO 2 --> 5 Year Fixed - 5.49% High Ratio Purchase, Switch Only, Owner Occupied, 120 Days to Close (some restrictions)

PROMO 3 --> 5 Year ARM/VRM - 6.00% High Ratio Purchase, Owner Occupied, 90-120 Days to Close (some restrictions)

-------

Full Feature Rates up to 120 day rate protection
Starting at:

2 Year Fixed - 6.39% * High Ratio
3 Year Fixed - 5.94% * High Ratio
4 Year Fixed - 5.69% * High Ratio

5 Year Fixed - 5.49% to 5.64% * High Ratio
5 Year Fixed - 5.79% to 6.14% * Conventional

5 Year ARM/VRM - 6.00% - 6.90%

HELOC Rates Prime +0.00 to +0.50%%

Call or PM for MORE "UnPublished" rates or other term information.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

Current Rates to Open Week Sept 25, 2023

Prime Rate - 7.20%

PROMOTIONS

PROMO 1 --> 3 Year ARM/VRM - 6.10% High Ratio Purchase, Switch Only, Owner Occupied, 90 Days to Close (some restrictions)

PROMO 2 --> 5 Year Fixed - 5.49% High Ratio Purchase, Switch Only, Owner Occupied, 120 Days to Close (some restrictions)

PROMO 3 --> 5 Year ARM/VRM - 6.00% High Ratio Purchase, Owner Occupied, 90-120 Days to Close (some restrictions)

-------

Full Feature Rates up to 120 day rate protection
Starting at:

2 Year Fixed - 6.39% * High Ratio
3 Year Fixed - 5.94% * High Ratio
4 Year Fixed - 5.94% * High Ratio

5 Year Fixed - 5.49% to 5.64% * High Ratio
5 Year Fixed - 5.89% to 6.24% * Conventional

5 Year ARM/VRM - 6.00% - 6.90%

HELOC Rates Prime +0.00 to +0.50%%

Call or PM for MORE "UnPublished" rates or other term information.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

Current Rates to Open Week Oct 09, 2023

Prime Rate - 7.20%

PROMOTIONS

PROMO 1 --> 3 Year ARM/VRM - 6.10% High Ratio Purchase, Switch Only, Owner Occupied, 90 Days to Close (some restrictions)

PROMO 2 --> 5 Year Fixed - 5.69% High Ratio Purchase, Switch Only, Owner Occupied, 120 Days to Close (some restrictions)

PROMO 3 --> 5 Year ARM/VRM - 6.00% High Ratio Purchase, Owner Occupied, 90-120 Days to Close (some restrictions)

-------

Full Feature Rates up to 120 day rate protection
Starting at:

2 Year Fixed - 6.39% * High Ratio
3 Year Fixed - 5.94% * High Ratio
4 Year Fixed - 6.04% * High Ratio

5 Year Fixed - 5.69% to 5.84% * High Ratio
5 Year Fixed - 6.04% to 6.39% * Conventional

5 Year ARM/VRM - 6.00% - 6.90%

HELOC Rates Prime +0.00 to +0.50%%

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]

Current Rates to Open Week Oct 23, 2023

Prime Rate - 7.20%

PROMOTIONS

PROMO 1 --> 3 Year ARM/VRM - 6.10% High Ratio Purchase, Switch Only, Owner Occupied, 90 Days to Close (some restrictions)

PROMO 2 --> 5 Year Fixed - 5.69% High Ratio Purchase, Switch Only, Owner Occupied, 120 Days to Close (some restrictions)

PROMO 3 --> 5 Year ARM/VRM - 6.00% High Ratio Purchase, Owner Occupied, 90-120 Days to Close (some restrictions)

-------

Full Feature Rates up to 120 day rate protection
Starting at:

2 Year Fixed - 6.39% * High Ratio
3 Year Fixed - 5.94% * High Ratio
4 Year Fixed - 6.04% * High Ratio

5 Year Fixed - 5.69% to 5.84% * High Ratio
5 Year Fixed - 6.04% to 6.49% * Conventional

5 Year ARM/VRM - 6.00% - 6.90%

HELOC Rates Prime +0.00 to +0.50%%

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]

Current Rates to Open Week Nov 13, 2023

Prime Rate - 7.20%

PROMOTIONS

PROMO 1 --> 3 Year ARM/VRM - 6.10% High Ratio Purchase, Switch Only, Owner Occupied, 90 Days to Close (some restrictions)

PROMO 2 --> 5 Year Fixed - 5.64% High Ratio Purchase, Switch Only, Owner Occupied, 120 Days to Close (some restrictions)

PROMO 3 --> 5 Year ARM/VRM - 6.00% High Ratio Purchase, Owner Occupied, 90-120 Days to Close (some restrictions)

-------

Full Feature Rates up to 120 day rate protection
Starting at:

2 Year Fixed - 6.39% * High Ratio
3 Year Fixed - 5.94% * High Ratio
4 Year Fixed - 5.74% * High Ratio

5 Year Fixed - 5.64% to 5.84% * High Ratio
5 Year Fixed - 5.89% to 6.49% * Conventional

5 Year ARM/VRM - 6.00% - 6.90%

HELOC Rates Prime +0.00 to +0.50%%

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]

Current Rates to Open Week Nov 27, 2023

Prime Rate - 7.20%

PROMOTIONS

PROMO 1 --> 3 Year ARM/VRM - 6.10% High Ratio Purchase, Switch Only, Owner Occupied, 90 Days to Close (some restrictions)

PROMO 2 --> 5 Year Fixed - 5.54% High Ratio Purchase, Switch Only, Owner Occupied, 120 Days to Close (some restrictions)

PROMO 3 --> 5 Year ARM/VRM - 6.00% High Ratio Purchase, Owner Occupied, 90-120 Days to Close (some restrictions)

-------

Full Feature Rates up to 120 day rate protection
Starting at:

2 Year Fixed - 6.39% * High Ratio
3 Year Fixed - 5.84% * High Ratio
4 Year Fixed - 5.64% * High Ratio

5 Year Fixed - 5.54% to 5.84% * High Ratio
5 Year Fixed - 5.89% to 6.49% * Conventional

5 Year ARM/VRM - 6.00% - 6.90%

HELOC Rates Prime +0.00 to +0.50%%

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]

Current Rates to Open Week Dec 4, 2023

Prime Rate - 7.20%

PROMOTIONS

PROMO 1 --> 3 Year ARM/VRM - 6.10% High Ratio Purchase, Switch Only, Owner Occupied, 90 Days to Close (some restrictions)

PROMO 2 --> 5 Year Fixed - 5.39% High Ratio Purchase, Switch Only, Owner Occupied, 120 Days to Close (some restrictions)

PROMO 3 --> 5 Year ARM/VRM - 6.00% High Ratio Purchase, Owner Occupied, 90-120 Days to Close (some restrictions)

-------

Full Feature Rates up to 120 day rate protection
Starting at:

2 Year Fixed - 6.39% * High Ratio
3 Year Fixed - 5.84% * High Ratio
4 Year Fixed - 5.49% * High Ratio

5 Year Fixed - 5.39% to 5.79% * High Ratio
5 Year Fixed - 5.69% to 6.14% * Conventional

5 Year ARM/VRM - 6.00% - 6.90%

HELOC Rates Prime +0.00 to +0.50%%

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

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

[pheoxs]

@TimLacroix curious to hear your opinion on current rates. Fixed mortgages always supposedly follow the bond market but we've seen nearly a 1% drop in the 5year bonds while barely a 0.3% fall in mortgage rates?

Is that lenders just holding onto higher margins in anticipation of higher default rates? Or is it simply a matter of quick to rise and flow to drop?

[TimLacroix]

Yes, you are correct that the bond has fallen dramatically however rates are slowly coming down. This seems to always be the case... there is an assumption that the lenders/ banks are not lowering as much as they are trying build some profits for future losses. With the higher rates, inflation etc... there are more and more defaults coming... so this is part of the reason rates are not as low as they should be based on spread.

The discounts are coming... we are seeing daily better and better rates.

[ExtraSlow]

if I was the banks, I'd drop my mortgage rates slower than the drop in bond rates as well. dolladollabillsyall.gif

[TimLacroix]

And there are still a few variables that could change based on the following; U.S. jobs data (Friday), CPI (Tuesday), and the Fed decision (Wednesday).

[suntan]

US has no interest in rate cuts. Canada cutting rates is currency suicide.

[benyl]

This quote is hidden because you are ignoring this member. Show Quote

US has no interest in rate cuts. Canada cutting rates is currency suicide.

That's never stopped Canada before. Currency suicide is good for Ontario manufacturing to stave off a recession. Good for oil too. Sucks for travel.

[Cagare]

This quote is hidden because you are ignoring this member. Show Quote

That's never stopped Canada before. Currency suicide is good for Ontario manufacturing to stave off a recession. Good for oil too. Sucks for travel.

It's quite true, we did this in the 80's and 90's to incentivize trade and increase manufacturing. Then once our currencies were much closer they realized that we are overpaying manufacturing labour in Canada and most places were promptly shut down, even before the financial crisis. I could see this as a strategy for us to increase GDP especially when any remnants of investment in resources goes away with the emissions cap.

[TimLacroix]

Current Rates to Open Week Dec 11, 2023

Prime Rate - 7.20%

PROMOTIONS

PROMO 1 --> 3 Year ARM/VRM - 6.10% High Ratio Purchase, Switch Only, Owner Occupied, 90 Days to Close (some restrictions)

PROMO 2 --> 5 Year Fixed - 5.39% High Ratio Purchase, Switch Only, Owner Occupied, 120 Days to Close (some restrictions)

PROMO 3 --> 5 Year ARM/VRM - 6.00% High Ratio Purchase, Owner Occupied, 90-120 Days to Close (some restrictions)

-------

Full Feature Rates up to 120 day rate protection
Starting at:

2 Year Fixed - 6.39% * High Ratio
3 Year Fixed - 5.69% * High Ratio
4 Year Fixed - 5.49% * High Ratio

5 Year Fixed - 5.39% to 5.79% * High Ratio
5 Year Fixed - 5.69% to 6.14% * Conventional

5 Year ARM/VRM - 6.00% - 6.90%

HELOC Rates Prime +0.00 to +0.50%%

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]

Current Rates to Open Week Dec 18, 2023

Prime Rate - 7.20%

PROMOTIONS

PROMO 1 --> 3 Year ARM/VRM - 6.10% High Ratio Purchase, Switch Only, Owner Occupied, 90 Days to Close (some restrictions)

PROMO 2 --> 5 Year Fixed - 5.24% High Ratio Purchase, Switch Only, Owner Occupied, 120 Days to Close (some restrictions)

PROMO 3 --> 5 Year ARM/VRM - 6.00% High Ratio Purchase, Owner Occupied, 90-120 Days to Close (some restrictions)

-------

Full Feature Rates up to 120 day rate protection
Starting at:

2 Year Fixed - 6.14% * High Ratio
3 Year Fixed - 5.64% * High Ratio
4 Year Fixed - 5.49% * High Ratio

5 Year Fixed - 5.24% to 5.49% * High Ratio
5 Year Fixed - 5.69% to 6.14% * Conventional

5 Year ARM/VRM - 6.00% - 6.90%

HELOC Rates Prime +0.00 to +0.50%%

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]

Current Rates to Open Week Jan 1, 2024

Prime Rate - 7.20%

PROMOTIONS

PROMO 1 --> 3 Year ARM/VRM - 6.35% High Ratio Purchase, Switch Only, Owner Occupied, 90 Days to Close (some restrictions)

PROMO 2 --> 5 Year Fixed - 5.24% High Ratio Purchase, Switch Only, Owner Occupied, 120 Days to Close (some restrictions)

PROMO 3 --> 5 Year ARM/VRM - 6.15% High Ratio Purchase, Owner Occupied, 90-120 Days to Close (some restrictions)

-------

Full Feature Rates up to 120 day rate protection
Starting at:

2 Year Fixed - 6.14% * High Ratio
3 Year Fixed - 5.54% * High Ratio
4 Year Fixed - 5.24% * High Ratio

5 Year Fixed - 5.14% to 5.39% * High Ratio
5 Year Fixed - 5.49% to 5.84% * Conventional

5 Year ARM/VRM - 6.15% - 6.90%

HELOC Rates Prime +0.00 to +0.50%%

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]

Current Rates to Open Week Jan 8, 2024

Prime Rate - 7.20%

PROMOTIONS

PROMO 1 --> 3 Year ARM/VRM - 6.25% High Ratio Purchase, Switch Only, Owner Occupied, 90 Days to Close (some restrictions)

PROMO 2 --> 5 Year Fixed - 5.14% High Ratio Purchase, Switch Only, Owner Occupied, 120 Days to Close (some restrictions)

PROMO 3 --> 5 Year ARM/VRM - 6.15% High Ratio Purchase, Owner Occupied, 90-120 Days to Close (some restrictions)

-------

Full Feature Rates up to 120 day rate protection
Starting at:

2 Year Fixed - 6.14% * High Ratio
3 Year Fixed - 5.44% * High Ratio
4 Year Fixed - 5.24% * High Ratio

5 Year Fixed - 5.14% to 5.39% * High Ratio
5 Year Fixed - 5.44% to 5.84% * Conventional

5 Year ARM/VRM - 6.15% - 6.90%

HELOC Rates Prime +0.00 to +0.50%%

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

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

[killramos]

Question for the masses on here,

Is it generally true that you cannot have a home equity line with a different lender than your base mortgage? I didn’t think this was the case.

Friend is trying to setup a HELOC but apparently his current lender doesn’t do HELOC’s and his broker is advising him he now can’t get a credit line without signing up for a new mortgage. Just trying to assess if he is getting fed a load of bull by his broker and what his options are.

Retail banking is awesome lol.

[Buster]

My guess is that the costs of a lender willing to go second position is going to be much higher. But I have no idea.