Tim's Mortgage News / Rates and FAQ's

[TimLacroix]

Current Rates to Open Week June 26, 2017

Prime Rate - 2.70%

Special Rate Offers

5 Year Fixed - 2.29% High Ratio Purchase or Switch Only, Owner Occupied, Close in 90 days (some restrictions)

5 Year ARM/VRM - 1.80% High Ratio Purchase or Switch Only, Owner Occupied, Close in 90 days (some restrictions)

Extended rate holds for Builds:
5yr fixed – 2.59% High Ratio Only, Up to 180-day Hold

Full Feature Rates -- 90 to 120 day rate protection
Starting at:
2 Year Fixed - 2.19%
3 Year Fixed - 2.34%
4 Year Fixed - 2.44%
5 Year Fixed - 2.44% * 90-Days
5 Year Fixed - 2.54% * 120-Days

3 Year + ARM - 2.10% * Maturity is May 2020
5 Year ARM/VRM - 2.00%

HELOC Rates Prime +0.50%

Refinance Rates
5 Year Fixed - 2.64% - 2.99%

Builder - New Home Mortgage Rates
5 Year Fixed - 6 Month Rate Hold - 2.59%* High Ratio
5 Year Fixed - 6 Month Rate Hold - 2.59%* Conventional
5 Year Fixed - 12 Month Rate Hold - 3.25%* High Ratio
5 Year Fixed - 12 Month Rate Hold - 3.44%* Conventional

Rental Rates
5 Year Fixed - 2.79%-2.84%

Call or PM for MORE "UnPublished" rates or other term information.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 July 3, 2017

Prime Rate - 2.70%

Special Rate Offers

5 Year Fixed - 2.39% High Ratio Purchase or Switch Only, Owner Occupied, Close in 90 days (some restrictions)

5 Year ARM/VRM - 1.80% High Ratio Purchase or Switch Only, Owner Occupied, Close in 90 days (some restrictions)

Extended rate holds for Builds:
5yr fixed – 2.59% High Ratio Only, Up to 180-day Hold

Full Feature Rates -- 90 to 120 day rate protection
Starting at:
2 Year Fixed - 2.34%
3 Year Fixed - 2.31%
4 Year Fixed - 2.44%
5 Year Fixed - 2.49% * 90-Days
5 Year Fixed - 2.59% * 120-Days

3 Year + ARM - 2.10%
5 Year ARM/VRM - 2.00%

HELOC Rates Prime +0.50%

Refinance Rates
5 Year Fixed - 2.74% - 2.89%

Builder - New Home Mortgage Rates
5 Year Fixed - 6 Month Rate Hold - 2.59%
5 Year Fixed - 12 Month Rate Hold - 3.44%

Rental Rates
5 Year Fixed - 2.99%

Call or PM for MORE "UnPublished" rates or other term information.

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

[Marsh]

Updates based on Bank of Canada? High probability that BoC will raise in July, how do you think this will affect mortgage rates? Will we see a bump immediately in prime?

[TimLacroix]

I do suspect that Prime will go up and match the increase by BoC change!

[blownz]

I am interested to see if the banks raise their prime only .15% like they did last two times the BoC lowered .25%. I personally doubt it, but it will be interesting to see.

[TimLacroix]

Interesting comment as I have read the possibility of this happening but when it comes to profits, the banks don't seem to hold back when they increase revenues! Time will tell... but was thinking the same thing.

[ExtraSlow]

there's been so much talk of the evils of real estate bubbles in this country, I feel like higher interest rates might not be a bad thing. But then again, I'm no economist or expert.

[blownz]

So as mentioned above, last two quarter point drops by the BoC saw the banks move prime only 15 points each time: 3.00% to 2.85% to 2.7%. Now with a quarter point increase the banks naturally...increased a quarter point! 2.7% to 2.95% Got to love the banks! lol

[Marsh]

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

So as mentioned above, last two quarter point drops by the BoC saw the banks move prime only 15 points each time: 3.00% to 2.85% to 2.7%. Now with a quarter point increase the banks naturally...increased a quarter point! 2.7% to 2.95% Got to love the banks! lol

Yep and TD Prime was already at 2.85 above the others...now at 3.10

[blownz]

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

Yep and TD Prime was already at 2.85 above the others...now at 3.10

Ouch. That is odd though and reason enough to move if I was there.

[TimLacroix]

Current Rates to Open Week July 31, 2017

Prime Rate - 2.95% - INCREASED

Special Rate Offers

5 Year Fixed - 2.69% High Ratio Purchase or Switch Only, Owner Occupied, Close in 90 days (some restrictions)

5 Year ARM/VRM - 2.00% High Ratio Purchase or Switch Only, Owner Occupied, Close in 90 days (some restrictions)

Full Feature Rates -- 90 to 120 day rate protection
Starting at:
2 Year Fixed - 2.34%
3 Year Fixed - 2.34%
4 Year Fixed - 2.44%
5 Year Fixed - 2.89% * 90-Days
5 Year Fixed - 2.99% * 120-Days

3 Year + ARM - 2.40%
5 Year ARM/VRM - 2.20%

HELOC Rates Prime +0.50%

Refinance Rates
5 Year Fixed - 2.99% - 3.19%

Builder - New Home Mortgage Rates
5 Year Fixed - 6 Month Rate Hold - 2.94%
5 Year Fixed - 12 Month Rate Hold - 3.84%

Rental Rates
5 Year Fixed - 3.24%

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 Aug 14, 2017

Prime Rate - 2.95%

Special Rate Offers

5 Year Fixed - 2.69% High Ratio Purchase or Switch Only, Owner Occupied, Close in 90 days (some restrictions)

5 Year ARM/VRM - 2.00% High Ratio Purchase or Switch Only, Owner Occupied, Close in 90 days (some restrictions)

Full Feature Rates -- 90 to 120 day rate protection
Starting at:
2 Year Fixed - 2.54% - 2.64%
3 Year Fixed - 2.69% - 2.84%
4 Year Fixed - 2.84% - 2.99%
5 Year Fixed - 2.89% * 90-Days
5 Year Fixed - 2.99% * 120-Days

3 Year + ARM - 2.40%
5 Year ARM/VRM - 2.20%

HELOC Rates Prime +0.50%

Refinance Rates
5 Year Fixed - 2.99% - 3.19%

Builder - New Home Mortgage Rates
5 Year Fixed - 6 Month Rate Hold - 3.09%
5 Year Fixed - 12 Month Rate Hold - 3.99%

Rental Rates
5 Year Fixed - 3.19% - 3.34%

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 18, 2017

Prime Rate - 3.20% **RECENT CHANGE

Special Rate Offers

5 Year Fixed - 2.84% High Ratio Purchase or Switch Only, Owner Occupied, Close in 90 days (some restrictions)

5 Year ARM/VRM - 2.15% High Ratio Purchase or Switch Only, Owner Occupied, Close in 90 days (some restrictions)

Full Feature Rates -- 90 to 120 day rate protection
Starting at:
2 Year Fixed - 2.99%
3 Year Fixed - 2.89%
4 Year Fixed - 2.99%
5 Year Fixed - 2.94% * 60-Days
5 Year Fixed - 3.09% - 3.19% * 120-Days

3 Year + ARM - 2.65%
5 Year ARM/VRM - 2.40%

HELOC Rates Prime +0.50%

Refinance Rates
5 Year Fixed - 3.19% - 3.24%

Builder - New Home Mortgage Rates
5 Year Fixed - 6 Month Rate Hold - 3.09%
5 Year Fixed - 12 Month Rate Hold - 3.99%

Rental Rates
5 Year Fixed - 3.39%

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 29, 2017

Prime Rate - 3.20%

Special Rate Offers

5 Year Fixed - 2.84% High Ratio Purchase or Switch Only, Owner Occupied, Close in 90 days (some restrictions)

5 Year ARM/VRM - 2.15% High Ratio Purchase or Switch Only, Owner Occupied, Close in 90 days (some restrictions)

Full Feature Rates -- 90 to 120 day rate protection
Starting at:
2 Year Fixed - 2.94%
3 Year Fixed - 3.04%
4 Year Fixed - 3.14%
5 Year Fixed - 2.97% - 3.04% * 90-Days
5 Year Fixed - 3.09% - 3.19% * 120-Days

3 Year + ARM - 2.65%
5 Year ARM/VRM - 2.29% - 2.40%

HELOC Rates Prime +0.50%

Refinance Rates
5 Year Fixed - 3.34% - 3.44%

Builder - New Home Mortgage Rates
5 Year Fixed - 6 Month Rate Hold - 3.24%
5 Year Fixed - 12 Month Rate Hold - 4.05%

Rental Rates
5 Year Fixed - 3.44%

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

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

[holden]

Don't mean to hijack the thread. but looks like the long anticipated OFSI "stress test" details have been announced. Uninsured mortgages (>20%) must now qualify at the greater of the BoC's 5-year benchmark rate (currently 4.89%) or 2 percentage points above their contract rate.

I believe this already applied to insured mortgages since last year. They say it didn't have a big impact at the time, but I read that since then a much larger portion of mortgages have been conventional. Perhaps people getting loans from other sources (bank of Mom and Dad) to push them over 20%?

I wonder what percentage of buyers actually take on mortgages for the max (or near max) they qualify for?

[RX_EVOLV]

Oops

[TimLacroix]

The percentage of people max'd will appear to be higher now with the stress test. But in reality, it is not a significant amount of people who are affected by these changes.

The stress test for conventional mortgages will be the higher of your contract rate + 2%, or the Bank of Canada benchmark rate. Most conventional mortgage rates are in the 3.39%-range right now, which means you'd be qualifying at 5.39%.

The stress test for high ratio mortgages is the Bank of Canada benchmark rate only, which is currently 4.89%.

[blownz]

Tim - Any chance the banks will adjust their debt service ratios up a bit to minimize the impact of the new stress tests? Can they do that (not sure who sets those ratios...)?

[TimLacroix]

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

Tim - Any chance the banks will adjust their debt service ratios up a bit to minimize the impact of the new stress tests? Can they do that (not sure who sets those ratios...)?

It's a great question and there are cases with conventional files where there is a slight discretion on ratios. Of course this depends on the overall file risk, property down payment (equity) etc. As for going forward after Jan 1, 2018... I would assume it will still exist but cannot say for sure as of yet.

[TimLacroix]

Current Rates to Open Week Oct 23, 2017

Prime Rate - 3.20%

Special Rate Offers

5 Year Fixed - 2.89% High Ratio Purchase or Switch Only, Owner Occupied, Close in 90 days (some restrictions)

5 Year ARM/VRM - 2.05% High Ratio Purchase or Switch Only, Owner Occupied, Close in 90 days (some restrictions)

Full Feature Rates -- 90 to 120 day rate protection
Starting at:
2 Year Fixed - 2.79%
3 Year Fixed - 2.84%
4 Year Fixed - 2.99%
5 Year Fixed - 2.97% - 3.04% * 90-Days
5 Year Fixed - 3.09% * 120-Days

3 Year + ARM - 2.65%
5 Year ARM/VRM - 2.15% - 2.40%

HELOC Rates Prime +0.50%

Refinance Rates
5 Year Fixed - 3.39% - 3.49%

Builder - New Home Mortgage Rates
5 Year Fixed - 6 Month Rate Hold - 3.24%
5 Year Fixed - 12 Month Rate Hold - 4.05%

Rental Rates
5 Year Fixed - 3.54%

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

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