August 7th Mortgage Industry Update
August 7th, 2014 Mortgage Industry Update
Interest rates slightly decreased with a few major lenders as promotional rates declined from 2.99% (5Y fixed) to 2.94%. Often we see a domino effect when it comes to lenders changing rates as they feel the need to remain competitive in the mortgage market. This may serve as a reason for a possible small interest rate decline between some lenders for the month of August.
Additionally this week:
– Almost 40 per cent of Canadian buyers benefit from mortgage insurance, according to Genworth. [fancy_link link_text=”Learn More” url=”http://royallepageleadingedge.ca/2014/08/07/genworth-helping-your-clients-buy-homes/” float=”none”].
– Realtors say average home prices will continue to rise in Toronto and the GTA for 2014. [fancy_link link_text=”Learn More” url=”http://business.financialpost.com/2014/08/07/toronto-home-prices-july/” float=”none”].
– The 5 year government bond hits a 14 month low and yet lenders remain hesitant to cut fixed rates.
– There is an increase in million dollar homes being sold in Canada because of record low mortgage rates. [fancy_link link_text=”Learn More” url=”http://www.lowestrates.ca/news/look-all-million-dollar-homes-being-sold-1187″ float=”none”].
– BMO annual report indicates Canadians have more mortgage debt, less credit card debt, and stable student loans. [fancy_link link_text=”Learn More” url=”http://newsroom.bmo.com/press-releases/bmo-annual-debt-report-household-debt-up-6-per-ce-tsx-bmo-201408050960770001″ float=”none”].
Stay tuned for the next update!
For any questions and concerns please do not hesitate to call Harpreet Singh The Mortgage King at (416) 795-1919.
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