October 9th, 2014 Mortgage Industry Update

One of our main lenders decreased their 5 year variable interest rate to 2.20%!!! There is a possibility some lenders will follow, for the month of October.

Additionally this week:
– Yahoo Finance released an article sharing the top 4 things people pay more to live near. Learn More.

– Two lenders changed their promotional rates as follows: 5 year fixed promotional rate to 2.94% (before: 2.89%), 5 Year Variable rate to 2.35% Prime-0.65%.

– The Globe And Mail stated that the real estate market is on pace for hot start to autumn. Learn More.

– The Financial Post stated that it might take Canadians a decade to get their debt levels under control (according to Moody’s Analytics). Learn More.

– The RBC economics report was released. Page 5 contains the interest rate outlook. Learn More.

– Canada may need tougher rules to slow overvalued housing market, IMF warns. Learn More.

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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