October 9th Mortgage Industry Update
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. [fancy_link link_text=”Learn More” url=”https://ca.finance.yahoo.com/blogs/pay-day-/the-top-4-things-people-pay-more-to-live-near-134111452.html?cmp=cafb_finance” float=”none”].
– 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. [fancy_link link_text=”Learn More” url=”http://www.theglobeandmail.com/report-on-business/economy/housing/the-real-estate-beat/real-estate-market-on-pace-for-hot-start-to-autumn/article20906943/” float=”none”].
– The Financial Post stated that it might take Canadians a decade to get their debt levels under control (according to Moody’s Analytics). [fancy_link link_text=”Learn More” url=”http://business.financialpost.com/2014/10/08/it-might-take-canadians-a-decade-to-get-their-debt-levels-under-control-says-moodys/” float=”none”].
– The RBC economics report was released. Page 5 contains the interest rate outlook. [fancy_link link_text=”Learn More” url=”http://www.rbc.com/economics/economic-reports/pdf/financial-markets/fmm-October2014.pdf?utm_campaign=0.1%20Economic%20Data&utm_content=8843717&utm_medium=social&utm_source=twitter” float=”none”].
– Canada may need tougher rules to slow overvalued housing market, IMF warns. [fancy_link link_text=”Learn More” url=”http://business.financialpost.com/2014/10/07/canada-may-need-tougher-rules-to-slow-overvalued-housing-market-imf-warns/?utm_content=buffer21553&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer” 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.