September 8th Mortgage Industry Update
September 8th, 2015 Mortgage Industry Update
The Bank of Canada announced on July 15th that it’s overnight lending rate will be cut to 0.50%. The prime lending rate at most lending institutions thus decreased to 2.70%. Additionally, most fixed rates remain stable.
Additionally this week:
– The unemployment rate increased 0.2 percentage points to 7.0% in August, as more people searched for work, reported StatsCan.
– Poll of 40 economists by Reuters reveals that the financial experts are not forecasting any rise in interest rates until 2017.
– Home sales in Calgary dropped 27 per cent in August from a year earlier: The Calgary Real Estate Association. Calgary benchmark prices remain relatively stable, totalling $456,300. Condos down 1.4 per cent.
– Derek Holt, Scotiabank: “I maintain the view that #recession talk remains off base … not sufficient condition for a recession call”
– TD Bank cuts their 5 year fixed promotional mortgage rate to 2.67%, from 2.69%
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.