Harpreet currently provides his services to all of Southern Ontario whether you are a first time homebuyer, sophisticated real estate investor, or any step in between.

Contact

(416) 795-1919

Search Mortgage Corp. 100-50 Village Centre Place Mississauga, Ontario, L4Z 1V9 License #: 12652

harpreet@searchmortgage.ca

November 17th Mortgage Industry Update

November 17th, 2015 Mortgage Industry Update

The Bank of Canada announced on October 21st that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Additionally, most fixed rates have started to slightly climb ahead of the winter season cool-down.

Additionally this week:
– RBC: US Employment up by 5.0% in October. Expectations for the US Federal Reserve to raise fed funds at its December meeting are up.

– IMF is advising the US Federal Reserve to hold off on raising its key interest rate at next month’s meeting.

– Former chairman of US Fed Ben Bernanke: Canada has tools to cope with hot housing market, something that was lacking in US housing crash.

– Bloomberg Nanos Consumer Confidence Index rose to 58.3, highest since October 2014, driven by gains in personal finance + economy outlook

– Canadian Centre for Policy Alternatives: 1/10 young homeowners would be left with underwater mortgage in the event of 20% housing correction

– A few rate changes ahead of the winter season: Street Capital increases their 5 year promotional fixed and variable rate mortgages to 2.64% and 2.20% respectively. Xceed mortgage corp increases their 5 year fixed to 2.69%. National Bank increases their 5 year fixed to 2.79%, variable to 2.30%. MCAP increases their 5 year fixed to 2.74% , variable to 2.25%. Scotiabank increases their 5 year fixed to 2.79% , variable to 2.40%.

 
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.

Author

Harpreet Singh

Comments (2)

  1. http://google.us/
    25 January 2016

    Bottom line, the goal is to have total control over your financial situation These studies are used
    because the basis for house loans, for paying off estates in addition to divorces,
    to get tax is important, and so on

    • Damian
      18 February 2016

      As long as you plan to live in the new house it should be an owner ociucped mortgage. However, you will need to have a written lease on your current home to count the rental income in qualifying for the new mortgage and generally they count the rental income at 50% of what you receive.

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