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. Learn More.

– Realtors say average home prices will continue to rise in Toronto and the GTA for 2014. Learn More.

– 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. Learn More.

– BMO annual report indicates Canadians have more mortgage debt, less credit card debt, and stable student loans. 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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