There is no ceiling on mortgage rates. Lenders charge customers slightly more than it costs them to borrow money themselves – if the lending rates are very high, then customers will facing high mortgage rates as well. For example, in the 1980s during Canada’s recession, mortgage rates went as high as 22%.
If you have a variable rate mortgage, expect mortgage rate increases to increase your monthly payment. If you have a fixed rate mortgage and are soon due for renewal, you will be facing higher interest rates to choose from, and higher payments there as well.
In: International Real Estate News|Mortgage News|Real Estate News|Toronto Real Estate
7 Oct 2011So the stock market has dropped by 10% this year. The interest rate on a GIC is 1-2%. But housing prices increased by 10% in September. The Toronto real estate board just reported that the amount of sold homes increased by 25% in September and the average price increased by 10%. Wow! This is great [...]
In: Mortgage News
19 Sep 2011No indication of rates increase as the rates sit tight at 3.19% for 5 year fixed mortgages. The lowest in Canada’s history. I would urge everyone to lock their mortgages now to take advantage of these low rates before the Bank of Canada will start increasing the prime rate again. Rates: 1yr 2.89% 2yr 2.99% [...]
In: Mortgage News
7 Apr 2011When talking about the future of rates there are many factors to consider among them are the local economy, world economy, Bond Markets, World Markets, and current political climate. But predicting the future of rates is like predicting where a helium balloon will end up if you let it go. You got a general idea [...]
In: Mortgage News
5 Oct 2010Rates: 1yr 2.44% (0.00%) 2yr 3.09% (0.00%) 3yr 2.89% (0.00%) 4yr 3.59% (0.00%) 5yr 3.45% (-0.10%) 6yr 4.39% (0.00%) 7yr 4.85% (0.00%) 3yr variable closed (Prime – .85%) = 2.15% 5yr variable closed (Prime – .65%) = 2.35%
In: Mortgage News
9 Aug 2010Lot of negative news out there as sales numbers drop but we have seen our share of bad news over this last year, lets hope this one is temporary, as always. Good news rates are down and falling, that should keep things moving, and the summer market is nearing an end. Rates: 1yr 2.44% (-0.10%) [...]
In: Real Estate News
12 Jul 20101yr 2.54% ( 0.00%) 2yr 2.95% (-0.10%) 3yr 3.49% ( 0.00%) 4yr 4.09% (-0.05%) 5yr 3.99% ( 0.00%) 3yr and 5yr variable closed (Prime – .60%) = 1.90%
In: Real Estate News
6 Jul 20101yr 2.54% (-0.10%) 2yr 3.05% (0.00%) 3yr 3.49% (0.00%) 4yr 4.14% (-0.14%) 5yr 3.99% (-0.20%) 3yr and 5yr variable closed (Prime – .60%) = 1.90%
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