Mortgage Careers of the Week + MORE Nov 8th

No rate increase anticipated by RateSupermarket.ca’s expert panel amid lingering stimulus measures
November 7, 2013: Toronto, Ontario – The economy isn’t quite ready for the training wheels to come off; that’s what is indicated by Canadian and American policy makers who both announced no change to stimulus measures this month.
As a result government bond yields are currently stable, prompting lenders to follow suit with moderate fixed mortgage rate discounting. Variable rates will see no change as the Bank of Canada dropped the expectation of an Overnight Lending Rate increase in the short term.
Fixed Mortgage Rates: Down
Canadian and U.S. bond yields remain low due to assurances that economic stimulus will remain for the longer term in both countries. This will lead to continued downward pressure on yields and as a result, moderate discounts to fixed mortgage rate options.
Variable Mortgage Rates: Unchanged
After dropping any reference to future rising rates in their last announcement, the Bank of Canada signalled that economic progress has been too slow to warrant changing the Prime Rate any time soon…

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With stricter mortgage guidelines suppressing volumes and competition squeezing margins, mortgage brokers are increasingly on the lookout for new business generators. TMG The Mortgage Group equips its brokers with one…

WASHINGTON – Fannie Mae and Freddie Mac posted strong earnings for the July-September period as the housing market continued to recover. The gains will enable the mortgage giants to finish repaying their taxpayer aid or come close to doing so five years after they were rescued by the government.
Fannie reported Thursday that it earned $8.7 billion in the third quarter. Fannie said its earnings were boosted by the rise in home prices during the period, which enabled it to reduce its reserves set aside for losses on mortgages. Fannie will pay a dividend of $8.6 billion to the Treasury next month, bringing its payments to about $114 billion.
Freddie posted net income of $30.5 billion for the July-September period. It will have repaid its full $71.3 billion bailout after paying a dividend of $30.4 billion.
The government rescued Fannie and Freddie at the height of the financial crisis in September 2008 when both veered toward collapse under the weight of losses on risky mortgages. Together the companies received taxpayer aid totalling $187 billion…

Return Of The Bubble?
Lately, the Canadian housing market has been painted as invincible – set after set of data indicate that both demand and prices continue to rise, offsetting the “cooling” effect put in place by last year’s mortgage rules, and sparking new fears that a bubble is forming.
These fiery buying conditions are further fueled by reassurances that the Canadian cost of borrowing will remain super low for the long term, as indicated in the last Bank of Canada announcement, which dropped any reference to when rates may rise again in the future.
This has already led to fears that Finance Minister Jim Flaherty will introduce new mortgage rules, like he did last summer. He has since gone on the record to say he’s sitting this round out – for now – but added he is meeting with industry developers for more insight, indicating that a day of reckoning might not be too far off.
A Global Issue
A too-hot-to-handle housing market and artificially low rates aren’t just Canada’s problem – central banks around the world have slashed their rates to record lows in order to prompt economic recovery…