Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Celebrating excellence: New inductees join the Mortgage Hall of Fame + MORE Oct 20th
Canada’s mortgage industry came together on Monday night to honour this year’s three newest inductees into the Mortgage Hall of Fame..... More »
MORTGAGE 101: Understanding Different Mortgage Options + MORE Mar 27th
To new buyers, the real estate market can appear intimidating with jargon like amortization, mortgage insurance, fixed vs variable and so on.
Here are some of the key terms and mortgage types you’ll encounter when shopping for your home loan.
What is a Mortgage?
A mortgage is a loan offered by fi.... More »
Renewing your mortgage? A guide for Canadians + MORE Oct 10th
More than two years have passed since interest rates took off in 2022, and though the Bank of Canada (BoC) has started backing down that ladder, holders on five-year fixed mortgages continue to face significantly higher rates and payments as their home loans come up for renewal. Even those currently.... More »
Over half of mortgage borrowers concerned about renewals Nov 1st
A new survey has found that 53% of Canadian mortgage borrowers are concerned about the prospect of higher monthly payments at renewal time..... More »
A $200,000+ income is now needed to qualify for an average mortgage in Toronto & Vancouver Dec 22nd
High home prices and rising interest rates over the course of 2022 have made it significantly harder for buyers to qualify for the average mortgage, driving RBC's affordability measure to its worst-ever level..... More »
Rates fall at weekly US Treasury auction with 3-month bills dropping to lowest since October
– canadianbusiness.com
WASHINGTON – Interest rates on short-term Treasury bills fell in Monday’s auction with rates on three-month bills dropping to the lowest point since last October.
The Treasury Department auctioned $24 billion in three-month bills at a discount rate of 0.015 per cent, down from 0.020 per cent last week. Another $24 billion in six-month bills was auctioned at a discount rate of 0.070 per cent, down from 0.095 per cent last week.
The three-month rate was the lowest since three-month bills averaged 0.010 per cent on Oct. 14. The six-month rate was the lowest since six-month bills averaged 0.065 per cent on Feb. 23.
The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,999.62 while a six-month bill sold for $9,996.46. That would equal an annualized rate of 0.015 per cent for the three-month bills and 0.071 per cent for the six-month bills.
Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for making changes in adjustable rate mortgages, edged up to 0…
The Treasury Department auctioned $24 billion in three-month bills at a discount rate of 0.015 per cent, down from 0.020 per cent last week. Another $24 billion in six-month bills was auctioned at a discount rate of 0.070 per cent, down from 0.095 per cent last week.
The three-month rate was the lowest since three-month bills averaged 0.010 per cent on Oct. 14. The six-month rate was the lowest since six-month bills averaged 0.065 per cent on Feb. 23.
The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,999.62 while a six-month bill sold for $9,996.46. That would equal an annualized rate of 0.015 per cent for the three-month bills and 0.071 per cent for the six-month bills.
Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for making changes in adjustable rate mortgages, edged up to 0…
OSFI/CMHC Clamps Down on (One Form of) 100% Financing
– canadianmortgagetrends.com
There’s another set of mortgage rules coming this summer. CMHC sent out a notice recently with implementation dates for three policies related to OSFI’s B-21 guideline. We knew this stuff was coming but these rules could nonetheless make it harder to get low-ratio insured variable-rate mortgages, self-employed mortgages and 100% financing. Here’s what’s happening: The qualifying interest rate for low-ratio variable and fixed terms of less than five years will officially become the Benchmark Qualifying Rate (currently 4.64%). This change only applies to transactionally insured mortgages, not bulk insured mortgages, says CMHC. Effective date: “As early as possible after June 30, 2015, and READ MORE
3 crucial steps for first-time homebuyers
– moneysense.ca
Making smart financial decisions is more important than ever, especially when it comes to buying your first home. Use these three easy steps to make sure you’re ready before you hit the open houses this Spring.
Step 1: Know what you can afford
Before you start looking for a home, make sure you understand just how much you can afford to pay. In addition to watching the real estate market in the area where you’re thinking of buying, track your household finances and stick to a budget to see if you can afford the cost of carrying the mortgage you’d need to buy your new home. Scotiabank’s What Can I Afford? Tool can help.
Step 2: Build your down payment
It’s important to start saving for a down payment as soon as you decide to buy a home. The more you save, the less you’ll have to borrow and the less interest you’ll pay over the life of your mortgage. Plus, if your down payment is at least 20% of the cost of the home, you won’t have to buy mortgage insurance.
Need ways to save for your down payment? Use Scotiabank’s Money Finder Calculator to see how you’re spending your money…
