Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Why three big banks raised fixed mortgage rates despite falling bond yields + MORE Dec 3rd
Despite low bond yields, banks and other lenders are continuing to raise rates. We talked to several rate experts to understand why..... More »
The Sea Change in Canadian Mortgage Insurance + MORE Dec 2nd
Few realize how dramatically Canada’s mortgage insurance market has changed..... More »
13,000 CIBC mortgage clients have come out of negative amortization Dec 19th
Over the past three months, roughly 13,000 CIBC clients have taken action to bring their mortgages out of negative amortization..... More »
Latest in Mortgage News: Toronto Home Prices Set July Record Aug 9th
The rebound for Toronto home prices continued in July, with the average selling price reaching a record $943,710. That’s a 16.9% increase compared to a year earlier, according to the Toronto Regional Real Estate Board (TRREB). Home sales in the Greater Toronto Area were up 29.5% in July compar.... More »
No Spring Thaw in Sight for March Mortgage Rates + MORE Mar 7th
RateSupermarket.ca’s expert panel say lenders are taking a wait-and-see approach
Good news for early spring mortgage borrowers: interest rates won’t be rising along with the thermometer. While early signs of economic improvement are promising, consumer lenders and the central bank alike are hol.... 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…
