Dec. 18, 2009 -- Mortgage News and Rates
CREATIVE MORTGAGE CORP.
December 18, 2009 - Mortgage News and Rate
Future Rate Hikes?
Most if not all economits will agree that at some point we are going to see interest/mortgage rates return to normal levels. Inflation in November rose to 1% which remains short of the 2% target that the Bank of Canada is aiming for. They have however committed to keep rates where they are until mid 2010. In the US, the Federal Reserve came out and reinterated they stance to keep rates low. Essentially, unless the US start raising their rates, we will not see out rates start to rise dramatically based on Canada's fears that if our dollar rises too quickly it will hinder our exports to the US.
http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2009/12/future-rate-predictions.htmlJob Rates Improving?
Mortgage Term Refresher?
Canadian Mortgages Safe
CIBC released a report last week stating that even with mortgage rates being as low as they currently have been, we are no where near ending up in a housing bubble similar to what the US has been experiencing over the course of the past two years. Part of the reason is because homeowners have larger amounts of equity in their properties. Attached is an articles briefly explaining why that is.
http://www.mortgagebrokernews.ca/news/39382/details.aspx What We Do For Your Valued Clients:
Our main objective in working with your clients is to educate them on their financing options as well as provide them with adequate financing to help them purchase their home, investment or vacation property. We help clients see what they are capable of affording based on the rates we are able to offer. With our ability to fund rates with a high efficiency, we are able to pass along special rates that lenders offer us to your clients.
If you know of anyone who would enjoy reading our weekly Newsletter and Rate Sheet, please let us know and we can add their email address to our growing list.
Our 5 year fixed rate sits at 3.89% which continues to sit well below historical lows. Our best variable rate is currently at Prime - 0.25% (2.0%) on a 3 year term. With rates set to eventually rise in 2010, we will see prime rate rise to combat any fears of inflation.
BROKER’S BEST RATES
TERM | RATE* | PMT/$1,000** | APR |
1 YEAR CLOSED | 2.25% | $3.44/$1,000 | 2.26% |
2 YEAR CLOSED | 2.85% | $3.76/$1,000 | 2.87% |
3 YEAR CLOSED | 3.25% | $3.98/$1,000 | 3.28% |
5 YEAR CLOSED | 3.89%* | $4.34/$1,000 | 3.93% |
7 YEAR CLOSED | 5.25% | $5.17/$1,000 | 5.32% |
10 YEAR CLOSED | 5.35% | $5.23/$1,000 | 5.42% |
3 YEAR VARIABLE | PRIME - 0.25% | $3.31/$1,000 | 2.01% |
5 YEAR VARIABLE | PRIME - 0.20% | $3.34/$1,000 | 2.06% |
PRIME RATE 2.25%
For more information give us a call
Shaun Pierce, AMP Lesley Pierce, AMP
Mortgage Consultant Mortgage Consultant
(250) 717 – 8949 (Ext. 102) (250) 717 – 8949 (Ext. 103)
spierce@creativemortgage.ca lpierce@creativemortgage.ca
Paul Cescon, BBA
Mortgage Consultant
(250) 717 – 8949 (Ext. 101)
paul@creativemortgage.ca
For more information, visit our website www.creativemortgage.ca
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* Rates are subject to change and Lenders approval
** Payments based on a 35 year amortization and monthly payments
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