The foundation for all Canadian interest rates is the overnight target rate. It’s been stuck at orbelow 1% for an incredible eight years. That’s never happened before. We’re living in bizarroeconomic timesand those with big mortgages are hoping they’lllast. But inflation, the key interest rate driver, is not down for the count. As sure as the Maple Leafs will disappoint...
This week on RateSpy TV: Sky High Prices & Your Mortgage:Big-city home prices are going orbital. That’s making it harder to score a mortgage approval. The Spytells you how hard. CheckYour Broker:A tiny fraction of mortgage brokers are not on the up and up. Regulators have now made it easier to find them. But here’s the rub, the government’sdone nothing...
We’ve all heard this line before: “A mortgage is probablythe largest financial commitmentyou’ll makein your lifetime.” So what happens when the process goes sour? Who’s got your back? People run into mortgage service problems all the time. The three most common grievances relate to penalties, portability caveats and pre-approvals. (Source: OBSI’s 2016annual report) Fortunately, severalorganizations across the country are equipped...
A reader asked this on one of our message boards this week: “I don’t understand why every site doesn’t have a refinance selector. How are you supposed to find a rate for a refinance otherwise?” Heck of a good question. After all, there are only three reasons you get a mortgage: topurchase a property(20% of borrowers get a mortgage for...
This week on RateSpy TV: Conventional Rate Discounts Squeezed:If you’ve got 20% to 34.99% equity, the lowest available rates have risen. The Spytells you why. NEW! Refinance Finder:The best mortgage rates on refinances are not the same as the best rates on purchases and switches. Most rate sites don’t differentiate between them. RateSpy.com’s new refinance filter finds you rates that...
Aspreviously announced, CMHC is jacking up default insurance premiums on Canadian borrowers. Effective today, anyone purchasing a homewith less than 20% down will fork overup to 1.00%-point more in fees. If you’re down payment is: Less than 10%: You’ll pay 0.40% more, or 4.00% Between 14.99 and 10%: You’ll pay 0.70% more, or 3.10% Between 19.99 and 15%: You’ll pay...
Opps!…They…Did…It…Again. For the third time in 11 years, the planet’s monetary policy superpower has elevated America’s key lending rate by 1/4 point. Now it’s a question of how Canadian rates will react. In and of itself, one highly anticipated U.S. rate hike is immaterial. It’sthe longer-term trendthat’s worth talking about. On that note, the Fed projects its policy rate...
This week on RateSpy TV: Spring Mortgage Market Begins: Meridian Credit Union kicked the spring market into gear with the first notable rate saleof the season: 1.99%. We pull out themagnifying glass andexamineits pros and cons. Fed Hike on Deck?: Fed futures are pointing towards a U.S.rate increase next week. But what does this mean for rates on this side...
The fun thing about running a rate site is that yousee lots of interesting data, likethe rates that consumers click on the most. In reviewing hundreds of thousands of RateSpy clicks thispast year, some noteworthytrends have emerged. Here’swhat our latest internal analytics reveal… ******** The 5-year fixed rate,typicallya fan favourite, haslost lustre thesepast12 months. Through February 2017, 5-fixeds have garnered...
Fixed and variable rates have taken thefork in the road, each in a different direction. 5-year fixed mortgage ratesrates headed north at the end of last year. They’re hitched to bond yields, which soared when markets got spooked by the threat of Trumpenomics—i.e., inflation and higher borrowing demand. Variable rates have swungthe other direction thanks mainly to fatterdiscountson insured mortgages....
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