Looks like fewer people are buying into the idea that mortgage rates are going to increase in 2013. This according to a studying by CIBC released in mid-March. The study showed that almost half (46 percent) of Canadian homebuyers believe that the near-record low mortgage rates of today are going to stick around for at least another 12 months. That’s … Read More
Bank Holds Overnight Rate at One Percent
The overnight rate held steady yesterday as the Bank of Canada announced that it would maintain its traget of 1 percent. This leaves the prime lending rate at 3 percent. It’s now been more than two years since the prime rate has increased, giving variable rate mortgage holders the upper hand on higher interest costs.
Is a One-Year Fixed Rate Mortgage Right For You?
Rates have nowhere to go but up. Or at least, that’s what everyone keeps telling us. Banks, economists, mortgage brokers, even Finance Minister Jim Flaherty is insisting that interest rates will start to climb later this year. And yet, they keep going down. The mortgage establishment continues to drop interest rates, pushing long-term fixed mortgage rates like they’re going out … Read More
Deciding on Debt: How the New Rules Will Impact Your Mortgage Hunt
Two things are clear about the current Canadian housing market. First, interest rates are going to go up. The Bank of Canada governor, Mark Carney, Finance Minister Jim Flaherty, and pretty much anyone involved in the banking industry has been warning of a hike, if not several, potentially before the end of the year. Second, the nation’s major banks have … Read More
How Much Would an Interest Rate Increase Hurt Your Budget?
According to a recent study by the Bank of Montreal, four in ten Canadians would feel the pinch if best rate mortgages saw a two percent interest rate increase. The study, which was compiled by Leger Marketing, found that 43 percent of Canadian homeowners believe an interest rate increase would either hamper their ability to pay their mortgage or leave … Read More