Dave's Email: 09/11/09

Bankers watch as Swedish interest rates goes subzero


http://edition.cnn.com/2009/BUSINESS/08/27/sweden.subzero.interest.ft/

I recently came across this article, and I am starting to question when or where is this all going to end ???

If someone told me that someday a government would pay someone to borrow money ?? The immediate answer would be no…. But in Sweden this is no longer the case.

Up until now I have been saying that with the Bank Rate at .25% there is nowhere for rates to go but up….

It seems there is a new term showing up on the distant radar, “SUB ZERO”…… not the high-end appliance company…

I think many countries are going to be watching Sweden very closely as they blaze a new trail in an attempt to stimulate their economy.

Is this really any different then the cash for clunkers program, it is still the government paying for growth….


Bank of Canada held steady yesterday, which will keep Prime at 2.25%

All morning I have been receiving emails announcing rate drops, but they are coming from the lenders trying to play catch up with the lenders who dropped last week. …

· Best 5 year fixed rate has dropped slightly to 3.89%. (Previously 3.93%) with free appraisal and free legals, on mortgage switches and refinances.

· We still have one lender offering a “BELOW” Prime Variable rate mortgage. This lender is at a full .25% lower than most of the Bank’s best variable rate mortgages.

PRIME -.05% or currently 2.20%


I met with a TD Bank manager this week; she let me know they are going to be increasing their existing secured credit lines clients to prime +1.00%. If you happen to be one of those clients who is currently maintaining a significant balance on a line of credit, the “below prime” offers a significant interest rate advantage. You would save $1260 each year on each $100,000 balance. Over a 5 year term you would save $6300.

This is an excellent time for most to re-evaluate their current mortgage situations, please give me a call and let’s see how much you could benefit from these lower mortgage rates.





Thanks,

David Kendall

Mortgage Agent
License # M08004045

211 York Road, Unit 3, Dundas, Ont. L9H 1M9
OAC Mortgages Brokerage License # 10928
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