http://www.theglobeandmail.com/report-on-business/why-interest-rates-will-remain-low/article1330601/
Today the Bank of Canada holds steady and does not raise the Bank Rate.
The Canadian dollar was down 1.70 cents to 95.45 cents (U.S.) by midmorning after the Bank of Canada' rate announcement.
The Bank of Canada now believes the economy will not return to full capacity until the third quarter of 2011 instead of the prior view of the second quarter of 2011,”
It looks like for those of us still sitting in our variable rate mortgages, by not hitting the panic button once again, when rates shot up last Friday, it looks like we may have made the right decision.
The fact of the matter is that little has changed with the economy. It is becoming clear that the Bank of Canada knows any immediate significant increases in the Bank Rate would quickly de-rail the little signs of economic recovery that has recently appeared.
It is a great time to bust out of those high fixed rate mortgages, because it looks like things are getting back on track with the Government plan to hold overnight rates (prime) until Q2 of next year.
I still have a lender who is paying the legal fees for mortgage refinances (to roll in the penalty to leave the high interest mortgage) and will offer a Prime -.05% rate. That is a 2.20% rate** If you want to pay for the solicitor I have Prime minus .10%!
Call me if you would like to reduce your mortgage rate to 2.20%**......
** Rate is subject to meeting the lenders qualifing criteria, and is subject to change until an application is taken.
Thanks,
David Kendall
Mortgage Agent
License # M08004045
211 York Road, Unit 3, Dundas, Ont. L9H 1M9
OAC Mortgages Brokerage License # 10928
An independently owned and operated franchise of the Mortgage Alliance Network
You could win up to $100,000.00 toward your Mortgage!!!
Visit our website today for all the details
http://www.mortgagealliance.ca/davidkendall
Phone : (905)336-8448
Toll Free: 1(877)-529-1199
Cell: (905)334-4404
Fax: (905)-628-7917
Toll Free Fax: 1(866)-805-9653
Notice: The information contained in this email is confidential. If you are not the intended recipient, you may not disclose or use the information in this email in any way and should destroy any copies. Oac Mortgages Inc. does not guarantee the integrity of any emails or attached files. .
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Mortgage Alliance Oac Mortgages
As a registered franchise of the Mortgage Alliance Network, we have a number of mortgage professionals who can bring you the choice, convenience, and counsel you need to get the RightMortgage®. Working with over 40 lenders (some offered exclusively through brokers) we'll provide unbiased guidance in your mortgage decision.
We are legislated by the Ministry of Finance FSCO and our brokerage license is 10928.
We are dedicated to educating our clients about their mortgage! We want you to be well informed and comfortable with the mortgage you have and the options available to you. This blog is intended to offer information, updates, current mortgage products and current rates.
Please provide your feedback and let us know if there is anything else we can provide to help you in your mortgage process.
We are legislated by the Ministry of Finance FSCO and our brokerage license is 10928.
We are dedicated to educating our clients about their mortgage! We want you to be well informed and comfortable with the mortgage you have and the options available to you. This blog is intended to offer information, updates, current mortgage products and current rates.
Please provide your feedback and let us know if there is anything else we can provide to help you in your mortgage process.
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