Canadian Mortgage Rates
| Term | Rate |
| Prime Rate (P) | 3.00% |
| Line of Credit (LOC) | 3.50% |
| 5 Year Closed Variable | P -0.15% |
| 5 Year Open Variable | P +0.75% |
| 6 Month Closed | 2.89% |
| 1 Year Closed | 2.79% |
| 2 Year Closed | 2.89% |
| 3 Year Closed | 2.89% |
| 4 Year Closed | 2.99% |
| 5 Year Closed | 3.19% |
| 7 Year Closed | 3.89% |
| 10 Year Closed | 3.89% |
YOUR CANADIAN MORTGAGE BROKER
January 12, 2011
Canadians' focus on debt reaches highest point in five years: poll
If a recent poll is to be believed, Canadians are taking to heart recent calls from government and banks to curb household debt before interest rates inevitably rise at some point in 2011. And counter to claims that mortgage lending needs to be reigned in the first thing consumers want to pay down is credit card debt.
Those who say their top financial priority is to pay down credit cards, lines of credits and mortgages hit a new five-year high in Manulife’s poll.
More than a quarter of Canadians (29 per cent) said their top priority is to pare back their consumer credit, up from a low of 20 per cent heading into 2008. The next most-important priority – paying down the mortgage – was chosen by 14 per cent, identical to a year ago, but up from 11 per cent the prior year.
The third-ranked priority cited in the poll, to save for retirement, was named by 13 per cent of the 1,000 respondents, up from 11 per cent a year ago.
“Paying down debt is central to a successful financial plan and it’s encouraging that many Canadians are growing more focused on taming their credit, mortgages and other bills,” said Paul Rooney, President and CEO, Manulife Canada. “Given the recent economic challenges so often in the news, we shouldn’t be too surprised that Canadians are working harder to get their finances in shape.”
When asked about their overall financial position, almost half (49 per cent) said they are better off than five years ago.
Another 28 per cent say they’re in the same financial spot as in 2005, while less than a quarter (23 per cent) say they are worse off.
Click HERE for the complete article.
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December 2, 2011; MCAP has announced an agreement to acquire the residential mortgage operations and certain related assets of ResMor Trust Company (ResMor). The transaction is expected to be completed in the first quarter of 2012 and is subject to regulatory approval and other customary closing conditions. [ Read more... ]
October 25, 2011; The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. [ Read more... ]
October 19, 2011; Since 2008 the government of Canada has made mandatory changes to reduce the maximum amortization period from 40 years down to 35 and now down to 30 years for any insured mortgages.
Insured mortgages (also known as high ratio mortgages) are mortgages that require less than 20% of the value of the home for the down payment or for refinancing, less than 20% in equity. The government backs these mortgages for the protection of the lenders. Currently with these mortgages the maximum amortization period is 30 years.
The media has covered how the amortization has been reduced to 30 years in depth, but they have failed to mention that this is not the case with other mortgage options. Mortgages that are often referred to as conventional or uninsured mortgages, which entail a 20% or greater down payment or equity, still offer amortization periods of up to 40 years. [ Read more... ]
Canadians' focus on debt reaches highest point in five years: poll
If a recent poll is to be believed, Canadians are taking to heart recent calls from government and banks to curb household debt before interest rates inevitably rise at some point in 2011. And counter to claims that mortgage lending needs to be reigned in the first thing consumers want to pay down is credit card debt.
Those who say their top financial priority is to pay down credit cards, lines of credits and mortgages hit a new five-year high in Manulife’s poll.
More than a quarter of Canadians (29 per cent) said their top priority is to pare back their consumer credit, up from a low of 20 per cent heading into 2008. The next most-important priority – paying down the mortgage – was chosen by 14 per cent, identical to a year ago, but up from 11 per cent the prior year.
The third-ranked priority cited in the poll, to save for retirement, was named by 13 per cent of the 1,000 respondents, up from 11 per cent a year ago.
“Paying down debt is central to a successful financial plan and it’s encouraging that many Canadians are growing more focused on taming their credit, mortgages and other bills,” said Paul Rooney, President and CEO, Manulife Canada. “Given the recent economic challenges so often in the news, we shouldn’t be too surprised that Canadians are working harder to get their finances in shape.”
When asked about their overall financial position, almost half (49 per cent) said they are better off than five years ago.
Another 28 per cent say they’re in the same financial spot as in 2005, while less than a quarter (23 per cent) say they are worse off.
Click HERE for the complete article.
Mortgage Process
In Other Languages
Breaking News
More News
Insured mortgages (also known as high ratio mortgages) are mortgages that require less than 20% of the value of the home for the down payment or for refinancing, less than 20% in equity. The government backs these mortgages for the protection of the lenders. Currently with these mortgages the maximum amortization period is 30 years.
The media has covered how the amortization has been reduced to 30 years in depth, but they have failed to mention that this is not the case with other mortgage options. Mortgages that are often referred to as conventional or uninsured mortgages, which entail a 20% or greater down payment or equity, still offer amortization periods of up to 40 years. [ Read more... ]