7 Feb

Interest rate hikes unlikely. Mortgage Market Update. February 7, 2013

General

Posted by: Anne Martin

 

Neighbourhood Dominion Lending Centres
FSCO 11764 | Independently Owned & Operated
Mortgage Market Update
Date: February 7th, 2013  
Keeping you updated on Mortgage Matters

Market Update

Virtually no change in the bond market or rates the past week.

5 year funds remain in the 3% range, 10 year funds in the 3.89

% range. Variable rate mortgages are available as low as 2.65%. 

If you have a variable rate of any more than prime +.75 or a fixed rate of 3.75% or more, we should explore the merits of refinancing to a lower rate.  It may result in savings of thousands of dollars and a longer term at today’s record low rates.  

  

Contact us for a free, no obligation review. Spending a few minutes could save you thousands of dollars. 

  

Bank prime is 3.00%


The next meeting of the Bank of Canada is on March 6th, 2013.

  

P.S. If you, your family, or co-workers require guidance on current market trends, please call us, we are always available to help.  

….Anne

 

Decoding the Bank of Canada’s Monetary Policy Commentary
From time to time we receive summaries of economic trends or reports. The one below is from one of our main lending partners, MCAP. It is worth the time to read it.

 

Last week, the Bank of Canada maintained its key policy overnight lending rate at 1%, where it has been since September, 2010. This was not a surprise at all but there were some different messages contained in Governor Mark Carney’s commentary and in the Bank’s Monetary Policy
Report published the same day as the rate announcement was made.  

 

Central Bankers are known for using certain coded language in their commentary and economists are usually quick to provide a translation for those of us not entirely fluent in their own unique terminology. Last week was no exception.

If it feels like we have been waiting for a rate increase that never seems to come, it now looks like the wait will be longer than was anticipated just this past October when the Bank published its last Monetary Policy Report. Some economists have recently forecasted a rate hike in the second half of this year. That now seems highly unlikely. The term used by the Bank last week to describe the need for a withdrawal of monetary stimulus (ie, very low rates) was that the need has become “less imminent”. 

 

Click here to read the full article from MCAP 

 

Historical Interest Rate Graphs 

 
Below you will find a feature which will give you current interest rate trends.interest rate graph It can also be accessed on our web site. I hope you and your clients find it useful..

 
 

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In This Issue
Market Comment
Decoding the Bank of Canada’s Monetary Policy Commentary…
Interest Rate Graphs
Quick Links

Anne Martin
 Anne Martin
Mortgage Agent
FSCO Lic. M10002257  
Neighbourhood Dominion
Lending Centres
FSCO Lic. 11764

39 Collier Street,
Suite 300
Barrie, ON  L4M 1G5

P: 705.720.1001 x225 or 1.888.500.1841
Direct: 705-791.6683
Fax: 705.739.1893 or 1.866.739.1893

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This email was sent to anne@ndlc.ca by anne@barriemortgagelocators.com |  
Head Office; Neighbourhood Dominion Lending Centres | FSCO 11764 | Independently Owned and Operated | 1140 Stellar Drive | Newmarket | Ontario | L3Y 7B7 | Canada