Today could be the day you save yourself hundreds of dollars a month!
This is a quick note for everyone that has a variable rate mortgage with a bank or credit union. With the anticipated rate increases coming soon and the opportunity to get locked in right now available, many of you may be thinking about locking your mortgage in.
I came across the article Mortgages still the story of the day for the big banks in the Globe and Mail. It is a long article and the title of the article seems to not be entirely consistent with everything stated in the article (this seems to be pretty common practice in newspaper articles from what I have seen). The article is rather wishy-washy in how it comes to the conclusion of an increase in mortgage rates, but here is the summary:
I have now had some time to think about and digest more the changes that are coming April 19th to the mortgage rules, the ones that are published, and the ones that aren’t. Everyone is still cloudy on exactly how the changes will be implemented and additionally what effect it will have on the market, especially in Vancouver. (more…)
The government today announced a couple more changes that impact homebuyers beyond the announcements made several weeks ago. These changes will be likely adopted by the other two mortgage insurers in Canada, AIG and Genworth. (more…)
Another new item of news with mortgage implications has come out today:
Pressure grows for Bank of Canada to hike rates
In sharp contrast to my variable mortgage outlook from one day ago, this new article talks about very strong growth in the Canadian economy the past quarter, and how there is pressure to raise rates as soon as next rate update in 5 weeks from now (the last update happened this morning and mortgage rates were unchanged). (more…)