First Foundation Best Rates:
1 Year 2.64%
2 Year 3.25%
3 Year 3.45%
4 Year 3.54%
5 Year 3.64%
7 Year 4.69%
10 Year 4.99%
ARM / Variable 2.20%
Line of Credit 3.50%
Qualifying Rate 5.54%
Ever wondered why should you care about the latest stock market news or mortgage related headlines?
Being knowledgeable about the financial environment that you live in not only make you sound smarter and sexier at dinner parties, it could give you valuable insights about the perfect time to buy a home, lock a variable rate into a fixed rate, make a move across the country or sell a property. Pay attention to our weekly Market & Mortgage News and you might just end up smarter, sexier AND wealthier! Your welcome. To make sure you get the most out of the current headlines, we’re adding a “What does this mean for me?” section to our regular updates…check it out!
Toronto’s main stock index closed up by 78.78 points Tuesday, to 13,332.92 as investors were pleasantly surprised by healthy U.S. earnings and housing starts figures. U.S. housing starts jumped to a six-month high in June, up 14.6 percent from a month earlier, while building permits were also unexpectedly higher.
What does this mean for me?- The positive housing starts report offered hope for the distressed U.S. housing sector, which has been a major laggard in the country’s economic recovery. As the U.S. economy begins to recover, so does our own as we are so economically tied to our neighbors. When our economy grows stronger, the likelihood of mortgage rates moving upward is also stronger, making future home ownership more expensive than it is now. Bottom line? Don’t wait till fall to make your home purchase – take advantage of this summer’s historically low mortgage rates.
The Bank of Canada has again decided to maintain the target for the overnight rate at 1 per cent. The last time the BoC raised the key lending rate was September 2010. Read the BoC’s press release here.
What does this mean for me? – Today’s Bank of Canada’s announcement is good news for current variable rate mortgage holders as prime will remain at 3.00% for at least the remainder of the summer. Now is a good time to take advantage of your pre-payment privileges and make an extra payment or two or put down a lump sum amount on your mortgage. With your variable rate so low, more of your extra payment will go towards your principle lowering the amount of interest you’ll pay over the life of your mortgage, keeping more of you hard earned dollars in your pocket and not the bank’s.