First Foundation’s Best Mortgage Rates to Open the Week:
1 Year 2.64%
2 Year 3.20%
3 Year 3.35%
4 Year 3.89%
5 Year 3.74%
7 Year 4.94%
10 Year 5.15%
ARM / Variable 2.20%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.44%
The Toronto stock market backed off Monday as commodity prices continued to decline while investors tried to assess the economic impact of Friday’s catastrophic earthquake and tsunami in Japan.
The S&P/TSX composite index lost 78.45 points to 13,595.8, also pressured by falling uranium miners as Japanese emergency crews fought to control overheating nuclear reactors.
Falling oil prices contributed to pushing the Canadian dollar down 0.37 of a cent to 102.61 cents US. Crude oil prices declined on the feeling that the disaster has more or less frozen the world’s third-largest economy.
Due to concerns about Japan, 5yr bond yields are down 24 basis points from their March 3rd high. This may translate into fixed mortgage rates moving downward slightly in the coming days.
In other news, while most economists expect a hike to the prime rate by July, Scotiabank says the Bank of Canada won’t raise the overnight rate until October. Check out this article in the Financial Post to see why.
Our hearts go out to the people of Japan in light of Friday’s terrible tragedy and our thoughts and prayers are with them in this most difficult time.