First Foundation’s Best Mortgage Rates to Open the Week:
1 Year 2.64%
2 Year 3.20%
3 Year 3.35%
4 Year 3.64%
5 Year 3.74%
7 Year 4.79%
10 Year 4.99%
ARM / Variable 2.20%
Line of Credit 3.50%
Qualifying Rate 5.34%
Prime Rate 3.00%
Toronto’s main stock index fell on Monday as commodity prices retreated from recent lofty
levels due to renewed worries about Japan’s crisis, driving energy and mining shares into negative territory.
The TSX was down 27.96 points, or 0.2 percent, at 14,011.43
According to an article federal election in The Globe & Mail, the Canadian dollar made strides against the U.S. greenback Monday following a weekend inflation warning from the country’s top central banker, who suggested interest rates may not be on hold much past the May 2nd.
Over the weekend, Bank of Canada Governor Mark Carney told a meeting of Western Hemisphere finance ministers that sustained growth in emerging economies means high commodity prices are expected to stick around for a long time.
“Everything else being equal, higher commodity prices usually necessitate higher policy rates,” Mr. Carney said.
Some experts say Mr. Carney’s remarks are a strong indication that he is ready to raise rates in Canada again.
In the meantime:
The Bank of Canada qualifying rate decreased to 5.34%, from 5.44%, making it a bit easier for borrowers to qualify for variable rate mortgages and mortgage terms other than the 5 year term.