First Foundation’s Best Rates to Open the Week:
Term Mortgage Rates
1 Year 2.50%
2 Year 2.99%
3 Year 2.90%
4 Year 3.49%
5 Year 3.39%
7 Year 4.75%
10 Year 5.15%
ARM / Variable 2.25%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.19%
The benchmark S&P/TSX started low, then gained, then fell again to close at 12,735.41, a loss of 13.83 points or 0.11 per cent.
The Canadian dollar gained two basis points to close at 99.12 cents US as the U.S. dollar rose to a five-week high.
North American markets delivered a mixed day in choppy trading as criticism of the U.S. Federal Reserve’s quantitative easing plan increased, along with worries about a growing U.S. federal deficit.
U.S. Retail Gain
Retail sales in the U.S. climbed in October by the most in seven months, a report from the Commerce Department showed. Purchases rose 1.2 percent after a 0.7 percent increase in September.
World Market News
Japan also posted a higher-than-forecast GDP figure, showing that it’s economy grew by 3.9% in the third quarter.
The euro rose from a six-week low amid speculation a bailout for Ireland from the European Union and the International Monetary Fund will keep the nation’s banking woes from spreading throughout the region.
“European Union members continue to pressure Ireland to apply for financial help,” said David Forrester, a currency economist at Barclays Capital in Singapore. “Should a bailout occur, we see the potential for moderate and temporary support for the euro.”
Irish Prime Minister Brian Cowen signaled a willingness to weigh measures to assist the nation’s banks by putting possible aid for them on the agenda of today’s meeting of euro-area finance ministers. However, a Finance Ministry official was quoted as saying, “Ireland has made no application for external support” and the government is “fully funded till well into 2011,”.