First Foundation’s Best Rates To Open the Week:
1 Year 2.89%
2 Year 2.49%
3 Year 2.99%
4 Year 3.09%
5 Year 3.29%
7 Year 4.49%
10 Year 4.79%
ARM / Variable 2.90%
Line of Credit 3.50%
Qualifying Rate 5.29%
The Canadian dollar tumbled by more than a cent on Tuesday after Greece shocked financial markets with plans to hold a referendum on a European bailout for its debt-ridden economy. The vote could determine whether Greece remains in the euro currency union.
The Toronto Stock Exchange dove nearly 300 points on worry that the referendum will deepen the debt crisis in Europe. The announcement, along with a surprisingly weak showing on China’s manufacturing activity, sent stock markets around the world reeling.
The S&P/TSX benchmark index fell 285.06 points or 2.3 per cent to 11,967.00, bringing its losses to 11 per cent this year. The Canadian dollar weakened to 98.71 cents (U.S.) from Monday’s close of $1.0033.
Due to violent swings in the Five-year Government of Canada bond market, some lenders moved to increase their fixed rates last week. Thankfully, some of our lenders held fast and are still offering 5 year fixed rates as low as 3.29% and 3 fixed rates at 2.99%.
For an update on how the real estate scene in Edmonton fared last week, check out the Edmonton Real Estate Blog written by local Realtor, Sheldon Johnston.
Are you contemplating the purchase of a new home before the year is out? Need to know what price range you should be browsing in? Why not complete our handy, online mortgage application – it’s simple and secure and one of our licenced mortgage brokers will contact you within one business day to show you your options.