Monday Mortgage & Market News - October 4th, 2010 - Edmonton and Calgary

First Foundation Best Rates to Open the Week:

Term Rates
1 Year 2.60%
2 Year 2.99%
3 Year 2.90%
4 Year 3.49%
5 Year 3.59%
7 Year 4.85%
10 Year 5.19%

ARM / Variable 2.30%
Line of Credit 3.50%

Prime Rate – 3.00%
Qualifying Rate – 5.39%

Toronto’s main stock index closed down Monday at 40.14 points, or 0.32 percent, at 12,322.94.

Mining shares fell on weaker metal prices, pulling the TSX back from two-year highs hit last week. The Toronto index moved in tandem with Wall Street, as middling economic data and worries about Euro zone debt served as catalysts for taking profits. Gold prices, which were at record highs last week, also slipped.

Canada will exit from stimulus on schedule, says the finance minister. Minister Flaherty says there are no plans to tighten mortgage rules in Canada but would tighten them if necessary if moderation in the housing market does not unfold as he expects. Mr. Flaherty warned last week that the average Canadian household budget continues to escalate and the currently low interest rates are not really helping that situation however, he notes that the new mortgage rules that were implemented last April to curb excessive borrowing have sufficiently addressed this issue for the time being.

If you would like to discuss any of todays best rates, please contact one of our Licensed Mortgage Brokers!