Monday Mortgage & Market News - September 27th, 2010 - Edmonton and Calgary

First Foundation’s Best Rates to Open the Week:

Term Rates
1 Year 2.60%
2 Year 2.99%
3 Year 2.90%
4 Year 3.54%
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%

The S&P/TSX composite index closed the day at 12,190.60, down 14.26 points, or 0.1 per cent. Toronto’s main stock index slipped lower following a muted day of trading as weak financials and gold miners undermined strength in energy issues and base metal miners.

Meanwhile, an article in Friday’s Edmonton Journal says, “Alberta will continue to outperform the rest of the country as oil prices remain stable and good balance sheets encourage businesses to invest in the future”. Great news and a great article that quotes TD chief economist, Best Rates, Craig Alexander, who also predicts a good Christmas for Canadian retailers.

And lastly, there was much in the news last week about the majority of Canadians being but a paycheck away from financial distress but according to this uplifting article, it seems Canadians have nonetheless found room in their tight budgets for philanthropy. Canadian generosity has actually increased in the economic downturn. Well done, friends!

If you’d like to inquire about any of First Foundation’s Best Rates, please contact one of our Licensed Mortgage Brokers today!