Market and Mortgage News - Week of April 11th, 2011 - Edmonton & Calgary


First Foundation’s Best Rates to Open the Week:

Term Rates
1 Year 2.64%
2 Year 3.40%
3 Year 3.69%
4 Year 3.79%
5 Year 4.14%
7 Year 5.10%
10 Year 5.34%

ARM / Variable 2.20%
Line of Credit 3.50%

Qualifying Rate 5.69%
Prime Rate 3.00%

Market News

The Toronto stock market closed sharply lower, led by big declines in energy and mining stocks as oil and metal prices gave up some of last week’s gains.

The S&P/TSX composite index tumbled 211.57 points at 13,996.86.

The Canadian dollar was up a tenth of a cent to 104.55 cents US a day before the Bank of Canada makes its next announcement on interest rates.

Oil fell $2.87 to US$109.92 a barrel after jumping about US$5 last week after Libya’s Moammar Gadhafi appeared to accept a cease-fire plan with rebel forces.

Mortgage News

Canada’s central bank is expected to leave its overnight target rate at 1% on Tuesday, but many in the market expect the bank to shift its statement to a more aggressive tone as it prepares the market for rate increases in the coming months. Go here to learn more.

Did you know this is Genworth Financial’s National Homeownership Education Week?

Each day of this week (April 11th to April 15th) home buyers and owners can participate in informative webinars or attend a live seminar presented by Genworth, one of Canada’s providers of mortgage default insurance. Each will feature a variety of well-known experts and provide valuable insights into homeownership topics. Click here to register.

First Foundation will also be running a special series of articles this week to provide you with even more in depth homeownership education and if you are a new to the world of real estate and mortgage financing, be sure to attend our Home Buyers Seminar, Tuesday, April 12th, 2011.

As the company’s first employee, Jennifer has been a Licensed Mortgage Associate since 2004, but her current role is not focused on mortgages. She is the resident blog writer and…

Learn more about Jennifer Rochford