First Foundation’s Best Rates To Open the Week:
1 Year 2.64%
2 Year 3.23%
3 Year 3.42%
4 Year 3.49%
5 Year 3.64%
7 Year 4.79%
10 Year 4.99%
ARM / Variable 2.15%
Line of Credit 3.50%
Qualifying Rate 5.49%
Toronto’s main stock index, rebounded on Tuesday morning following five sessions of declines, with energy issues leading the broad rally. Commodity prices were slightly firmer on the belief among some investors that shares offer good values after five losing sessions.
A string of disappointing U.S. economic data in recent weeks has sparked further concerns about the spillover effect from Canada’s biggest trading partner and have dampened
The S&P/TSX Composite Index began the day off 5.72 points to 13,312.94
The Canadian dollar gained 0.66 cents to 102.67 cents U.S.
Fixed-rate funding costs have plunged in recent weeks due to disappointing North American economic data. The 5-year government yield is now 2/3 percentage point below its one-year high from April 8.
As a result, most of Canada’s banks lowered mortgage rates for the second time in a week last Friday, by another 0.1 per cent in most cases. Royal Bank of Canada started off the announcements on Friday, soon followed by TD Canada Trust. The smaller Laurentian Bank and Desjardins Group joined the parade late in the afternoon, before Bank of Nova Scotia and Bank of Montreal threw in at the end of the day. With the changes, the posted five-year closed mortgage rate at all six banks dropped to 5.39 per cent.
The qualifying rate for high-ratio 1-4-year terms and variables has dropped from 5.59% to 5.49% and is expected to move downward again to 5.39% on Monday June 13.
A bank’s posted rates are not reflective of their best available rates – if you choose to deal with a bank directly, be sure to ask them for their best rate when negotiating your mortgage. Better yet, save yourself the hassle of negotiation and work with a mortgage broker who offers their lenders best rates up front – no wheeling and dealing necessary. First Foundation’s best 5 year fixed rate is currently 3.64% – to find out more, contact one of our licensed mortgage brokers or complete our convenient and secure, online mortgage application.