Market & Mortgage News - Week of Feb.21st, 2012, Edmonton and Calgary

First Foundation’s Best Rates for the Week:

1 Year 2.84%
2 Year 2.89%
3 Year 2.79%
4 Year 2.99%
5 Year 3.19%
7 Year 3.99%
10 Year 3.89%
ARM / Variable 2.90%
Line of Credit 3.50%

Prime 3.00%
Qualifying Rate 5.24%


Market News

The Toronto stock market closed at its highest level in almost six months Wednesday as commodity stocks ran ahead despite weak European and Chinese economic data.

The S&P/TSX composite index was up 77.9 points to 12,701.26 its highest close since early September, 2011.

Mortgage News

Five-year Government of Canada bond yields were up 5 basis points last week to 1.45% and then rose again today to hit a 3 1/2 month high of 1.5%. In response, several lenders will be raising their five-year fixed rates this week, perhaps as much as 10 basis points. The current rally in bond yeilds is due in part to Greece’s “near-miss” avoidance of default.

Wondering if you should lock in a fixed rate before they go up? It couldn’t be easier with our online mortgage application. Submit it today and one of our licenced mortgage brokers will be in touch within one business day to dicuss your mortgage pre-approval.