First Foundation Best Rates to Open the Week
Term Mortgage Rates
1 Year 2.70%
2 Year 3.10%
3 Year 3.19%
4 Year 3.69%
5 Year 3.69%
7 Year 4.75%
10 Year 5.15%
ARM / Variable 2.20%
Line of Credit 3.50%
Qualifying Rate 5.19%
Prime Rate 3.00%
Commodity stocks led the way to a negative finish on the Toronto stock market Monday while traders considered how bank stocks might be affected by moves by Ottawa to curb excessive borrowing on homes.
The S&P/TSX composite index declined 23.95 points to 13,440.11 while the TSX Venture Exchange gained 4.49 points to 2,275.45.
The Canadian dollar was up 0.23 of a cent at 101.3 cents
Federal Finance Minister Jim Flaherty announced tighter mortgage rules to address concerns over high Canadian household debt. Watch for Tuesday’s post for information about these changes and how they may effect you, now and in the future.
The changes come on the eve of the Bank of Canada’s next announcement about the key lending rate. It’s widely expected that the BoC will keep the key rate at 1.00% and some experts believe that Flaherty is counting on the new mortgage rules to put a stopper in mounting household debt which could avoid the need for lending rates to increase just yet.
Talk to one of our licensed mortgage brokers about how the new mortgage rules may impact your homebuying decisions.