Monday Market and Mortgage News - November 8th, 2010 - Edmonton & Calgary


First Foundation Best Rates to Open the Week:

Term Mortgage Rates
1 Year 2.50%
2 Year 2.99%
3 Year 2.90%
4 Year 3.49%
5 Year 3.49%
7 Year 4.75%
10 Year 5.15%

ARM / Variable 2.25%
Line of Credit 3.50%

Prime Rate 3.00%

Qualifying Rate 5.29%

The Toronto Stock Exchange’s benchmark index topped the 13,000 mark to hit a two-year high Monday, while gold set a record by closing above $1,400 US an ounce.

The Canadian dollar slid for the first time in eight days versus the U.S. dollar, dropping back from parity as the greenback rallied against all of its major counterparts except the yen. the Loonie closed at US99.63 cents, a decline of 33 basis points.

Irish Eyes Are Crying…

Canada’s currency did rise against the Euro on concern Ireland will struggle to contain its deficit. The arrival of European Union’s economic commissioner, Olli Rehn in Dublin today signaled concern that a bailout by the European Union and the International Monetary Fund may be on the horizon. Investors worry not only about what the debt crisis means for Europe’s peripheral economies but also to those banks in Britain, Germany, the United States and France that hold Irish debt.

So far, the Bank of Ireland and Allied Irish have received billions in state aid to cover their dud loans to bankrupt construction tycoons, while Irish Life & Permanent has received no bailout help but is most exposed to Ireland’s depressed market for residential property. With unemployment continuing to rise, Ireland is expected to be the next to country to be hit with a massive wave of mortgage defaults.

In other news, the G-20 leaders meet in Seoul on Nov. 11-12 to try to find common ground for sustaining the global recovery.

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…

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