First Foundation Residential Mortgage’s Best Rates to open the week:
1 Year – 2.60%
2 Year – 3.04%
3 Year – 2.90%
4 Year – 3.79%
5 Year – 3.79%
7 Year – 4.95%
10 Year- 5.19%
ARM / Variable 2.05%
Line of Credit 3.25%
Qualifying Rate 5.49% ( down from last weeks rate of 5.59%)
The Toronto Stock Exchange’s S&P/TSX composite index finished the day at 11,718.63, dipping 3.44 points.
The Canadian dollar lost early momentum to move down 0.32 of a cent to 95.03 cents US.
The TSX financial sector was slightly rosier a day before the big banks start to report their third quarter earnings. Four of the big banks will report results this week, with BMO submitting their numbers first, tomorrow.
Collectively, the “Big Five” Banks reported second quarter profits to the tune of $5.01 billion. This was down from $5.09 billion in the first quarter. Many experts are expecting the banks earnings to continue their downward trend this time around as economic recovery and growth has slowed somewhat. I know, cry me a river, right? What does this mean for you? Keener competition for your business, I think, and probably some stability in the return of the current, “historically low” fixed rates.
We have noted that some members of the Big Five lowered their rates again this week which is always delightful to see, but it’s important to note that they are still, really NOT touching the rates available through our lenders, which I have decided shall now and forever be referred to as “First’s Fab Five” – watch for more on them in future articles! Most in this group are some of the largest non-bank lenders in Canada and have made it through First Foundation’s grueling and relentless demands to be superior not only in rate but also in service. When we say “non-bank” we typically mean mortgage lenders that don’t have brick n’ mortar buildings for you to stand in line ups in, they don’t have bank accounts and credit cards to sell you when you are trying to sign your mortgage papers and the people you speak to on the phone or online in customer service know only one thing really well – mortgages – which is why you would be calling them in the first place. In fact, they don’t have a lot of the stuff that gets in the way of having a good mortgage experience and that’s why we like them!
Have a great week and be sure to contact one of our Mortgage Brokers to learn more about today’s interest rates or the kind of lenders we like to work with.