Monday Mortgage & Market News - September 6th, 2010 - Edmonton and Calgary

Ok, it’s actually Tuesday but even bloggers take Labour Day off! Hope you enjoyed yours!

First Foundation Best Rates to Open the Week:

1 Year 2.60%
2 Year 3.04%
3 Year 2.90%
4 Year 3.54%
5 Year 3.60%
7 Year 4.85%
10 Year 5.19%

ARM / Variable 2.05%

Line of Credit 3.25%

Prime Rate – 2.75%

Qualifying Rate – 5.39%

The S&P/TSX composite index closed down 42.94 points on Tuesday , or 0.35 percent, at 12,101.89, with six of its 10 main sectors lower. Fears about the health of the European banking sector were mainly to blame for the drop.

The Canadian dollar closed near its session low against the U.S. currency as investors are on edge with the Bank of Canada’s interest rate decision looming on Wednesday.

The upshot was a surge in gold prices to their highest level since late June which limited the index’s total losses.

Have a wonderful, holiday-shortened week and for more information about the mortgage market, please contact one of our Mortgage Brokers.

Don’t forget to check with back tomorrow for a report on the Bank of Canada’s decision on the Prime lending rate.