Mortgage & Market News - January 03, 2011 - Edmonton and Calgary


First Foundation wishes you a peaceful and prosperous 2011!

First Foundation Best Rates to Open the Week and the New Year:

Term Mortgage Rates

1 Year 2.80%
2 Year 3.10%
3 Year 3.19%
4 Year 3.79%
5 Year 3.84%
7 Year 4.85%
10 Year 5.15%

ARM / Variable 2.20%
Line of Credit 3.50%

Qualifying Rate 5.19%
Prime Rate 3.00%

Market News

TSX Ends 2010 Up 14%

The TSX was only slightly higher Friday, but Canada’s benchmark stock exchange posted a healthy 14.3 per cent gain for 2010 overall. This was a pleasant surprise to many experts who were expecting a more modest increase in the single digits.

The index’s 14 per cent gain in 2010 compares favorably to those of its major competitors. London’s FTSE 100 finished up 9.5 per cent higher in 2010, closing Friday at 5,899.94. Frankfurt’s Dax index fared better, finishing at 6,914.19, up 16 per cent on the year.

The loonie finished at $1.0054 US on Friday, up by roughly 5.5 per cent on the year 2010. In 2009, the dollar opened at 82.1 cents in January before closing the year at 95.15 cents.

The TSX is closed but will resume trading on Tuesday.

Mortgage News

Doug Porter and Benjamin Tal on the possibility of the government enacting new mortgage rules:

* “I don’t think it’s a foregone conclusion that they do anything.” – BMO’s Doug Porter * “I will not be surprised if they leave mortgages alone and deal with other loans. It’s not just a mortgage story, it’s an overall story. A lot of the debt that you see in non-mortgage loans are basically real-estate-type loans as well, so they’ll attack the whole space if they do anything.” – CIBC’s Ben Tal *

For more, read the full CTV article, Tackling the Threat of Consumer Debt

To discuss our current rates or your mortgage plans for the new year, contact one of our mortgage brokers today!

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…

Learn more about Jennifer Rochford