Mortgage & Market News, April 2nd, 2012, Edmonton & Calgary


First Foundation’s Best Rates for the Week:

Term Rates
1 Year 2.89%
2 Year 2.89%
3 Year 2.79%
4 Year 2.99%
5 Year 3.29%
7 Year 3.99%
10 Year 3.89%

ARM / Variable 2.85%
Line of Credit 3.50%

Prime Rate 3.00%
Qualifying Rate 5.24%

Market News

The TSX posted a steep loss Wednesday after a weak bond auction in Spain rekindled fears about Europe’s debt problems. News from the U.S Reserve caused additional pressure on the market as it indicated that further economic stimulus won’t be forthcoming in the near future.

The S&P/TSX composite index dropped 144.95 points to 12,178.66 which followed a 184-point plummet on Tuesday, led by sliding resource stocks as prices for oil, copper and gold registered steep declines.

Mortgage News

On the rate front – check out our 10 year at an unbelievable 3.89%. Remember that after the 5th anniversary, the interest penalty on most 10 year mortgage is 3 month’s interest. (Interest penalty during first 5 years is the same as the 5 year mortgage – the greater of 3 months interest or the Interest Rate Differential) The 10 year term is also portable to another property in most cases and can be held by a pre-approval for 120 days.

Is the 10 year a smart choice for you? Contact one of our experienced mortgage brokers today to find out!

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