First Foundation’s Best Rates To Open the Week:
1 Year 2.84%
2 Year 2.89%
3 Year 2.79%
4 Year 2.99%
5 Year 3.19%
7 Year 3.99%
10 Year 3.89%
ARM / Variable 2.90%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.24%
The Toronto stock market closed lower Monday after a strong run-up in oil prices in recent months raised questions about the durability of the global economic recovery. Equity markets have been strong since October of 2011 and investors are wary of an inevitable correction that may leave the market shaken.
The S&P/TSX composite index lost 25.39 points to 12,700.38 with oil and mining stocks leading declines.
Five-year Government of Canada bond yields climbed higher early last week, approaching the 1.50% level that many experts believed would cause most lenders to increase their five year fixed mortgage rates.
Yeilds dropped back on Wednesday, however, and continued the downward trend for the remainder of the week to a low of 1.43% by Friday.
The initial flux caused lenders to withdraw some of the promotional rates that had been on offer but First Foundation’s best 5 year fixed rate remains at 3.19% for the moment.