Mortgage & Market News, May 28th, 2012, Edmonton & Calgary


First Foundation’s Best Rates to Open the Week:

Term Rates
1 Year 2.89%
2 Year 3.05%
3 Year 2.99%
4 Year 3.29%
5 Year 3.15%
7 Year 3.99%
10 Year 3.89%

ARM / Variable 2.85%
Line of Credit 3.50%

Prime 3.00%
Qualifying Rate 5.44%

Market News

The Toronto stock market tumbled Wednesday amid growing worries about Spain’s banking sector and the future of tech giant and maker of Blackberry products, Research in Motion Ltd.

The S&P/TSX composite index retreated 163.31 points to 11,445.98 while the TSX Venture Exchange was down 18.39 points to 1,290.95

Mortgage News

Canadian home prices rose in April for the second straight month, with prices up from March in nine of 11 metropolitan markets, the Teranet-National Bank Composite House Price Index showed on Wednesday, although the pace of growth continued to slow on a yearly basis.

The index, which measures price changes for repeat sales of single-family homes, showed overall prices climbed 0.8 percent in April from a month earlier and a 0.5 percent gain in March, following a period of three declines in four months.

The data showed the gains were most notable in Halifax, Edmonton, Winnipeg and Calgary.

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…

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