First Foundation’s Best Rates To Open the Week:
1 Year 2.89%
2 Year 2.69%
3 Year 2.99%
4 Year 3.24%
5 Year 3.29%
7 Year 3.89%
10 Year 4.39%
ARM / Variable 2.80%
Line of Credit 3.50%
Canadian stocks moved lower Tuesday morning as investors became more cautious after Standard & Poor’s warned of a possible credit rating downgrade of euro zone nations, including Germany and France.
S&P warned that it may downgrade all of the euro zone nations if the European leaders do not arrive at a viable solution for the debt crisis at the EU summit this week. Traders were concerned that if Germany and France lose their AAA ratings, it may be difficult for them to raise enough funds to bail out their weaker neighbors.
The S&P/TSX Composite Index lost 61.11 points or 0.50 percent to 12,058.22
As expected, the Bank of Canada left its key interest rates unchanged at 1 percent on Tuesday and noted that conditions in global financial markets have deteriorated as the sovereign debt crisis in Europe has deepened.
Ever thought about a “longer term” mortgage? If security is on the top of your list, there’s never been a better time to consider a 7 or 10 year mortgage term. The seven year is coming in at 3.89% and the ten year is looking impressive at 4.39%.
Questions? Contact one of our licenced mortgage brokers today!