First Foundation’s Best Rates To Open the Week:
1 Year 2.89%
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%
Qualifying Rate 5.14%
Canadian stocks ended at their lowest level in nearly a month on Tuesday, undermining the big gains they made at the start of the year, as mining and energy issues slid on a fresh round of euro zone credit downgrades and on concern about slowing U.S. retail sales.
The market reacted postively to the severe austerity measures approved early Monday by the Greek parliment in order to qualify for another round of bailout funds from the Eurozone. However, the upswing was short lived as Greece has not yet come forth with a plan to actually implement these extremely unpopular cuts which caused the Euro finance group to downgrade a meeting to finalize the package later this week to a telephone meeting.
Some analysts believe the cuts come too late anyway and that the rest of the eurozone will now be preparing to deal with the fall-out of an eventual Greek default and the country’s withdrawal from the Euro.
The Toronto Stock Exchange’s S&P/TSX composite index finished down 44.22 points, or 0.36 percent, at 12,354.47, its lowest close since Jan. 18.
Canada Mortgage and Housing Corporation is forecasting a stable housing market in Canada right through 2013. CMHC expects housing starts will total 190,000 units in 2012 and will increase to 193,800 units the following year. They are also predicting that home sales will amount to approximatly 457,300 units this year and as much as 468,200 units in 2013. The average home price is slated to reach $368,900 in 2012 and $379,000 the next year.
Should you be taking the 1 year or the 4 year mortgage term? Maybe you should be considering the 10 year! It actually all depends on your particular situation and we can help you figure it out – just give one of our experienced mortgage brokers a call today or complete our handy and secure online mortgage application.