TagMortgage Rates

Posted July 16, 20242 Comments Bank News

As expected, rates are beginning to fall

Some good news on mortgage rates…

Mortgage Brokers are receiving good news this week from many financial institutions. Wholesale fixed mortgage rates are falling. Great news for anyone buying, refinancing or renewing their mortgage in the near future.

The news comes as a reaction to lower than expected inflation rates. We saw 2.7% vs the expected 2.9% reported. And the US economy is finally seeing signs

Posted July 11, 2024 Consumer Debt

Why your groceries, homes and rents cost more. A Critical Analysis

The Bank of Canada put out a report entitled What drives up the price of groceries?

They could have easily simplified the title to say “What Drives Up the Price of Everything”. Their answer is the cost of ENERGY and the cost of labour. I’m going to remind you that this report is from the Bank of Canada.. “a Crown corporation that is separate from the political process” as their website says.

Posted June 25, 2024 Bank News

Why fixed rates haven’t dropped that much yet

Everything is playing out as expected. Fixed rates have begun to fall, slowly. But this isn’t unusual or unexpected. If you’ve followed interest rate hikes and cuts, you’ll see a familiar pattern.

Posted June 5, 2024 Mortgage News

Finally!! The Bank of Canada cuts the rate.

Today, the Bank of Canada cut the Prime rate by 0.25%. Hooray! This will directly affect Variable rate mortgages and indirectly affect Fixed rate mortgages.

It has been 27 months since the Bank of Canada governor, Tiff Macklem, started hiking rates to combat inflation. The last hike was in July 2023. Since then, it’s been a guessing game to see when Macklem would act.. Finally, he cut the rates which is much needed and welcome news to all.

Posted January 16, 2024 Finance

There’s Never a Good Time To Time the Market

Rates are up, inventory is low, and sales volume is flat. If you’re looking to buy a new home, what are you supposed to do? A lot of people will tell you to wait. After all, rates are dropping soon! Why not just be patient until you can lock into lower monthly mortgage payments?

What these people don’t realize is that waiting can be a dangerous game. I’ve been in real estate for more than 3 decades, and while things change all the time, one thing has remained consistently true: it’s never a good idea to time the market.