While the Bank of Canada has eight scheduled rate announcements per year, fixed mortgage rates have no set schedule. They can move in either direction at any time, and one piece of news can put severe pressure on them in one direction or another. Most recently, there was news of inflation increasing to 4.4% year [...]
While fixed mortgage rates have fallen off of their 14 year highs we saw back in the fall of 2022, they are now facing upward pressure once again. Bond yields are one of the key factors involved in fixed mortgage rate pricing. As the yields have been rising precipitously since early May, mortgage lenders may [...]
While fixed mortgage rates have come down from their 14 year highs, they are still considerably higher than there they were over the last five years. If you went with a 5 year fixed rate in 2018 that has not yet renewed, then your current rate is likely between 2.89% and 3.14% if you arranged [...]
If your goal is to pay your mortgage off as quickly as possible, you may be inclined to request a shorter amortization. After all, you’ll become mortgage-free faster by choosing a 25 year amortization instead a 30 year, right? Not necessarily. In fact, if you’re planning on paying your mortgage off as fast as possible, [...]
A HELOC, or Home Equity Line Of Credit, is a simply a line of credit that is registered against your home. It can also be referred to as a SLOC (Secured Line Of Credit). It allows you to draw equity out of your home when you need it. There are two notable benefits of having [...]
Following the collapse of Silicon Valley Bank last month, there has been some speculation that we could see the Bank of Canada cut their rate as early as June of this year. The news had rattled not just the US banking industry, but the financial industry around the globe. Bond yields immediately plummeted which resulted [...]
The Bank of Canada announced this morning that they are holding their rate for the second straight time. Each time they leave it unchanged puts us one step closer to the moment everyone has been waiting for…. a rate cut, which is expected to lead to a new, downward trend in prime rate. But this [...]
Variable rate mortgages have historically outperformed fixed rates most of the time. But that doesn’t mean they always win. If they did, then no one would even consider a fixed rate mortgage. Yet history has shown fixed to be the more popular choice. Why? People like fixed rate mortgages as it gives them peace of [...]
It is no big secret that a recession is all but inevitable at this point. The sharp and rapid rate increases from the Bank of Canada in 2022 were far greater than anyone expected. This alone had the R word written all over it. To add fuel to the recessionary fears, the collapse of Silicon [...]
Immediately following the news on the collapse of Silicon Valley Bank in the US, bond yields plummeted by roughly 19%. This put immediate downward pressure on fixed mortgage rates. But that doesn’t mean a rate drop is guaranteed. Logically speaking, a 19% drop in bond yields would result fixed rates dropping by 19%. That would [...]
