Purchasing a new home is an exciting time, but that excitement can turn to unwanted stress if you wait too long to get your financing in order. Applying for a mortgage involves a process with multiple parties involved: Mortgage professional Lender Insurer Appraiser Title insurance company Lawyer, etc. Not to mention, you the [...]
Mortgage terminology can get confusing at times, so it’s not uncommon for people to misunderstand the terms. Often someone will say they want to refinance their mortgage when they are really looking to transfer it. Or transfer it when they are looking to port it. It can get confusing at times. While a seasoned mortgage [...]
It goes without saying that we are all sick of these rate increases. Enough is enough! Just when it looks like we’ve seen the last of them, the Bank of Canada comes through with another hike. Will this be the last one? Or can we expect them to increase further? While it would be nice [...]
As expected, the Bank of Canada increased their overnight rate by another 0.25% this morning. This means that mortgage lenders will be adjusting their prime rate to 7.20% within the next few days. This is the first time the prime rate has been over 7% in 22 years. This impacts those with variable rate mortgages [...]
When considering purchasing a home, one of the key factors to consider is the mortgage you can qualify for. Mortgage qualification depends on several factors, including your financial situation and the prevailing interest rates. In today’s blog, I’m going to explore how changes in mortgage rates have affected your qualifying eligibility. Mortgage Qualification The [...]
Yesterday’s highly anticipated CPI inflation report revealed a drop of 1.00%. This brings it down to 3.40% which is the first time it has been in the 3% range in nearly two years. This is great news, but it doesn’t come as a surprise as it was in line with what was expected. Inflation has [...]
Bond yields have been trending upward precipitously since early May over growing concerns with inflation. As inflation expectations rise, investors react by adjusting their bond holdings, which can have an effect on various sectors, including mortgage rates. It’s possible that the bond market’s negative reaction to inflation concerns could be overblown, which would be good [...]
I’m looking forward to the day when I can start blogging about falling mortgage rates. Unfortunately, we are not there yet as rates are still on the rise with more lenders increasing their fixed rates as recently as this morning. Last week, the Bank of Canada surprised everyone with another 0.25% increase to their overnight [...]
While it had appeared that we had seen the last of the rate increases from the Bank of Canada, they announced this morning that they are increasing their overnight rate by another 0.25%. This means that mortgage lenders can be expected to increase their prime rate by the same margin, which would put it at [...]
Back on March 8th, the Bank of Canada announced that they were pausing their rate hikes. This resulted in bond yields plummeting, which resulted in 5 year fixed mortgage rates dropping by as much as 0.40%. This was their lowest since early June 2022. In early May, bond yields started trending steeply back up, virtually [...]
