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Government mortgage restrictions instituted from 2008-2011 have not achieved their goal, suggests Desjardins’ Senior Economist Benoit Durocher.
He wrote this on Thursday:
“…The third series of [government mortgage rules] was announced nearly a year ago now, and we must conclude that the tightening introduced to date has not
slowed the market enough.Under these conditions, it is likely, and perhaps even desirable, that the federal government will shortly announce a fourth series of measures to further limit mortgage credit.”
It almost sounds like Durocher has some inside info.
Continue reading "Comparing New Amortization & Down Payment Rules" »
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Click on the position title above for more information.
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On Wednesday, the Federal Reserve dished out good news to mortgagors holding short-terms or variable rates.
The U.S. central bank threw a curveball at financial markets by projecting “extraordinarily low levels” for American interest rates through “at least” 2014. That’s a full year and a half later than its prior forecast.
With an 83% correlation* between Canadian and U.S. policy rates, this news will certainly impact Canada’s mortgage market.
Continue reading "1-Year Terms Looking Better With Latest Fed Forecast" »
In the stock market, “pennying” (a.k.a. penny jumping) happens all the time.
Pennying is when a seller offers shares one cent below a competing seller in order to undercut them (and vice versa when buying).
The equivalent in the mortgage business is pricing under a rival lender or broker by one basis point. (A basis point = 1/100th of a percentage point.)
Lenders and brokers penny each other because they know that the lowest rate often generates the most inquiries. An example from this week is First Ontario’s new 4-year promo priced at 2.98%, one basis point below the big banks’ 2.99%.
This pricing relies on the same psychology that motivates people to drive two kilometres to save two cents a litre on gas. The difference is: Gas is a pure commodity. Not so with mortgage services.
