What Are The Current Mortgage Rates In Canada? [mortgagecalculator-tips.blogspot.com]
Albert continues his discussion on making sure you get the best mortgage rate. There is a lot of information (and more that could not be included), so you might have to play the video a few times or simply email Albert with any of your questions. As you will see, the trust factor is key to getting the best rate. If you want to find out what are the best current rates out there, send Albert an email to albertyu@gloriayuhomes.com
mortgagecalculator-tips.blogspot.com How to get the best mortgage rate? Negotiating with the bank - Part 2
The current Canadian mortgage rates are getting lower and interest rate on a 7 year mortgage is around 5.25%. Many online companies provide the lowest mortgage rates in Canada and Homeownersbc is one among them. These companies connect the buyer to the mortgage broker who can provide the best mortgage rates.
With the mortgage rate Canada that the companies are offering, its obvious as why many people are trying to purchase their homes or refinance at this particular time. Homeowners are saving their money by refinancing their mortgage loans and getting lower current mortgage rates. Thus an individual should refinance when the mortgage rates are the lowest. The present mortgage rates are also affected by the fixed or adjustable interest rates.
The variable home equity mortgage rates are directly influenced by the lenders prime rate and its also based on the rate of Bank of Canada. As the bank of Canada is a central bank, so it uses its rates to keep the government funding at minimum. The short term mortgage and interest rate are set by the central government and the fixed term rates are based on the bond market. The bonds are considered as debt which a person has to pay back thus the bonds are usually given by government to businesses like Canada Savings Bonds.
The present home mortgage refinance rates which Canada businesses are providing is affected by the economy and the needs of Canadian government. Deciding the type of mortgage that a person uses, either fixed or adjustable, will bring a great difference in the interest rate which is used for the mortgage.
Its advised by the broker to refinance with a fix mortgage refinance plan. The payments will be the same for regular terms but the individual has to pay a bit higher interest rate. Any person who is interested in saving for the long term should use the fixed mortgage refinance. If a person is just interested in lower mortgage rates then he should better move with an adjustable mortgage rate.
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Question by Adam: Is there a good web site that shows me how the most current mortgage interest rates are? I'm in escrow and waiting to lock in on my loan. My lender said the rates killed me today as it went up a bit. Is there a good way to track this online so I can see what the most current rates are doing? Best answer for Is there a good web site that shows me how the most current mortgage interest rates are?:
Answer by Alterfemego
try bankrate.com
Answer by troseilnana
I thought the Feds cut them again today..so you may want to wait a day or so before locking.
Answer by golferwhoworks
no not really as the rates can be published as many times a day as the market dictates. I watch the market for certain trends and I knew we were getting an increase today around 10:00 a.m. about an hour before they were published. I have several that I did not lock as I think they will float back down. Also the FED Funds rate does not as some people who think they are in the know about have any thing other than residual effects on mortgage rates as it is only a trickle down effect and can take a month for that to happen. Fed Funds is between banks as an over night loan and the rate is 1.5% now. That makes for inflation across the board. The Market must correct. I am a mortgage banker in TN & KY as well as a former registered principal in investment banking
Answer by John Meussner
Bankrate isn't a great source, as my rates are always better than what they offer, and rates can change on a whim (we had 4 reprices today w/most of my lenders). Also, the Fed cutting the rate usually forces rates upward, as inflation becomes a concern, and mortgage bonds hate inflation...this is not the case this time as there was a global rate cut to stave off inflation. Your best bet is to have a lender/broker you can trust. One thing about being with a bank is that once you're locked in, you're locked in. With a broker, you can switch lenders if pricing improves. They were right in that rates took a large hit today, but things should settle down and go right back to where they were shortly...possibly even lower as the election gets closer (funny how that works).
Answer by MikeyZ
www.zillow.com gives you average rates as reported by lenders nationwide. I found it to be an excellent indicator of what rate you can get and when. Click on the "Mortgages" tab at the top, followed by the "Mortgage Rates & Charts" tab on the right. Trends for 30- and 15-yr fixed, and 5/1 ARM are tracked by latest day, week, month and three-month. Latest day rates are updated hourly. Be sure to click the "quote volume" checkbox, as the higher quote volumes are more indicative of higher reliability of the current rate. Accept no substitutes. Good luck, work hard, and stay away from drugs.
