3 Hidden Traps That Lower Your Credit Score

By |2024-03-27T22:57:48+00:00March 27th, 2024|Mortgage Rates|

Your credit score is the first thing that a lender looks at when approving your mortgage. It can mean the difference between qualifying for a mortgage or being flat out declined. It’s common knowledge that your score will drop if you’re late on your payments or if collections are filed against you. However, there are [...]

Are 3 Year Fixed Mortgages Still Your Best Bet?

By |2024-03-21T17:38:56+00:00March 20th, 2024|Mortgage Rates|

With expectations set for a significant decrease in mortgage rates over the next few years, the majority of mortgage seekers have been choosing shorter term fixed rate products. However, shorter term rates come at a premium. The shorter the term, the higher the rate.   Your essentially accepting pricier, higher rate mortgage with the anticipation of [...]

Everything You Need to Know About Reverse Mortgages

By |2024-03-13T22:10:16+00:00March 13th, 2024|Mortgage Rates|

I’m sure you’ve seen all the TV commercials on reverse mortgages, which is basically a way to take equity out of your home without any income, and without ever having to make a single mortgage payment. Reverse mortgages are generally available to those aged 55 or older with significant equity in their homes. They can [...]

Bank of Canada Holds Rate – Fixed Mortgage Rates Drop

By |2024-03-06T23:43:29+00:00March 6th, 2024|Mortgage Rates|

In today’s eagerly awaited rate announcement from the Bank of Canada, they've decided to maintain their overnight rate. The overnight rate is what mortgage lenders use to set their prime rate, which directly influences those with variable rate mortgages and HELOCs.  Frankly, this morning’s announcement wasn’t a shocker and is exactly what we saw coming.  [...]

Positive Inflation News Sparks Optimism for Mortgage Rate Cuts

By |2024-03-06T17:35:48+00:00February 21st, 2024|Mortgage Rates|

Last week's inflation update from the U.S. was a bit of a letdown, casting a shadow over the prospect of a rate cut before the summer's heat sets in. For those cuts to materialize, we're banking on a steady decline in inflation rates. As the Canadian economy is closely tied to our friends to the [...]

Could the BoC Rate Cuts be Delayed?

By |2024-02-14T23:53:42+00:00February 14th, 2024|Mortgage Rates|

Before we can expect to see the ever so desired rate cuts to become realty, inflation has to fall. It was always expected that there would be some bumps along the way, and yesterday, we hit yet another one. The inflation report form the US was released which was up 0.30% in January, higher than [...]

Are Variable Rate Mortgages Now Worth Considering?

By |2024-02-07T22:20:30+00:00February 7th, 2024|Mortgage Rates|

Given the significant increases we have seen to prime rate over the last 23 months, the term 'variable rate mortgage' has been the source of pain for many households. At the start of 2022, it was expected that the prime rate would increase by no more than 1.00% to 1.25%. Instead, we saw a staggering [...]

Is a 1 Year Fixed Mortgage Worth the Price?

By |2024-02-01T00:17:54+00:00February 1st, 2024|Mortgage Rates|

The Bank of Canada is expected to start cutting their rate as soon as April 10th of this year. While it’s not certain, it sounds promising. The big six banks are all forecasting cuts between 1.00% and 1.75% by the end of this year, followed by further cuts in 2025.   When it becomes more apparent [...]

BoC Holds Rate While Fixed Mortgage Rates Increase

By |2024-01-24T19:39:27+00:00January 24th, 2024|Mortgage Rates|

As expected, the Bank of Canada maintained their overnight rate in their first scheduled rate announcement of the year. It’s now been six months since the last hike. The BoC remains concerned about inflation risks, however, they are still expecting to reach their inflation goal of 2.00% at some point in 2025. They have stated [...]

Inflation Rises – What Does This Mean for Mortgage Rates?

By |2024-01-17T18:04:47+00:00January 17th, 2024|Mortgage Rates|

Inflation has crept up again, marking an increase for the second consecutive month. Obviously, this is not what anyone wanted to see, particularly, the Bank of Canada. It was disappointing news; however, it was never expected for inflation to fall on a seamless downward path. It was always understood that there would be some bumps [...]

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