Mortgage Rates for April 23rd, 2008

Rates are being adjusted after the rate cut from the Bank of Canada. Lenders are feeling the pressure as consumers are beginning to realize the full extend of the Bank of Canada's rate cuts are not being passed onto the consumer.

With the variable rates sitting at 4% currently, the cost of owning a house is becoming more affordable. You can view the full mortgage rate breakdown for BC here.

Jingle Mail Has Arrived

American lenders are dismayed by the apparent readiness of home owners to walk away or to send the keys in the mail which has earned the moniker of "jingle mail". The International Tribune posted an article today concerning the ease with which people walk from their homes. You can read about the story of distressed home owners and their mortgage here...

Duncan Seward is an experienced mortgage broker in BC. His business focus is mortgage financing in BC and second mortgage loans in BC.

FSBO Condo Prices Quietly Dropping In Vancouver

Here is some news from the Ozzie Jurock facts by email.

"A perusal of the popular Craigslist.org shows that for-sale-by-owner condo sellers are quietly dropping their asking prices.

A persistent Craigslist reader found examples from February to April 1 of this year where prices were lowered by as much as $45,000 on a $345,000 unit, and posted examples of prices being reduced the past two months by from $5,000 to $10,000."

The trend is establishing itself. The drops in pricing is the juice leaving the market. No reason to panic, losses will not present themselves until price drops become public knowledge and then the sharks come out.

Duncan Seward is an experienced mortgage broker with expertise in home mortgage refinancing and second mortgage loan originator and second mortgage loan refinancing.