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.

Mortgage Rates for December 10 2007

I post the best mortgage rates in each category.

Vancity has changed its rates to 6.15% for 7 years and 6.40% for 10 years.
Our best rates remain unchanged from this morning.

Duncan's Best Mortgage Rate Pick’s
6 month open - 8.55%
6 month closed - 5.95%
1 Year Open - 9.20%
1 Year Closed - 5.55%
2 Year Closed - 5.65%
3 Year Closed - 5.70%
4 Year Closed - 5.85%
5 Year Closed - 5.89%
7 Year Closed - 6.05%
10 Year Closed - 6.15%

VRM-Closed: P -. 75% VRM-Open: P - .50%
Bank of Canada Rate: 4.25%
Prime Rate (P): 6.00%

Have a great week and and if you have any questions about mortgages in BC visit us on the web.

Mortgage Rates for December 7 2007 Updated

I post the best mortgage rates in each category.

Vancity has changed its rates to 6.15% for 7 years and 6.40% for 10 years.
Our best rates remain unchanged from this morning.

Duncan's Best Mortgage Rate Pick’s
6 month open - 8.55%
6 month closed - 5.95%
1 Year Open - 9.20%
1 Year Closed - 5.55%
2 Year Closed - 5.65%
3 Year Closed - 5.70%
4 Year Closed - 5.85%
5 Year Closed - 5.89%
7 Year Closed - 6.05%
10 Year Closed - 6.15%

VRM-Closed: P -. 75% VRM-Open: P - .50%
Bank of Canada Rate: 4.25%
Prime Rate (P): 6.00%

Have a great week and and if you have any questions about mortgages in BC visit us on the web.

Mortgage Rates for December 7 2007

I post the best mortgage rates in each category.

Duncan's Best Mortgage Rate Pick’s
6 month open - 8.55%
6 month closed - 5.95%
1 Year Open - 9.20%
1 Year Closed - 5.55%
2 Year Closed - 5.65%
3 Year Closed - 5.70%
4 Year Closed - 5.85%
5 Year Closed - 5.89%
7 Year Closed - 6.05%
10 Year Closed - 6.15%

VRM-Closed: P -. 75% VRM-Open: P - .50%
Bank of Canada Rate: 4.25%
Prime Rate (P): 6.00%

Have a great week and and if you have any questions about mortgages in BC visit us on the web.

The US Economy Remains Strong | Good News for Canada

The New York Times this morning led with an article that stated that the US has added jobs during the month of November. The article goes on to say… “That economists had raised their estimates for today’s report after a separate employment survey showed an unexpected surge in November payrolls. But the Labor Department’s report, considered a bellwether for the broader economy, showed more modest gains, with a jump in service-sector and government jobs but declines in factory and construction payrolls.

The report reinforces investors’ expectations that the Fed will lower interest rates again at its meeting on Tuesday. Some market participants have called for an aggressive half-point cut, but continued strength in the job market may make a quarter-point cut more likely. Central bankers have said they intend to avert a recession, but several are wary of sparking inflation with an unnecessarily sharp cut.”

Can a rate cut from the Bank of Canada be far behind as the central bank tries to moderate the Canadian dollar against the US dollar. Mortgage rate declines are still in question because the impact of the subprime crisis and its impact on the Bankers Acceptance rates which drive mortgage rates.

The delay in the recession will give the bankers an opportunity to sort out the subprime mess without the complication of a recession.

Duncan Seward is a mortgage broker in BC. Duncan’s business focus is as an advocate for people who have been turned down by conventional lenders. He specializes in second mortgage with bad credit in BC and debt consolidation mortgage loans in BC.