Mortgage Rate Update

In a post with a Yahoo.ca link earlier this week I asked what effect we’d see with a 0.05% drop in mortgage rates at a couple of the big banks.  I got a new rate sheet today, effective January 15, from James Cosco, of Cosco Mortgage Corp., 604-290-6316 / www.coscomortgages.com /coscoj@telus.net , that indicates not much of a change.

1 year: 6%  (up .25% compared to last week)

2 year: 6.1% (unchanged)

3 year: 6.05% (down .05%)

4 year: 5.95% (unchanged)

5 year: 5.94% (up .06% from last week).  

Last week’s rate sheet is here.

Mortgage Rate Cut

BMO and Scotiabank cut some of their rates today The rates quoted are the posted rates; it will be interesting to see what mortgage brokers come up with.

Mortgage Rate Update

I received a new rate sheet effective January 7 from Spencer Close and Associates  (604-922-0424).

Variable: 5.4%

1 year: 5.75%

2 year: 6.10%

3 year: 6.1%

4 year: 5.95%

5 year: 5.89%

7 year: 6.25%

10 year: 6.3%

For more information contact Spencer directly at 604-922-0424 or at spencerclose@shaw.ca

Friday Numbers

Due to popular request, Chan has returned 😛 

There were 168 new listings on Friday and 93 sales for a sell/list of 55.36%

Current inventory is 11840.

2854 (24.1%) of those are over 90s.

Mortgage Rate review – August 2006 vs. September 2007

  I posted this rate update last year:

“James Cosco, of Cosco Mortgage, came by with a new rate sheet today. Guess what? Rates are going back down.

1 yr. 5.25% (unchanged compared to Aug.9 [2006])
2 yr. 5.3% (Was 5.35% Aug. 9)
3 yr. 5.3% (Was 5.45% Aug. 9)
4 yr. 5.4% (Was 5.5% Aug. 9)
5 yr. 5.35% (Was 5.55% Aug. 9)
7 yr. 5.65% (Was 5.75% Aug. 9)
10 yr. 5.85% (Was 5.9% Aug. 9)

Will they keep dropping? Keep Fed watching and BoC watching to find out.

For mortgage help contact James Cosco at 604-291-1011.”

Compare those rates to the rates James gave me last week:

“James Cosco, of Cosco Mortgage Corp., dropped off some rate sheets today,  effective today, September 6 [2007]. 

1 yr: 5.6%  (unchanged)

2 yr: 5.65% (unchanged)

3 yr: 5.7% (unchanged)

4 yr: 5.95% (unchanged)

5 yr: 5.74%  (down 0.05%) 

7 yr: 6.05% (unchanged)

10 yr: 6.15% (unchanged)

If you’d like some help with a mortgage, please contact James at 604-291-1011.”

There isn’t a huge difference. There is a difference between what some mortgage brokers advertise and what others advertise.

Mortgage Rate Update

Pandora Ng, a mortgage broker for TD Canada Trust, sends me rate updates.   This is last week’s rate sheet. The left hand column are posted rates and the right hand column are the best rates. 

6 Month Convertible				6.65%	6.65%
1 Year Open				9.20%	9.20%
1 Year Closed				7.15%	6.10%
2 Year Closed				7.30%	6.05%
3 Year Closed				7.30%	6.05%
4 Year Closed				7.30%	6.05%
5 Year Closed				7.19%	5.84%
4% CashBack – 5 year term				7.19%	7.19%
5% CashBack – 6 year term				7.40%	7.40%
5% CashBack – 7 year term				7.55%	7.55%
5% CashBack – 10 year term				7.90%	7.90%
6 Year Closed				7.40%	6.20%
7 Year Closed				7.55%	6.20%
10 Year Closed				7.90%	6.45%
Variable Interest Rate Mortgage4
5 Year Closed at TD Mortgage Prime5				6.25%	5.50%6
5 Year Open at TD Mortgage Prime5				6.25%	6.25%
Home Equity Line of Credit at TD Prime7				6.25%	6.25%

For more information contact Pandora at 604-838-2662.

Mortgage Rate Update

James Cosco, of Cosco Mortgage Corp., dropped off some rate sheets today,  effective today, September 6. 

1 yr: 5.6%  (unchanged)

2 yr: 5.65% (unchanged)

3 yr: 5.7% (unchanged)

4 yr: 5.95% (unchanged)

5 yr: 5.74%  (down 0.05%) 

7 yr: 6.05% (unchanged)

10 yr: 6.15% (unchanged)

If you’d like some help with a mortgage, please contact James at 604-291-1011. 

Mortgage Rate Update

James Cosco, of Cosco Mortgage Corp., dropped off some rate sheets effective August 22. 

1 yr: 5.6%

2 yr: 5.65%

3 yr: 5.7%

4 yr: 5.95%

5 yr: 5.79%

7 yr: 6.05%

10 yr: 6.15%

If you’d like some help with a mortgage, please contact James at 604-291-1011.  He’s a very capable lender.   

Overall I think its fair to say money is still cheap.  Will rates go up?  Market volatility mitigates against that, I think, and besides, credit tightening has always been disagreeable medicine.  I find it amusing that BoC rate hikes look like they’re going to play out exactly as many of us imagined – tough talk about inflation, but rates aren’t going to go up (I think Fish called the BoC “all bluster” at one point).  I also find the increased use of the phrase “inflation has been tamed” funny, too.  I suspect, on a serious note, that inflation is preferrable to recession.