September 2013
Welcome to the September issue of Mihir's Market Matters Report. I hope everyone is enjoying the last couple of days of unusually high temperatures of 2013. Soon we shall be entering the wonderful Fall Color season.
Over the last month or two the Bond Market has pushed fixed rates up quite high now. However, there are still few lenders who are offering quite competitive interest rates at the current time.
Is it time to go Variable then Fixed? It certainly is for going variable if you qualify at Bank of Canada qualifying rate of 5.34% on conventional mortgages. In regards to the Mortgage Rates, I am able to offer the best rates in the Industry backed with exceptional customer service. See below for the Best Mortgage Rates which no other Brokerage can give you.
BEST RATES AS OF 11th SEPTEMBER 2013
Variable Rate: 5 years @ Prime - 0.40 or 2.60%
2 years Fixed @ 2.79%
QUICK CLOSE SPECIAL - 3.34% FIXED FOR 5 YEARS
Regular Rate: 3.49% FIXED FOR 5 YEARS
Pre-Approvals: 3.69% FIXED FOR 5 YEARS
Thanks
Mihir Oza
647-710-7374
Mortgage Agent (License # M11000672)
The Mortgage Practice
My Motto: Right Advice. First Time, Every Time.
Bank of Canada Interest Rate
| July 17, 2013 | 1.00 % |
| September 4, 2013 | 1.00 % |
| October 23, 2013 | Next meeting date |
Source: Bank of Canada
Bank Prime Lending Rate
| July 18, 2013 | 3.00 % |
| September 5, 2013 | 3.00 % |
| October 24, 2013 | Next meeting date |
Source: Bank of Canada
Conventional Mortgage - 5 Year Rate*
| July 31, 2013 | 5.14 % |
| August 14, 2013 | 5.14 % |
| August 28, 2013 | 5.34 % |
Source: Bank of Canada
*Determinant for high ratio mortgage variable qualifying rate
*Determinant for high ratio mortgage variable qualifying rate
US Federal Reserve Board Discount Rate*
| June 19, 2013 | 0.00 % - 0.25 % |
| July 31, 2013 | 0.00 % - 0.25 % |
| September 18, 2013 | Next meeting date |
Source: US Federal Reserve
*US Federal Reserve has indicated it will now keep this rate until unemployment reaches 6.5%
*US Federal Reserve has indicated it will now keep this rate until unemployment reaches 6.5%
Exchange Rate $CDN($US)
| July 31, 2013 | 0.9735 |
| August 14, 2013 | 0.9682 |
| August 28, 2013 | 0.9537 |
Source: Bank of Canada
Government of Canada Bonds
| Bond Type | July 31, 2013 | August 14, 2013 | August 28, 2013 |
| 1 year Treasury Bill | 1.13% | 1.12% | 1.11% |
| 3 year Benchmark Bond Yield | 1.27% | 1.33% | 1.32% |
| 5 year Benchmark Bond Yield | 1.74% | 1.89% | 1.90% |
| 10 year Benchmark Bond Yield | 2.45% | 2.62% | 2.63% |
Source: Bank of Canada
Average MLS® Resale Price for Local Markets
Source: Canadian Real Estate Association
Canadian Housing Affordability Index Standard two-storey
Standard Condominium
The measures are based on a 25% down payment, a 25-year mortgage loan at a five-year fixed rate, andare estimated on a quarterly basis
Source RBC Economics August 2013
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