NEW MORTGAGE RATES. August 2013

TERM	POSTED	OUR RATES *
6 Month	4.00%	3.95%
1 Year	3.09%	2.79%
2 Year	3.14%	2.69%
3 Year	3.65%	2.99%
4 Year	4.54%	3.09%
5 Year	5.14%	3.39%
7 Year	6.35%	3.84%
10 Year	6.75%	4.19%
Variable Rate		2.60%
Prime Rate		3.00%
BenchMark Rate		5.14%
Cost Per $1000		$4.93
* Rates may vary provincially and may be subject to change without notice.   Cost per $1000 based on 5yr fixed term rate compounded semi-annually. Call Alexandre Malkhassiants for details: (416) 723-9383

Toronto real estate and Toronto mortgage. Mortgage Interest Rates, Up or Down?

The interest rate gap between variable rate mortgages and fixed rate mortgages is narrowing. 

The rate difference is now under 1%, down from 1.50% a month or so ago.

Although the prime rate of 3.00% may not change for a year or so it is now more tempting to lock in a 5 year term fixed rate, especially since it it unlikely that fixed rates will come down much more.  So the choice for a new mortgage, on average, is between a 5 year term 2.70% variable rate and a 3.49% fixed rate at most banks.

If you already have a 2.25% (prime minus 0.75%), mortgage there is less incentive to move to a fixed rate at this time.

Fixed Mortgage Rates:

Move up and down every 6 months or so with bond rates.  Recently they have been moving down and are now the lowest they have been for many, many years.

5 year term fixed rate:

• 3.39% if closing in 30 days
• 3.49% for closings and pre-approvals with rate holds to 120 days
• rates apply to both 20% down payment and 5% down payment CMHC insured mortgages

Variable Mortgage Rates:

Prime rate to bank borrowers is 3.00%

The prime rate affects business loans, car loans, etc and is not likely to move up in the next year unless the economy improves both in Canada and the United States.

The variable mortgage rate has moved up from prime minus 0.75% to prime minus 0.50%, so 2.25% up to 2.50%. 

5 year term variable rate:

• 2.50% for closings and pre-approvals with a non bank mortgage lender 
• 2.70% with a bank rates apply to both 20% down payment and 5% down payment CMHC insured mortgages, the borrower must qualify using a rate of 5.39%

Open Mortgage Rates:

• Home Equity Line of Credit available at prime plus 0.50% for a rate of 3.50%.
• Open to repayment any amount, anytime.
• Payments as low as interest only
• Monthly payments only
• Minimum down payment 20%, no CMHC

Higher Mortgage Rates:

• Credit Beacon Score 600 or less, rate about 1% higher, 15 to 25% down payment and a 1% lender fee
• Business for Self, stated income, less than 2 years or Commission Income, same as above.

If you have questions, call mortgage agent and real estate sales representative

Alex Malkhassaints at (416) 723-9383.

Toronto real estate. MORTGAGE NEWS

Financial Institution	3 Yr	5 Yr	7 Yr	10 Yr	5 Yr Variable
CENTUM Primo**	3.29	3.49	5.65	4.99	2.40
First National	3.65	3.79	4.79	4.99	2.25
FirstLine	3.79	3.89	5.04	5.24	2.60
HomeTrust	3.65	3.79	N/A	N/A	2.60
ING	3.69	3.89	4.79	4.99	2.25
MCAP	3.69	3.74	4.79	4.99	2.35
Scotia Express	3.69	3.69	4.79	5.39	2.50
Street Capital	3.49	3.79	N/A	N/A	2.40
TD	3.65	3.89	4.90	5.14	2.35
ResMor	3.94	3.79	N/A	N/A	2.50

Rates Effective as at: August 2, 2011
Prime Rate: 3.00%
Qualifying Rate: 5.39%
Greater Toronto area home prices accelerated during the second quarter as buyers grappled with a tight supply of residential properties for sale. The heightened competition between buyers has created a seller's market, leading to multiple offers and pushing the median sales price up 10 percent, to $405,000 (about $424,000 in U.S. dollars), in June.
At the same time, active listings declined 24 percent from a year ago in Canada's largest metropolis.

MORTGAGE RATES ARE DROPPING

Royal Bank of Canada started the latest round of cuts.
Toronto-Dominion Bank cut its four-, five-, seven and 10-year fixed rate mortgages to 4.99 per cent (-0.15 per cent, 5.34 per cent (-0.10 per cent), 6.14 per cent (-0.20 per cent) and 6.50 per cent (-0.15 per cent) respectively.
TD also cut its four-, five-, seven-and 10-year closed special fixed rate offers to 4.19 per cent (-0.15 per cent), 4.09 per cent (-0.10 per cent), 4.79 per cent (-0.20 per cent) and 4.99 per cent (-0.20 per cent) respectively.
Canadian Imperial Bank of Commerce cut its four-, five-, seven-and 10-year closed mortgages to 4.99 per cent (-0.15 per cent), 5.34 per cent (-0.10 per cent), 6.50 per cent (-0.20 per cent) and 6.60 per cent (-0.15 per cent).
National Bank adjusted its four-and five-year closed fixed-rate mortgages to 4.99 per cent (-0.15 per cent) and 5.34 per cent (-0.10 per cent). It also cut the 10-year closed mortgage to 6.40 per cent (-0.25 per cent) and the variablerate closed capped mortgage to 5.34 per cent (-0.10 per cent).

Financial Institution	3 Yr	5 Yr	7 Yr	10 Yr	5 Yr Variable
CENTUM Primo**	3.35	3.89	5.65	5.50	2.30
Concentra	3.80	4.09	N/A	N/A	3.00
First National	3.80	4.04	4.79	4.99	2.30
FirstLine	3.80	3.89	4.99	5.19	2.35
Home Trust	4.09	4.69	N/A	N/A	3.00
ING	3.89	4.04	5.10	5.40	2.25
MCAP	3.89	3.84	5.10	5.40	2.35
Scotia	3.80	4.04	5.10	5.69	2.85
Street Capital	3.80	4.09	N/A	N/A	2.30
TD	3.80	4.04	4.79	4.99	2.35
ResMor	3.74	3.94	N/A	N/A	2.65
Lendwise	3.35	3.80	N/A	N/A	2.60

Rates Effective as at: Mar 17, 2011
Prime Rate: 3.00%
Qualifying Rate: 5.44%

If you have any questions about Canada mortgage rates and Toronto real estate, call Alexandre Malkhassiants, Sales Representative and Mortgage Specialist. Right at Home Realty Inc., Real Estate Brokerage. 
Office: (416) 391-3232. Cell: (416) 723-9383. 
E-mail: amalkhass@rogers.comWebsite: Toronto real estateWebsite: Ontario real estateBlog: Lowest Canada mortgage rates<>

CANADIAN BANKS INCREASED FIXED RATE MORTGAGES

The major Canadian banks - CIBC, RBC Royal Bank and TD Canada Trust have increased fixed rate mortgages by 0.25 percentage points to 5.44 per cent. 

The banks increased it's one-year fixed rate mortgage 0.15 percentage to 3.5 per cent.

The mortgage rates are affected by bond yields. which have also risen as a result of concers over inflation. 

There are no changed to other rates.

The new rates already came into effect. 

If you need mortgage or refinancing, try to get pre-approval right now, before additional rates increases.

The best way to do it is to call Centum mortgage agent Alex Malkhassiants at (416) 723-9383.

Centum has the best and lowest Canada mortgage rates on a wide range of products.

Term	Our Rate	Bank Rate
3 Yr Fixed	3.80%	4.35%
5 Yr Fixed	4.04%	5.44%
Variable	2.10%	3.00%

Updated : February 10, 2011

Reports say that households in Ontario are vulnerable to interest rates hikes. That's why you should think about pre-approval before start searching for Ontario real estate or the house in Ontario.

Alexandre Malkhassiants, Sales Representative & Mortgage Specialist,
Right At Home Realty Inc.,  Real Estate Brokerage
Office: (416) 391-3232
Cell: (416) 723-9383
E-mail: amalkhass@rogers.com
Web site: Toronto real estate
Web site: Ontario real estate
Blog: Lowest Canada mortgage rates