Filogix Expert was slowing down last week due to very high application volume. Lenders are taking longer turn over time. It was a busy week. Now that all the pre-approval tide has waned, we can take a look at the past week.
Mortgage News:
Locking in: Will it be a 10-year or 5-year mortgage? – Montreal Gazette
Fixed or Variable? Half of all Canadians say they would choose a fixed rate mortgage today – CIBC Mortgage Poll
The 10-year mortgage: Is it the right time to go long? – Globe and Mail
Rate war is coming to an end. – Canadian Mortgage Advisor
RBC and TD Changes Residential Mortgage Rates
RBC and TD raise mortgage rates, signal end to price war – Globe and Mail
Clock is ticking on Canada’s mortgage wars – Ottawa Citizen
Mortgage rates edge higher – Toronto Star
(Video) Rent or take on massive mortgage debt? – Globe and Mail
Fixed mortgages to dominate interest rate choice, says economist – Vancouver Sun
End of very cheap mortgages is healthy in overheated market – Calgary Herald
Do you suffer from debt regret? – Toronto Star
2 per cent rate hike would spell trouble for many homeowners, poll findsToronto Star
Shorter terms for mortgages may be in Ottawa’s new budget – National Post
Canada banks cut short mortgage price war – Reuters
(online Q&A) Mortgage rates: Where do we go from here? – National Post
Home affordability uncertain for many with even small rate hike – Globe and Mail
Mortgage on the go – Financial Post
Mortgage war combatants losing taste for battle – Globe and Mail
Mortgage wars lead to unacceptable returns for banks, can’t last, RBC head says – Toronto Star
BMO Bank of Montreal Changes Mortgage Rates – Marketwire. To note: they are still offering those low rates by some other promotional means. BMO extends 2.99% mortgage – Financial Post. What an excellent marketing policy.
TD chief backs Ottawa’s mortgage tightening – Globe and Mail
The upside of higher rates – National Post
Real-estate News:
Home price rise in Canada may be topping out – Toronto Star
Tightening rules could dissuade buyers: expert – Vancouver Sun
Montreal housing starts to drop 21 per cent: report – Montreal Gazette
Buyer’s heart will lead to home: survey – Calgary Herald. Canadian homebuyers make decisions based on feelings.
Genworth using internal resources to deal with foreclosures. It has set up its own internal group of real estate agents to deal with foreclosure sales. – Globe and Mail
Basement apartments are a minefield for the uninformed – Toronto Star
Real estate bidding wars:Ways to improve your chances – Toronto Star
Financial News:
Debt load getting heavier in Canada – CBC
Canadians tempt Murphy’s Law: 38% don’t have a savings fund for life’s surprises – TD
Household debt in Canada – Statistics Canada
Refinancing: Who qualifies? – Financial Post
Ontario budget 2012: Highlights – National Post
Federal budget deficit less than feared, says RBC – CBC
TD Shifts to Business Loans in Consumer Slump: Corporate Canada – Bloomberg
Bank ombudsman considers closing operations – Globe and Mail
Waiting for normal rates – Calgary Herald
Prospective home buyers learning to deal with more stringent mortgage rules – Canada.com
Nowhere to go but up for Canada’s mortgage rates – Montreal Gazette
Can you afford that dream home? Stress-test your budget before you buy – Canada.com
Household debt dragging down Canadian economy: OECD – Toronto Star
In Canada, the penny’s about to drop into history – AP
Canadians told to stay on track – Calgary Herald
Other News:
TransUnion Payment Hierarchy Study Finds Consumers Paying Auto Loans Before Credit Cards and Mortgages – Marketwire
Quote of the week:
However, friction has built between OBSI and RBC and TD over the years. The banks say they were upset with the length of time it took to resolve problems. As well, sources indicate the banks were upset about the financial settlements OBSI required them to pay, and for the powers the ombudsman wielded..,
by Grant Robertson via — Globe and Mail.
Thanks for reading. Have a good weekend.
