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Old 11-06-2015, 08:52 AM   #1
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MORE PRESSURE ON RATES

We have received notice that another rate change is occurring. Likely an additional 0.25% increase on rates. This is not the same increase to Bank of Canada rate this is fixed rates due to the uptick in the 5 Year Bond Yield.

If you are buying, refinancing or have a renewal in the next 4 months... please do not hesitate to connect with us.
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Last edited by Mortgage Made Easy; 07-13-2017 at 02:47 PM.
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Old 01-06-2016, 01:20 PM   #2
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Best place as any.

RBC to increase mortgage rates on Friday :https://ca.finance.yahoo.com/news/ro...120631985.html

If that is the case, will other banks raise their mortgage rates? Does this mean, I have till Thursday to lock in at current low rates?

Thanks
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Old 01-06-2016, 01:40 PM   #3
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Best place as any.

RBC to increase mortgage rates on Friday :https://ca.finance.yahoo.com/news/ro...120631985.html

If that is the case, will other banks raise their mortgage rates? Does this mean, I have till Thursday to lock in at current low rates?

Thanks
You are correct. RBC is raising rates for Friday.

As for other lenders, it is quite possible. Even though the 5 year bond yield has dropped... the borrowing costs have increased over the past couple of months.

This is leading to increase in fixed rates and shrinking of variable rate discounts. There are still some great deals out there... but how long will they be around is a bit of a guess.

Based on your comments, it sounds like you are in a variable rate mortgage? Not sure that you need to lock in as BoC is not increasing rates. The Prime rate that your variable rate is based on is not changing... just fixed rates and the discounts offered on new variable rate mortgages.

If you would like to spend a couple of minutes on the phone, I can understand your thoughts and provide some feedback and possibly strategies.
~Tim
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Old 01-06-2016, 09:38 PM   #4
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Any idea what the five year fixed would be going up to with rbc?
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Old 01-06-2016, 09:41 PM   #5
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Correction 3.04%
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Old 01-16-2016, 07:36 AM   #6
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So what are the odds the major lenders will lower the prime lending rate next week if/when the BOC lowers interest rates?
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Old 01-16-2016, 07:44 AM   #7
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So what are the odds the major lenders will lower the prime lending rate next week if/when the BOC lowers interest rates?

That's a great question. If 2015 is any indication the banks might pass on a small portion of the drop. If any at all... Which is a possibility too.
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Old 01-19-2016, 04:31 PM   #8
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I'm currently being offered a five year variable at prime minus .3%. It is on a 5 year variable though so I'm a little hesitant. I was once told though that a prime minus mortgage would never happen and if to did to jump on it. I have a meeting set up with them for Monday, my renewal doesn't come up till July but they are doing early renewals and the rates are starting at 1% lower then my current (3.79).
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Old 01-19-2016, 05:27 PM   #9
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I'm currently being offered a five year variable at prime minus .3%. It is on a 5 year variable though so I'm a little hesitant. I was once told though that a prime minus mortgage would never happen and if to did to jump on it. I have a meeting set up with them for Monday, my renewal doesn't come up till July but they are doing early renewals and the rates are starting at 1% lower then my current (3.79).
Sending PM
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Old 04-25-2016, 01:01 PM   #10
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Hi everyone...

Just a head up that there is pressure for fixed rates to rise.

The 5 Year Bond Yield was up last week and again today... up 0.13 bps since April 21.

Which means there is pressure for promotional rates to increase or be gone soon. One or two lenders have started to make changes but still many options out there.

Let us know if you have questions or would like a quote or assistance!
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Old 04-25-2016, 01:12 PM   #11
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The last time we saw our mortgage broker she was really pressuring us to go with a variable rate and the option to lock in at 'any time' over a fixed rate. I've always been a fan of a fixed rate as you know exactly what you are paying all the time. I understand that variable rates dont just change on a whim, but which do you generally recommend to your clients?
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Old 04-25-2016, 02:12 PM   #12
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The last time we saw our mortgage broker she was really pressuring us to go with a variable rate and the option to lock in at 'any time' over a fixed rate. I've always been a fan of a fixed rate as you know exactly what you are paying all the time. I understand that variable rates dont just change on a whim, but which do you generally recommend to your clients?
Hi GreenLatern,

Choosing between Fixed and Variable is a little more complicated than that. The choice is a personal one and what works for one person may not work for the other.

With the small spreads between fixed and variable, you cannot go wrong with going fixed if that is your preference.

There are some pros for variable, one being that your penalty is always going to be 3 months interest (some conditions may apply, most lenders this is the policy but there are some specials out there where this rule does not apply - larger penalties may apply)

As mentioned, if someone is trying to determine which to choose, it is important to sit down with someone who can provide insight and lender choices. One big component of taking either rate is a strategy that fits your financial goals... paying off your mortgage, buying another property, invest, pay off debt etc...

I don't recommend or think that taking a variable rate... and having the option to lock in, if rates rise is a wise strategy. Reason being, by the time you are ready to lock in, the fixed rates will likely have risen enough where it makes no sense to lock in... and you can lose any gain or savings you have made. It is MORE important to take a proactive approach with variable rate then a wait and see approach.... this can yield a greater savings even if Prime rate rises.

If you are interested in sitting down to discuss your situation, I am available to schedule a meeting. As I mentioned, everyones situation is unique and so is the solution.
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Old 04-26-2016, 09:45 AM   #13
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I don't recommend or think that taking a variable rate... and having the option to lock in, if rates rise is a wise strategy. Reason being, by the time you are ready to lock in, the fixed rates will likely have risen enough where it makes no sense to lock in... and you can lose any gain or savings you have made. It is MORE important to take a proactive approach with variable rate then a wait and see approach.... this can yield a greater savings even if Prime rate rises.
Isn't there also a concern of when you try to lock a variable to fixed, you are stuck talking to one lender who has no reason to give you his best rate? So if you go variable you need the guts to ride it out.
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Old 04-26-2016, 09:52 AM   #14
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Isn't there also a concern of when you try to lock a variable to fixed, you are stuck talking to one lender who has no reason to give you his best rate? So if you go variable you need the guts to ride it out.
That is correct... usually the lenders lowest available rate is not available for when you lock in... it is usually 0.10% higher than their current going rate OR even higher.

You're correct that they do not have to offer you their best and lowest rate.

And under most circumstances, I would agree... let it ride. But more importantly, adopt a strategy right from the get go and let it ride if you take variable... this will give you more control and confidence. However, there is always an exception where locking in is a good move.
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Old 04-26-2016, 09:55 AM   #15
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Okay peeps... it's happening... a few lenders have announced rate increases today.

Looks like the increase is about 5bps... as an example, 2.49% rates will now be 2.54%
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Old 11-14-2016, 11:33 AM   #16
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We are receiving notices that rates are rising tonight for a few lenders and likely will see more announcements today and as the days come.

The 5 Year Bond Yield has risen quite a bit since the US election. The bond has increased approx. 0.20 +...

We are seeing 5 year fixed rates increasing by about 20bps on the rates posted above.

Call or email if you have questions.
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Old 11-21-2016, 07:07 PM   #17
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Hey guys ... thinking about locking in my variable rate -Current rate 2.30 three years left 5 year is 2.69 - 4 year is 2.40... thoughts?
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Old 11-21-2016, 08:07 PM   #18
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Hey guys ... thinking about locking in my variable rate -Current rate 2.30 three years left 5 year is 2.69 - 4 year is 2.40... thoughts?


Hi Bossy -

I might suggest a strategy where you increase your current payment as if you took the 5-year 2.69%. The increase will go straight to principal.

It is suspected that BOC will not likely increase their rates for most of 2017. This strategy is what we do with clients and tends to save them quite a bit.

If the rate changes keep you from sleeping then locking in may be the way to go. If you have 3 years left, find out what the 3 year is.

If you PM me, I could advise what the lender is offering. Regards,
Tim
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Old 12-01-2016, 03:10 PM   #19
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Rates are increasing again this week. There are a number of changes that have occurred and the announcements from lenders have started to roll in today.

I will be reviewing and providing some updates over the next few days as there are a number of rate changes to decipher through.

NOTE: There will be more changes effective January when the next set of changes occur. Please PM or reach out if you have questions.
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Old 12-14-2016, 04:43 PM   #20
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Rates are adjusting upwards again. There continues to be pressure on the 5-Year Bond Yield.

As well there have been some market adjustments with OPEC decision earlier this week with Oil and the CDN Dollar being up and then the recent US Fed rate announcement today!

If you are looking to purchase, refinance or renew a mortgage within the next 4 months... you may want to consider protecting current rates as we do expect another rate increase in Jan 2017, in part due to some of the mortgage guideline changes to the banks & insurers.

Feel free to reach out for a free no obligation coffee / meeting to review options.
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