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How Mortgage Rates Are Set, And What It Means To You

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Mortgage Lenders such as banks, trust companies and credit unions, use 5 indicators when setting up their fixed mortgage rates. These 5 indicators are bond yield, lender competition, expenses, possible risks and profitability.  These 5 indicators vary all the time and therefore rates will vary from one lender to another.   Each mortgage lender decides their...

CMHC Mortgage Consumer Survey

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Around this time each year, CMHC releases its Mortgage Consumer Survey, a keenly insightful report for anyone in the mortgage business.

Restricted Mortgages. The Rate Sells.

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One basis point (“bps”) equals one one-hundredth of a percentage point (0.01%). On a $300,000 mortgage, a rate that is one bps higher boosts the payment by a scant $1.49 a month. From the way some folks select a mortgage, however, it might as well be $149 a month.

Parents to the Rescue

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If you’ve ever wondered how first-time buyers are affording ever-bigger down payments, BMO may have the answer: parental assistance.

The BoC, Home Prices & Mortgage Rules

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No rate cut surprises to report today. Canada’s key lending rate “remains appropriate,” said the Bank of Canada this morning. That’ll keep prime rate at 2.85% for now.

Behind CMHC’s Premium Hike

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On June 1 higher insurance premiums kick in for those buying a home with less than 10% down. These folks will cough up another 0.45 percentage points of their home’s value to get an insured mortgage.

First-Time Buyers by the Numbers

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With 35-50% of home sales attributed to first-time buyers (depending on the year and survey), it’s vital for mortgage marketers and industry watchdogs to understand the traits and risks of this demographic. That includes understanding how well prepared young Canadians are to buy a home, and to handle rate hikes, price corrections and unemployment.