Lisa Tollis, Real Estate Salesperson
1122 Wilson Street West. Ancaster, ON L9G 3K9
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Up-to-Date Mortgage News


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CanadaMortgageNews.ca

Bank of Canada Senior Deputy governor, Carolyn Wilkins, made headlines this week when she hinted of pending rate hikes. The reaction by investors was swift.  Bond yields were up 20bps. Fixed mortgage rates are priced from Gov of Cda bond yields.  Variable mortgage rates are priced from Bank of Canada rate.  And the next Bank […]

6/16/2017 8:52:32 AM

Home Trust and it’s parent company, Home Capital, have been in the headlines for months.  Taking a beating in the media with US short sellers licking their chops waiting for them to fall… all for the sake of making a buck. Finally, the Ontario Securities Commission has come out and made a statement. Proposed fines […]

6/16/2017 6:56:25 AM

Much has been written about the Canadian housing market.  Even more about greater Toronto and Vancouver.  The pessimists are waiting for a collapse.  The optimists are hoping the prices keep going up.  Then there’s the realists.  They would like to see the market slow and maybe even for prices to go down, so that we […]

5/31/2017 2:03:12 PM

Originally posted in 2010…. some things never change..  enjoy and beware. Here’s a great article written by consumer advocate, Ellen Roseman.  She points to different industries where signing in for the long term protection can be very costly and expensive. Ever wanted to change cell phone providers?  How about internet providers?  Move your investments or […]

5/9/2017 9:16:47 AM

15% Foreign home buyers tax, not a big deal Last year, Vancouver introduced a 15% foreign homebuyers tax.  I predicted it would come to Toronto after 6 months. Today, Ontario’s govt has copied Vancouver by introducing a 15% foreign homebuyers tax.   The hope is this will discourage foreign investors from buying and speculating on […]

4/20/2017 6:27:46 PM

You’ve seen them before.. but they went silent for a few years.  I’m talking about the housing bears.  The pessimists that say house prices are too high and will crash.  A housing bubble. Are they right?  Maybe.  But here’s the thing.  We’ve been hearing that house prices are too high for over a decade.  One […]

4/15/2017 6:33:05 AM

The Bank held their third, of eight, scheduled meetings this week.   As widely predicted, the Bank of Canada announced that it is holding the key rate steady. While noting that “economic growth has been faster than expected”, the bank said it’s too early to determine if the economy is on a “sustainable growth path”, citing […]

4/14/2017 7:26:10 AM

A news story from CBC has gone viral.   The BANK employees are under tremendous pressure to sell YOU products.  They will say and do almost anything, according to the CBC news article. For those of us working in Financial Services, this is old news.   Stories of high pressures sales and tied selling has […]

3/15/2017 1:05:15 PM

  Houses selling over asking price is becoming the norm, these days.  Kinda crazy.  Sometimes a house is just listed under market value to attract a frenzy of buyers. An old tactic that has worked well in larger urban markets.  Today, that tactic is being used in smaller communities, too. What’s unclear is if this […]

2/28/2017 7:02:01 AM

 If you still think your local BANK is your best friend, think again.  Last week, one of my client’s discovered it would cost them $13,634 to exit their mortgage early.  Compared with only $2736 if they had chosen a BETTER mortgage Lender. Here’s the details..  The clients had a $395,000 mortgage balance remaining.  Renewal date […]

2/27/2017 7:12:11 AM

Mortgage News Daily

Posted To: MBS Commentary

We've been watching the intraday trading ranges in bond markets to keep an eye on just how flat things have been in the wake of last Wednesday's big trading day (due to econ data and the Fed). "Inside day" is a term that comes up when things are this flat. It refers to a day's trading range falling "inside" the previous day's range. This week has been notable in that Tuesday and Friday were both inside days. That's particularly striking today as it required a narrow trading range of a mere 2.44bps (2.142 - 2.166). Adding to the intrigue is the fact that there were a few tradeable headlines--especially from Fed speakers who seemed to be singing more dovish tunes on the prospect for inflation to frustrate the policy path. Then again, the grudgingly slow...(read more)

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6/23/2017 3:32:10 PM

Posted To: Mortgage Rate Watch

Weeks like this are the reason that some mortgage rate analysis is only done once a week. There haven't been any significant developments in financial markets--at least not as far as bonds (which dictate rates) have been concerned. And there certainly hasn't been any significant movement in mortgage rates themselves. In fact, with the exception of a modest dip last Wednesday, mortgage rates have been essentially flat for the entire month of June . As we've discussed all week, being "flat" at current levels is a good thing considering lenders continue quoting conventional 30yr fixed rates in a range from 3.875% to 4.0% on top tier scenarios. Almost any borrower will have seen the exact same interest rate quote throughout June. Any detectable variation has come in the form of upfront costs. These...(read more)

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6/23/2017 2:59:00 PM

Posted To: MND NewsWire

The final installment of a series of working papers produced by the University of Southern California (USC), in partnership with Fannie Mae, looks at the decade-spanning 10-point plunge in the homeownership rate of young Americans. Homeownership has declined, starting even before the housing crisis, across nearly all age groups, but has been most notable for those aged 25 to 44. Prior papers in the series have looked at the role two factors play in increasing young-adult homebuying; parental financial support, and receipt of a bachelor's degree. A third paper found that the correlates of homeownership varied under different credit and economic conditions. The study attempted to simulate how future changes in the characteristics of young adults might affect changes in their homeownership rate...(read more)

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6/23/2017 12:09:16 PM

Posted To: MND NewsWire

The report on May new home sales, released this morning, paints a much brighter picture than last month's release of April data. In that report, the U.S. Census Bureau and the Department of Housing and Urban Development said new home sales had dropped 11.4 percent from their March level, to a seasonally adjusted annual rate of 569,000 units. Today that rate was revised up to 593,000. May sales improved on that report. They were up by 2.9 percent from April to a seasonally adjusted estimate of 610,000, cracking the 600,000 mark for only the fourth time since the housing crisis began. Sales are now 8.9 percent higher than in May 2016 when the estimate was 560,000. On a non-seasonally adjusted basis, sales in May were 1,000 units higher than in April, at 58,000. May's annual rate of sales...(read more)

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6/23/2017 8:46:48 AM

Posted To: Pipeline Press

Rumors continue to swirl, this time about Orange County’s Americash. Yes, the drop in refi volume is showing, and even if you made it through the bad first quarter, it’s not a cake walk out there. On the other hand, I wish I owned stock in George Clooney. As if he needs help with two new twin mouths to feed, he received news that Diageo will purchase Casamigos, the tequila company he cofounded and owns roughly a third of, for up to $1 billion. But the jury’s out about owning stock in Warren Buffett’s Berkshire Hathaway: it has committed $1.5 billion to a credit facility for Canada’s Home Capital Group Inc. “The investment in Home Capital , which has acknowledged responsibility for mortgage fraud, also lets Berkshire deploy a small piece of its $96.5 billion...(read more)

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6/23/2017 8:13:48 AM

Posted To: MBS Commentary

You've heard of "innocent until proven guilty." This week of trading in bond markets has been "flat and boring until proven volatile." For many, it's the first full week of summer. For others, it's the week where their kids finished school. And for everyone, it's a week without much by way of significant economic data that lies just before a "month/quarter-end" trading week. To say that traders have been increasingly tuned out is an understatement. Today epitomizes that "tuning out" theme , not only because it's the last day of the week described above, but also because yields are starting out in the same old range that's been dominating since Fed day (last Wednesday). In other words, it looked potentially boring on paper, and...(read more)

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6/23/2017 6:59:09 AM

Posted To: MBS Commentary

Yesterday's recap went into some detail about the market phenomenon that can result in intense periods of sideways momentum (and trader apathy) during certain weeks of certain summertime months. Long-story short, this week was a great candidate for what some market participants refer to as the summer doldrums, and so far it is not disappointing. Back in the day, we might have looked forward to another weekly release of Jobless Claims data, but it hasn't been a market mover for quite some time. FHFA Home Prices were also on the data calendar, and while we've never really looked to data that old (it applies to April) for trading level guidance, the results were nonetheless interesting to housing/mortgage market folks. The FHFA clocked an increase in the annual pace of appreciation...(read more)

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6/22/2017 2:43:47 PM

Posted To: Mortgage Rate Watch

Mortgage rates have been so little-changed in recent days that yesterday's coverage wouldn't need to be changed in order to apply perfectly today. Indeed, the 3rd paragraph is a word-for-word repeat. To be fair though, we would need to update yesterday's reference to "especially over the past 5 days." That "5" would now be a "6," obviously. Any detectable difference in today's rate quotes would come in the form of slightly lower upfront costs versus yesterday. The actual interest rate quote remains unchanged. This sideways trend could easily continue for several more days. The absence of change continues to be a good thing given that rates remain very close to their lowest levels in more than 8 months. Only a handful of recent days have been any better. 4.0% is the most prevalently-quoted conventional...(read more)

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6/22/2017 1:50:00 PM

Posted To: MND NewsWire

April data from the Federal Housing Finance Agency (FHFA) indicates that, once again, there was no moderation in the pace of home price increases . FHFA's Housing Price Index (HPI), which is based on loans sold to or guaranteed by the two GSEs, Fannie Mae and Freddie Mac, increased 0.7 percent from March. Further, the March Index, originally reported to have gained 0.6 percent from the previous month, was revised upward, also to 0.7 percent. There was an even larger jump in the pace of appreciation on an annual basis. The year-over-year HPI was up by 6.8 percent compared to 6.4 percent in March. For the nine census divisions, seasonally adjusted monthly price changes from March 2017 to April 2017 ranged from an 0.1 percent decline in the East South Central division to a 1.6 percent gain in...(read more)

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6/22/2017 7:38:01 AM

Posted To: MND NewsWire

Prepayments, apparently spurred by the recent retreat in interest rates, soared in May. Black Knight Financial Services, in its "first look" at the month's mortgage performance data, said there was a 23 percent increase in prepayments, historically a good indicator of refinancing activity , from April to May, bringing the incidence to the highest so far in 2017, 1.06 percent. The company said the first quarter of this year was a bad one for refinancing, with originations falling 45 percent from the fourth quarter of 2016 as interest rates took off. However, the easing of rates over the last few months may change the outlook for the second and third quarters, a projection that seems to be confirmed by the increase in prepayments. With rates back below 4 percent, Black Knight said the number...(read more)

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6/22/2017 7:18:56 AM