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CanadaMortgageNews.ca

Debt.  It’s a popular topic.  Personal debt. Govt debt. Corporate debt.  Back in 2013, I published an article comparing Canada’s debt with the rest of the world.  Back then, like … Continue Reading World Debt clock comparison… How’s Canada doing compared with the world?

1/22/2018 7:30:43 AM

 Next Wednesday will be the first Bank of Canada meeting date to set the Target rate, which directly affects Bank Prime rate and Variable rate mortgages. It’s almost a certainty … Continue Reading Rates are going up… for now… is this the end of low rates?

1/12/2018 8:50:46 AM

 TIME IS ALMOST UP.. With just days to go before the new mortgage rules take effect on January 1st, we are seeing a flurry of mortgage applications.   Panic buying and … Continue Reading Last call for mortgage approvals under the current rules….and an in-depth look at how these new rules will impact YOU in 2018.

12/22/2017 7:50:35 AM

In November, Toronto police said a woman used fake ID to get a $300,000 mortgage.  The unsuspecting homeowner only discovered a mortgage had been fraudulently registered on their home when … Continue Reading Recent mortgage fraud in Toronto.. you can prevent it easily.. Read on.

12/19/2017 11:41:19 AM

 SEARCHING FOR THE POSITIVE..YES, THERE IS SOME. Hard to find any positive news from OSFI’s (Office of the Superintendent of Financial Institutions) new mortgage rules announced last week. In case … Continue Reading OSFI’s new mortgages rules… a silver lining..

12/18/2017 12:11:55 PM

It’s begun.  The message is starting to sink in.  The new mortgage rules could eliminate 15% of Canadians from qualifying for a mortgage after January 1st, 2018.  The mad rush … Continue Reading Review your mortgage NOW! Next year may be too late.

10/30/2017 9:36:49 AM

HARDER TO QUALIFY WITH 50% DOWN THAN WITH 5% DOWN.. DOES THIS MAKE SENSE? October 2016, our Federal govt announced a number of new mortgage rules including the infamous new … Continue Reading OSFI announces strictest mortgage rules ever… what you need to know.

10/17/2017 6:17:11 PM

 The Bank of Canada Governor, Stephen Poloz, has been full of surprises since he took on his current role.  With a second 0.25% rate hike today in consecutive BoC meetings, … Continue Reading A 2nd Bank of Canada rate hike surprises many.. what’s it mean?

9/6/2017 10:34:11 AM

Fewer homes in the summer.  Lower average home selling price in the summer.  That’s this year’s headline.  But it could also apply to last year or the year before or … Continue Reading Spring housing market in the Fall?

8/25/2017 11:21:47 AM

On July 12th, for the first time in seven years, the Bank of Canada increased the overnight rate by .25%, withdrawing some of the stimulus that was needed after the … Continue Reading Rates went up, so now what do you do?

7/28/2017 9:59:03 AM

Mortgage News Daily

Posted To: MBS Commentary

Bonds ended in the green today, albeit just barely . Normally that wouldn't be a bad thing, but today's example leaves a bit to be desired. I should start off by saying that today could have been much worse than it was. Indeed, any time we can avoid ending in the red these days is an opportunity to count blessings. With those disclaimers out of the way, I'll get back to the lament . At the simplest level, generally negative trends generally continued. Case in point: In other words, we may have technically been in positive territory versus the 5pm levels from Friday, but we can all agree those 5pm levels were ridiculously unpleasant. The mid-day turn around occurred A) right on a pivot point with Thursday's highs B) immediately following the European close,and C) immediately...(read more)

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1/22/2018 4:31:34 PM

Posted To: MND NewsWire

With a stop-gap funding bill likely to be approved tonight, the following will not be germane for long, but it could serve as a template for the next potential shutdown. FHA's Office of Single Family Housing has provided a lengthy list of the availability of services, processes, and technical support, and we have cherry picked what seems to be the most important information for our audience. The FHA Resource Center's online online FAQ site has been updated to include additional information about operations and systems availability during the shutdown (use the keyword "shutdown".) It will not be updated further until the shutdown ends. The Resource Center's email ( answers@hud.gov ) and phone (800-225-5342.) will also be available to provide general, but not case specific, information, as will...(read more)

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1/22/2018 4:13:06 PM

Posted To: Mortgage Rate Watch

Mortgage rates pushed up to yet another 9-month high today--something that's become all too common in the past few weeks. Just as troubling is the fact that 10yr Treasury yields--the bigger, more important neighbor that shares the street with mortgage rates--are operating at their highest levels since early 2014. Mortgage rates aren't directly tied to Treasury yields, but big momentum in Treasuries tends to spill over. Incidentally, both Treasuries and MBS (the mortgage-backed-securities that underlie mortgage rates) were roughly unchanged today. The problem is they were much weaker on Friday afternoon and mortgage lenders didn't fully adjust for that fact with Friday's rate sheets. That left them with a bit of catching up to do this morning. In other words, lenders needed to push their rates...(read more)

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1/22/2018 3:34:00 PM

Posted To: MND NewsWire

Last year's Federal Reserve actions, raising the target interest rate three times, led to about a 0.75 percentage point increase in the 1-year Constant Maturity Treasury (CMT) note, while the 10-year CMT note barely moved. Freddie Mac's Economic and Housing Research group says this flattening of the yield curve could be a bad sign for future economic growth . Especially should that curve become "inverted." Freddie Mac says they don't expect the trend to continue , instead they expect long-term rates will also follow the Federal Open Market Committee's (FOMC's) anticipated actions in 2018, for three or four more rate hikes , and head higher. Writing in the current edition of Outlook , the economists say the new Tax Cuts and Jobs Act bill's lower corporate tax rate should boost GDP growth by...(read more)

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1/22/2018 11:15:02 AM

Posted To: Pipeline Press

If you want to read up on the latest Fannie lawsuit, here’s one dealing with a stripper hired into Fannie’s IT group but with unusual manager expectations . If you want to live in affordable beach town, stay away from California. Per this list , there aren’t any. In fact, looking at the West Coast, in the top 25 there is only one in Oregon (Coos Bay) and only one in Washington (Port Angeles) – most of the others are in Florida. And if you want the latest on Equifax , it is battling 334 separate consumer complaints . No surprise there, huh? Jumbo and Nonconforming News The jumbo-mortgage market has been a bright spot for the banking industry in recent years. Banks love putting those loans on their books. But the tax law has already removed some of the shine from it. The...(read more)

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1/22/2018 8:19:51 AM

Posted To: MBS Commentary

Markets closed on Friday with a government shutdown still in limbo. Ostensibly, that meant the reaction in stocks and bonds wouldn't be fully seen until this morning. Indeed, there was a reaction, and for all the fuss made over the shutdown in the news (and even among some traders/analysts), the end result may be hard to believe (unless you've been paying attention to our analysis or otherwise already in the know). In other words, nothing happened in markets, and that continues to be the case as the domestic hours begin. Part of the underwhelming response could be due to the fact that the shutdown is still in a sort of limbo, given that another temporary bill is in the works for today. But even then, it continues to be the case that government shutdowns aren't huge market movers...(read more)

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1/22/2018 8:05:40 AM

Posted To: MBS Commentary

Today's sell-off brought 10yr yields to their highest levels since the middle of 2014 (when they were on their way down following the taper tantrum. With this, bonds have weakened substantially for each of the past 3 weeks. That's where the small ray of hope comes in. Because the past 3 weeks of pain in bond markets are NOT acting as a correction to an overly-big rally, and because they're not occurring amid a large-scale adjustment of risk (like the taper tantrum or the presidential election) they're an incredibly rare sight. In fact, apart from those aforementioned conditions, we really don't see more than 3 weeks of this much weakness strung together (once or twice every few years). Although today's afternoon weakness did little to change the overall damage this week...(read more)

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1/19/2018 6:27:48 PM

Posted To: Mortgage Rate Watch

Mortgage rates remained at 9-month highs today, with most lenders in worse shape than yesterday. In the morning, the sky hadn't yet fallen, the average lender was right in line with yesterday's 9-month highs, but at least we weren't any worse off than yesterday. Things changed in the afternoon as bond markets weakened abruptly. Many lenders issued negative reprices, thus leaving the average lender noticeably higher than yesterday. Today's weakness makes this the worst week for rates since late June and one of only 3 weeks with as much of a rate spike since 2016. For the third day in a row, I'm repeating the same mantra: any time we're pushing long-term highs, it's a good idea to remain defensive in terms of locking vs floating. The saving grace is that long-term highs typically precede extended...(read more)

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1/19/2018 5:24:00 PM

Posted To: MND NewsWire

The bidding wars are back . With home prices and sales back to or above pre-crisis levels and the inventory of available homes at records lows, CoreLogic's Shu Chen says that a large and increasing share of homes sold at or above their listing prices in 2017. In September that share was back to early 2004 levels, up almost three times from the 2008 level . Those at-and-above list sales represented more than one-fifth of all transactions. Of course, under the "all real estate is local" rule, there is a wide range in the level of bidding activity. In San Francisco 76 percent of sales were at the asking price or higher , while in Miami only 16 percent of sales reflected pressure from buyer bidding. Of the 16 Core-Based Statistical Areas (out of the 66 CoreLogic tracked) in Figure 2, the top five...(read more)

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1/19/2018 11:44:41 AM

Posted To: MND NewsWire

Bloomberg News is reporting on a proposal from Federal Housing Finance Agency (FHFA) Director Melvin Watt regarding the future of Fannie Mae and Freddie Mac (the GSEs). The two former companies, which have been in conservatorship under FHFA since 2008, are at the heart of the current debate on housing finance reform. Watt's proposal, titled "Federal Housing Finance Agency Perspectives on Housing Finance Reform," was sent to Senate Banking Chairman Michael Crapo (R-ID) and the committee's ranking member, Sherrod Brown (D-OH). In the proposal's cover letter Watt said that he and the FHFA staff feel they should provide their views "independently and transparently to those who have requested them while continuing to provide technical assistance to the committee and its members on other proposals...(read more)

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1/19/2018 10:30:09 AM