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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In 2009 and 2010, for the first time ever we saw mortgage rates under 2.00%.  That’s right, if you were in a variable rate mortgage, you had a rate under … Continue Reading Navigate through these uncharted waters in 2020

7/3/2020 9:47:41 AM
Mortgage Rates

NEW HISTORICAL LOW MORTGAGE RATE MILESTONE REACHED. Last week, we saw a 5 year fixed rate mortgage at under 2.00%.  That’s right… 1.99%. If you qualified, the rate applied to … Continue Reading More Rate Drops

6/18/2020 11:16:00 AM

I originally posted a breakdown of how mortgage penalties are calculated by different lenders on January 4, 2011. A recent article outlining how TD Bank charged a $30,000 mortgage penalty … Continue Reading Beware of Mortgage Penalties

6/11/2020 3:17:00 PM
Case study

As a follow-up to my previous post on Cash Flow, I wanted to dig deeper into how we can help, as well as the good and bad around some of … Continue Reading How can we help?

5/22/2020 11:58:52 AM
Money saving tips

Positive Cash flow is when you have more money coming in than goes out each month. Simple to understand but for many of us, this just isn’t happening right now.   … Continue Reading It’s all about cash flow.

5/21/2020 11:43:27 AM

Another great Q & A between myself and Jenelle Cameron of Remax. We had a chance to discuss what’s happening with mortgages, interest rates and the real estate market in … Continue Reading Mortgage and Real Estate Q & A | April 23 2020

4/24/2020 9:56:00 AM

Following are the highlights from a telephone conversation with Jean-Francois Perrault, Chief Economist Scotiabank and John Webster, President and CEO Scotia Mortgage Corporation which took place on Thursday, April 9, … Continue Reading Financial Outlook with Jean-Francois Perrault, Chief Economist Scotiabank

4/16/2020 10:54:17 AM

Mortgage News Daily

Posted To: MND NewsWire

Black Knight's weekly report on the numbers of mortgage loans in COVID-19 forbearance plans shows that a decline in those numbers of nearly a half million last week. More than 435,000 homeowners exited the plans, the largest drop yet. As of July 7, 4.14 million homeowners were in the plans which allow them to skip or reduce their mortgage payments if they are suffering financial problems due to the pandemic. This represents 7.8 percent of mortgage lenders and just under $900 billion in unpaid principal. This is the smallest number of plans since April 28. Some 6.0 percent of all GSE-backed loans, 1,678,000 in number, and 11.6 percent of all FHA/VA loans (1,399,000) are currently in forbearance plans. Another 1,067,000 or 8.2 percent of loans in private label securities or banks' portfolios...(read more)

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7/10/2020 8:19:45 AM

Posted To: Pipeline Press

Bubonic plague in China ? What’s next, frogs falling from the sky? Water turning into blood, darkness for three days? A big bank requiring $1 million in your account for some retail jumbo refis? Oh wait... that happened . (That’s one way to manage capacity.) Ivy League football has been yanked, and hurricane season is approaching in the Southeast with the periodic rushes to buy plywood and drinking water. We already have our hands full with temporary lay-offs and cutbacks turning into permanent job losses, something that the Federal Reserve has been trying to avoid. For good news, lenders are focused on “tappable” home equity topping $6.5 trillion, which is a record per Black Knight. One official noted that with mortgage interest rates hitting record lows, 90 percent...(read more)

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7/10/2020 8:07:49 AM

Posted To: MBS Commentary

Trend channels in financial markets are some of the most basic forms of analysis. They consist of lines drawn along the highs and lows of a charted security. When parallel lines can be drawn that connect more than a few highs and lows, you have a trend channel! It's even acceptable for the security to break outside the lines here and there if they are still capturing a majority of the bounces. The goal of a trend channel is right in the name: we're trying to capture a general trend that speaks to the pace of improvement or deterioration in any given security. When it came to bonds, 10yr Treasury yields were in a clear trend channel pointing toward gently higher yields for several months recently. They faked a breakout in early June only to return to the previous range and ultimately...(read more)

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7/10/2020 8:04:52 AM

Posted To: Mortgage Rate Watch

There are two kinds of headlines about mortgage rates today: those that rely on the weekly survey-based data published each Thursday by Freddie Mac, and those who rely on the actual daily average rate compiled by Mortgage News Daily. In both cases , the headlines can claim new record low rates, but each source is referring to a different instance of all-time lows. for the average lender. Specifically the all-time lows I told you about on Monday are the same all-time lows Freddie Mac is talking about today (Freddie's survey only covers the first part of any given week and tends to heavily favor Mondays). And the all-time lows I'm talking about today are those that have yet to be captured by Freddie's survey. Indeed, they may not be captured at all if rates happen to move up by the beginning...(read more)

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7/9/2020 3:25:00 PM

Posted To: MND NewsWire

Credit tightening is becoming more evident according to the Mortgage Bankers Association (MBA). Its Mortgage Credit Availability Index fell to a reading of 125.0 in June, a loss of 3.3 percent . A decline in the index indicates stricter lending standards. Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting explained. "Mortgage credit supply dropped again in June, as investors further reduced their willingness to purchase jumbo loans and those with lower credit scores. Lenders are navigating a gradual economic and housing market recovery that is still facing headwinds from the ongoing COVID-19 pandemic. The overall credit availability index decreased 3.3 percent to its lowest level since April 2014 , with all of the sub-indexes falling to lows not seen since 2014-2015...(read more)

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7/9/2020 3:23:48 PM

Posted To: MBS Commentary

Bonds Making a Case For a New Trend We've talked a lot about the linear uptrend in bond yields that began in April. It was defeated by the end of June and bonds began drifting sideways. But now they may be making a case for a new trend toward lower rates. Econ Data / Events 11:30-11:50 AM (ET) - Fed 30yr UMBS Buying Jobless Claims 1.314m vs 1.375m f'cast, 1.427 prev Continued Claims 18.062m vs 18.95m f'cast, 19,290m prev Market Movement Recap 08:16 AM Once again, stocks and bonds made a modest move to start the overnight session and were then extremely flat since then. MBS starting out up 1 tick (0.03) and 10yr yields are down 1.3bps at .653 11:00 AM Bonds are rallying nicely now as the stock market swan dives. 10yr yields down more than 4bps to .62%+ and UMBS 2.0 up an eight, quickly...(read more)

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7/9/2020 3:03:23 PM

Posted To: MND NewsWire

A new survey by the National Association of Realtors® (NAR) has found that the vast majority of its members feel as though their businesses are back on track. NAR says, "After enduring months of setbacks brought on by the coronavirus pandemic... more than nine in 10 members believe they are in the process of recovering as many states start to reopen their economies. " Ninety-two percent of the residential and commercial Realtors who responded to the 2020 Market Recovery Survey said that at least a portion of their buyers are back and of those, 18 percent said they never left. Nine percent said all of their buyers had returned with agents in small towns and rural areas more likely to report either no interruption in activity or a more robust return of buyers to the market. "The residential...(read more)

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7/9/2020 9:57:36 AM

Posted To: MBS Commentary

We've talked a lot about the massive rift that opened up between mortgage rates and MBS yields as the pandemic hit markets several months ago. MBS yield isn't something we've historically focused on largely because it's not important to follow for the purposes of our core audience. But apart from something like 10yr Treasury yields, it provides the least complex comparison between bond market movement and mortgage rates. While the comparison may be relatively simple, the thing itself is less so. If we're talking about the "current coupon" yield (which we need to be in order to examine longer-term relationships between MBS and rates), and given the lack of a liquid discount MBS coupon (i.e. nothing is actually trading under a price of 100.00, which is something...(read more)

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7/9/2020 8:18:19 AM

Posted To: Pipeline Press

United Airlines may lay off 36,000? Bed, Bath, and Beyond closing 200 stores? Walgreen’s cutting 4,000? Yup. Lower rates won’t save those jobs, but we’ll have low rates for a long time. Things are different for residential lenders. When we began 2020, who thought things would be where they are now in our biz to the point of me receiving this note from the CEO of a well-known retail lender: “We’re seeing crazy volumes and profits. Controlling overhead and making money is not our problem. My LOs have been working twelve hours a day, seven days a week, as have processors and many of my Ops staff. Burnout is the problem. The days of aggregators pricing servicing at zero are gone, although few want low credit score product, spec pool bids have come roaring back, fears...(read more)

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7/9/2020 8:16:18 AM

Posted To: Mortgage Rate Watch

Mortgage rates were unchanged today for the average lender. That means they remain at all-time lows that are even lower than the all-time lows seen during the previous 3 business days. Even so, today's underlying market movement might be a bit of a wake-up call for anyone waiting to lock an interest rate. In general, the decision to lock or float a mortgage rate has had low consequences recently. While that will likely continue to be the case until the coronavirus situation meaningfully improves, it doesn't mean we should fall asleep at the wheel. We need to remain vigilant for signs that the most recent all-time low mortgage rates are the last we'll see for months or years. Today served as a fairly non-threatening wake-up call in that regard--at least for those following the intraday movement...(read more)

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7/8/2020 3:08:00 PM