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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

It is about time for some good news to be shared regarding the housing market and the mortgage industry. Luckily, one bank has stepped in to help make that happen. … Continue Reading A “big six” bank announces a new program to help Canadians with their home financing needs

3/2/2021 6:56:01 PM

You may have seen or heard reports of pending fixed rate increases. The media loves to spread and focus on bad news more than good news. That’s the media for you, though. This is your notice that fixed rates could go up over the next few weeks. Now that we have that out of the way, let's talk about what you should do. Personally, I am doing nothing. I am keeping all my mortgages in a variable rate. The reasons are simple. 

2/22/2021 3:05:07 PM
Finance

I’m a bit of a  hypocrite.  Whenever I go for a haircut, the gym or even to visit my dentist there’s a tv and it’s usually tuned in to a … Continue Reading The Good News

1/29/2021 6:52:00 AM

While average mortgage size and average real estate prices have gone up, interest rates have not. They’ve actually done the opposite. And they have gone significantly lower. A $400,000 mortgage … Continue Reading How to benefit from record low interest rates

1/28/2021 6:47:00 AM
Mortgage News

2020… It will be known as the year of the pandemic. It will also be known as a year of a record-setting real estate market. We saw records for volume … Continue Reading New Year New Outlook

1/26/2021 7:34:00 AM
Fun news

From our familes to yours, wishing you the best of the season. Happy Holidays!Steve

12/24/2020 12:42:33 PM

Last week, I participated in a webinar featuring Economist Dr. Peter Andersen.  While there was a lot of information covered, today I want to focus on a couple of key … Continue Reading Average inflation targeting… remember this term.

12/16/2020 7:06:00 AM

Mortgage News Daily

Posted To: MBS Commentary

Huge Jobs Report, Logical Weakness, and a Nice Bounce, But... Bonds did quite well today considering Powell's endorsement of higher rates (yesterday) combined with this morning's significantly stronger jobs report. Most of the push back was seen in MBS, however, and even then, closing levels are only really worthy of enthusiasm when compared to the past 26 hours. The rising rate narrative remains intact until further notice. Could next week's Treasury auction cycle finally be the thing that helps us identify a tactical opportunity for rates to recover? Sure! But betting on such things ahead of time has been costly. Wait for confirmation. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Market Movement Recap 08:06 AM Bonds were modestly weaker in Asia, bounced back modestly in...(read more)

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3/5/2021 4:28:07 PM

Posted To: Mortgage Rate Watch

Interest rates can't seem to catch a break. February was one of only a handful of months in the past 2 decades that resulted in a 0.50% mortgage rate spike. Despite hopes to the contrary, March isn't off to a great start either. Paradoxically, this rate drama means everything is going according to plan. Why is that? Because the "plan," in this case, is to win the war on the pandemic. That's a multi-faceted issue, of course, and the war is far from over. But most of the battles have deleterious effects on rates when they're going well. At the most basic level, as covid recedes, the economy improves and a strong economy is the quintessential inspiration for rising rates. Inflation is a closely related concept to general economic growth because more "demand" in the economy results in higher prices...(read more)

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3/5/2021 4:27:00 PM

Posted To: MND NewsWire

A new policy paper from the Urban Institute (UI) looks at the recent amendments to the senior preferred stock purchase agreement (PSPA) agreed to by outgoing Treasury Secretary Steven Mnuchin and Mark Calabria, Director the Federal Housing Finance Agency (FHFA) on January 14, 2021. The PSPA governs Treasury's financial relationship with the GSEs Fannie Mae and Freddie Mac. The changes were intended to enable the eventual release of the GSEs from conservatorship by allowing them to build capital and provides milestones for their release. The changes also serve to constrain the GSEs' activities well after their release by putting limits on their business practices including limits on the amount of "high risk" mortgages they can purchase as well as those that finance second homes or investor properties...(read more)

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3/5/2021 10:54:11 AM

Posted To: MND NewsWire

As Black Knight has repeatedly predicted, end of February expirations drove the number of mortgage loans in forbearance lower this past week. There was a decline of 22,000 loans in forbearance plans during the week ended March 2, an 0.8 percent decline. Black Knight says that there are still more than 100,000 loans in plans that expired at the end of last month that may be under review by servicers for extension or removals. Despite weekly improvement, the monthly rate of decrease slowed from 2.0 percent to 1.3 percent. At the end of the reporting period, the company estimates that 2.69 million homeowners remain in forbearance plans, 5.1 percent of those with a mortgage loan. The largest improvement over the past week was in loans serviced for FHA and the VA. They declined by 13,000 to 1,113...(read more)

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3/5/2021 10:43:54 AM

Posted To: MND NewsWire

The Consumer Financial Protection Bureau (CFPB) has proposed to delay the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022. The rule, proposed last June, is designed as a replacement for the so-called GSE patch. CFPB says it is proposing the extension to ensure that homeowners struggling with the financial impacts of the COVID-19 pandemic have the options they need. As originally written at the time of the housing crisis, the Ability to Repay/Qualified Mortgage Rule (ATR-QM Rule) provided a safe harbor to protect lenders from lawsuits charging them with failing to appropriately quantify a borrower's ability to repayment a loan. In general, the QM rule requires that a loan comply with prohibitions on certain loan features, points...(read more)

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3/5/2021 10:37:00 AM

Posted To: MBS Commentary

Today began with Nonfarm Payrolls coming in at 379k vs 182k forecast. Last month's numbers were revised up to 166k from 49k. The unemployment rate ticked down a hair without being offset by a drop in the labor force participation rate. The hourly work-week returned to more normal levels after hitting a record high in the last report. All of these factors speak to the reopening of various local economies (and the report itself confirmed a massive resurgence in leisure/hospitality/wait-staff). Taken together with yesterday's Powell speech (in which the Fed chair completely avoided throwing a bone to concerns over the recent rate spike), this could easily add to the case for even higher rates than we've already seen. In fact, it did just that at first. Previous highs of 1.614% in 10yr...(read more)

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3/5/2021 9:30:48 AM

Posted To: Pipeline Press

In the legal field, virtual litigation is thought to be here to stay, vaccine or no vaccine. And as the pandemic continues, and remote hiring continues for lenders, CEOs, owners, and managers are grappling with the thought of having scattered workforces going forward, and there will be no, “Okay, everyone back to the office!” when people were hired thousands of miles away. And housing is reacting: With 70+ millennials running around, and housing starts and building permits showing about 1.5 million units a year being built, there’s a shortage! Another reason why inventory is so tight? A good portion of housing starts are tear-downs, which means a new structure is replacing an older one, so there is no net change in housing inventory . There are creative ways around that. For...(read more)

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3/5/2021 8:59:49 AM

Posted To: Mortgage Rate Watch

Mortgage rates jumped quickly today after Q&A session with Federal Reserve Chair Jerome Powell. What did he say to cause such drama? Actually, it's more about what he didn't say. For some reason, market participants were expecting (or at least hoping) that Powell would say something to address the recent run-up in longer term rates. Some commentary went so far as to suggest the Fed would suddenly have a change of heart about a tweak to its bond buying program that it just went to some effort to distance itself from in recent months. The tweak in question is most widely known as "operation twist. " It consists of the Fed selling some of its shorter maturity bonds and replacing them with longer maturities. The net effect is downward pressure on longer-term rates like mortgages and 10yr Treasury...(read more)

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3/4/2021 4:27:00 PM

Posted To: MBS Commentary

Powell Does Exactly What He Was Supposed To (And Bonds Didn't Like It) From this AM: "some recent analysis has GREATLY overestimated the Fed's willingness to "twist."" In simpler terms, there was some buzz about Powell saying the Fed might sell short-term bonds and buy more long-term bonds. That buzz was silly this morning, and Powell confirmed the silliness by passing up 47 opportunities to say anything remotely indicative of twisty aspirations. In other words, sorry long-term bonds... the Fed isn't going to save you. The only surprise here today is the revelation of just how much of the bond market expected something else (as evidenced by the 1.47 to 1.54% sell-off following Powell). SIGNIFICANTLY more detail and explanation available in this commentary piece...(read more)

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3/4/2021 3:19:07 PM

Posted To: MBS Commentary

There seems to be a fair amount of surprise and confusion surrounding today's bond market sell-off in response to Fed Chair Powell's Q&A with the WSJ. First off, this wasn't a Q&A so much as a PSA to address some fairly far-fetched assumptions about how the Fed might react to the recent spike in bond yields. It's a sad state of affairs that such an exercise was even necessary considering just how transparent and unified the Fed has been in their message. What message is that? Here are a few of the key points laid out by multiple Fed speakers recently: Rising long-term bond yields are not yet troubling. They reflect economic optimism and rising inflation expectations. This is what should be happening at this stage in the recovery The Fed discussed extending the duration...(read more)

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3/4/2021 1:57:32 PM