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CanadaMortgageNews.ca

9/19/2019 10:53:01 AM

WAS THIS A BIG MISTAKE? Last week, Stephen Poloz, the Bank of Canada Governor, kept the Prime Rate as is during the 6th of their eight scheduled meetings for 2019.  … Continue Reading Why didn’t the Bank of Canada Gov cut rates last week?

9/12/2019 10:41:15 AM

The First-Time Home Buyer Incentive (FTHBI) program is a Shared Equity plan that came into effect Sept 2nd (just before an election, what coincidence).  The program was created to stimulate … Continue Reading New First-Time Home Buyer Incentive.. the quick facts.

9/6/2019 9:31:13 AM

While I originally posted this article in September of 2015, I think now is a good time to take another look. Fixed mortgage rates are at an all-time low.  If … Continue Reading These 3 clients broke their mortgages, paid a penalty, and still saved between $9,000 and $26,000!

8/30/2019 11:10:03 PM

A couple years ago, the federal government brought in some tighter mortgage qualifying rules. The ‘stress test’ was just one of several changes, but it’s definitely the most well known. … Continue Reading Mortgage Rates are still trending Lower… Yes, in August!

8/20/2019 12:11:23 PM

I’ve been fielding a lot of calls lately asking about 10-year fixed rates – and with good reason! You can now get a 10-year fixed rate for around 3.04%. That’s … Continue Reading Should You Take a 10-Year Fixed Rate When Rates are Low?

8/6/2019 6:33:09 AM
Interest rates

I’ve never seen more competition with mortgage rates in my 30-year career than I have in the first five months of 2019! Rates are under 3%! On May 10th, a … Continue Reading A Rate War on Canada Day?

6/28/2019 11:34:16 AM

Mortgage News Daily

Posted To: MBS Commentary

Relative to the expectation for yesterday's Fed events to cause volatility, the movement we've seen in the bond market has been fairly pitiful in response. Seriously folks... I can't think of a bigger gap between they hype and the outcome with respect to Fed days. Today was merely "The Anticlimax: Part 2." In the overnight session, yields respected the exact some highs as the previous overnight session. During domestic hours, bonds rallied just enough to get close to yesterday's best levels before retreating to something almost perfectly between the two. This is a classic, albeit miniature, consolidation pattern. It could signal a measure of equilibrium between buyers and sellers at current levels, but more likely, it's simply a sign of indecision and apathy after...(read more)

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9/19/2019 3:45:40 PM

Posted To: Mortgage Rate Watch

Here is exactly what yesterday's Fed rate cut did to mortgage rates: ABSOLUTELY NOTHING! No Fed rate cut (or hike) will EVER do ANYTHING directly to mortgage rates because the Fed doesn't set mortgage rates. Don't let the caps-lock fool you into thinking I'm some angry guy with a keyboard who's simply ranting for some self-serving purpose. Of all the people you'll talk to today and of all the articles you'll read on this topic, you should trust me the most. I don't say that lightly or very comfortably, for that matter. It sounds terribly cocky, but in this case, it's also terribly honest. For more than a decade, if markets are open and mortgage companies are quoting rates, I've religiously been tracking trends, patterns and plain old boring statistics. I use actual wholesale rate sheets from...(read more)

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9/19/2019 2:23:00 PM

Posted To: MND NewsWire

While the increase wasn't as strong as in July, last month's existing home sales posted a second straight month of gains and, as previously, the National Association of Realtors® (NAR) credited falling interest rates. Sales of previously owned single-family houses, townhouses, condominiums, and cooperative apartments were up 1.3 percent compared to July when sales rose 2.5 percent. The seasonally adjusted annual rate of 5.49 million units was 2.6 percent higher than the August 2018 pace of 5.35 million. The increase was felt in three of the four major regions while the West continues to demonstrate some weakness. The month's results were better than predicted. Analysts polled by Econoday had expected them to come in at an annual rate of 5.30 to 5.42 million with a consensus of 5.38 million...(read more)

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9/19/2019 9:17:04 AM

Posted To: MBS Commentary

In the day just passed, the bond market finally got a chance to sink its teeth into the much-anticipated Fed announcement/forecasts/press conference. Traders were hoping to get a read on whether the Fed rate cut cycle is being treated like a fine-tuning adjustment or the beginning of a sustained shift. Of course there was no way for the Fed to know that, let alone communicate it. As we expected, Powell basically said "it depends." Bonds were a bit let down by that, and the somewhat more hawkish Fed funds forecasts. Yields retreated from their anticipatory lows of roughly 1.75%, but nonetheless managed to stay in positive territory on the day. In the day ahead, bonds will battle with the same 1.75% level after an overnight rally. 1.75% or thereabouts has come into play several times...(read more)

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9/19/2019 7:16:15 AM

Posted To: Pipeline Press

The residential lending industry continues to evolve. Lenders are coming and going, moving in and out of business channels. (The latest example being Union Bank, as UBOC is rumored to be in the process of reducing its overall approved broker client base and focusing on deposit relationships). And lenders still report full pipelines but cautiousness in hiring Ops staff. Winter is coming. How many loans do processors process in a month? Or underwriters underwrite? Are there economies of scale at big banks versus independent mortgage banks Here’s a write-up on some stats. Loan officers know that the customer is king, and that there are other measures besides DTI that determine a sound borrower. Goldman Sachs and other major banks are experimenting with alternative metrics to decide whether...(read more)

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9/19/2019 6:52:29 AM

Posted To: MND NewsWire

Fannie Mae says consumer spending will continue to support the economy. The company's Economic Summary for September cites increases in auto and retail sales, real disposable personal income, and real personal consumption expenditures (PCE) as evidence of that strength. In the monthly report, written before release of the very strong census data on August's residential construction, they also say that the recovery in new single-family construction spending suggests that residential fixed investment may be slightly stronger this quarter than they previously expected. As a result of these two factors, the economists upped their forecast for growth in real gross domestic product (GDP) by one-tenth of a percent in the third quarter but revised their view of nonresidential fixed investment to a...(read more)

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9/19/2019 6:38:24 AM

Posted To: MBS Commentary

As far as Fed days go--especially the kind where we get updated economic projections--today's example was pretty damn uneventful. These things happen from time to time, but this wasn't exactly a day where a "dud" announcement was seen as being very likely. Markets were hungry for clarification on the Fed's rate outlook as well as any response to the short-term funding market woes of the past few days. I could weave a bit of a tale for you about how the market moved in a big way ahead of the announcement due to expectations for certain changes/inclusions and how it simply unwound that movement when it didn't get what it was looking for, but that would be giving too much credit. It's true that expectations ramped up a bit for a slightly friendlier Fed than we got...(read more)

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9/18/2019 3:49:35 PM

Posted To: Mortgage Rate Watch

One of the greatest potential sources of confusion for prospective mortgage borrowers is the relationship between the Fed and mortgage rates. While the Fed's policy changes absolutely have a big impact on all sorts of interest rates (including mortgages), a drop in the Fed's policy rate DOES NOT result in lower mortgage rates. In fact, the OPPOSITE was true today. The main reason for confusion is the fact that there's a huge difference from an investment standpoint between a rate that governs the shortest -term transactions (The Fed Funds Rate applies to loans that last for 1 day or less) and a rate that can remain in effect for up to 30 years in the case of mortgages. Even if we use the average life span of a 30yr fixed mortgage, we're still talking about 5-10 years depending on the broader...(read more)

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9/18/2019 2:54:00 PM

Posted To: MBS Commentary

Information received since the Federal Open Market Committee met in JuneJuly indicates that the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although growth of household spending has pickedbeen uprising fromat earliera instrong the yearpace, growth of business fixed investment hasand beenexports softhave weakened. On a 12-month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed. Consistent with its statutory mandate, the Committee seeks to foster maximum employment...(read more)

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9/18/2019 12:02:46 PM

Posted To: MND NewsWire

August turns out to have been among the year's strongest periods for residential construction. While analysts had expected builders to shake off some of the lethargy that has dogged the industry for most of the year, increasing at least the rate of housing starts. However results exceeded expectations across the board and the rates of permitting and starts were the highest in a year . On a regional basis, numbers for the Northeast and Midwest more than compensated for some softening in the West. The U.S. Census Bureau and Department of Housing and Urban Development reported that permits were issued during the month at a seasonally adjusted annual rate of 1,419,000. This is a 7.7 percent increase from the revised rate of 1,317,000 in July and 12.0 percent higher than the permitting pace in August...(read more)

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9/18/2019 8:23:26 AM