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Up-to-Date Mortgage News


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We’re celebrating Financial Literacy Month! Join Senior Economist, Ted Tsiakopoulos and Mortgage Broker, Steve Garganis Thursday, Nov 12, 2020, at 1:00 PM Eastern Time for a chat about budgets, savings, debt, and … Continue Reading It’s Financial Literacy Month

11/10/2020 8:23:28 PM

In case you missed it check out the video below of our October 28th,  Roundtable Discussion on Housing and Mortgage Market Insights… Check out our Panel Discussion with Steve Garganis … Continue Reading Housing And Mortgage Market Insights – Roundtable Discussion

10/28/2020 7:59:47 AM

Did you hear the news?   Or did you miss it? Last week the Bank of Canada announced they would stop buying Canada Mortgage Bonds.  But it seems like nobody … Continue Reading What’s happening with Canada Mortgage Bonds?

10/23/2020 11:15:51 AM

Rates are at all time lows and are expected to stay that way for a while! This means payments can’t go much lower. Let’s put interest rates and mortgage costs … Continue Reading Rates are at all time lows

9/18/2020 9:59:56 AM

I recently participated in a conference call with Scotiabank’s Chief Economist & SVP, Jean-Francois Perrault and John Webster President & CEO Scotia Mortgage Corporation.   It was good to hear … Continue Reading Is the COVID-19 emergency over? An economists perspective.

9/14/2020 9:46:21 AM

Bridge loans are short-term loans that bridge the gap between two different closing dates. More commonly used when an existing homeowner sells their home, and buys another home, with two … Continue Reading Bridge Loans… the what and why!

8/8/2020 9:32:00 AM

Some years ago, I did a study on the benefits and disadvantages of online shopping.  Sure, you can order food from your favourite restaurant, buy a new set of earbuds, … Continue Reading What’s a Travel agent got to do with a mortgage?

8/4/2020 12:32:30 PM

Mortgage News Daily

Posted To: Mortgage Rate Watch

Mortgage rates have been operating relatively close to their all-time lows recently and today was no exception. The Fed raised some doubts as to how much longer that would be the case this afternoon when it released the minutes of its most recent policy meeting (from 3 weeks ago). The Fed questioned whether its mortgage-specific bond buying was having any ill effects. That's only a vague hint of a threat, to be fair, but on top of that, market participants also felt the Fed did less than expected to telegraph any enhancement of its bond buying plans (something that traders saw as a stronger possibility for the upcoming Fed announcement in mid-December). The market reaction was almost negligible in the bigger picture, but it looks like it would give a modest bump to rates if markets had more...(read more)

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11/25/2020 3:11:00 PM

Posted To: MBS Commentary

Fed Minutes Hurt MBS, But Not Quite As Badly As It Seemed Today's Fed Minutes offered a more detailed account of the meeting that took place 3 weeks ago. Markets expected there would be more to learn on the Fed's debate over its bond buying plan. They were not disappointed at the level of information, but MBS were a bit disappointed by the specifics. Prices fell moderately as a result, but at times, the losses looked much bigger than they were due to the illiquid trading conditions that are typical for the day before Thanksgiving. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) Jobless Claims 778k vs 730k f'cast, 748k prev Durable Goods Core CapEx 0.7 vs 0.5 f'cast, 1.9 prev Q3 GDP (1st revision) 33.1 vs 33.2 f'cast, 33.1 prev New Home...(read more)

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11/25/2020 2:44:29 PM

Posted To: MND NewsWire

Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 25.7 percent in October compared to a 17.5 percent gain in September. The portfolio balance at the end of the period was $2.625 trillion compared to $2.579 trillion the prior month and $2.301 trillion a year earlier. The growth rate for the year to date is 15.2 percent. Purchases and Issuances totaled $137.285 billion and Sales were ($1.706) billion. The September numbers were $114.386 billion and ($3.064) billion, respectively. Single-family refinance loan purchase and guarantee volume was $89.7 billion in October compared to $70.9 billion in September, representing a 71 percent share of total single-family mortgage portfolio purchases and issuances compared to 69 percent the previous month...(read more)

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11/25/2020 10:47:00 AM

Posted To: MND NewsWire

Sales of newly constructed single-family homes slipped slightly in October; the second month sales have declined. The U.S. Census Bureau and Department of Housing and Urban Development reported that the month's sales were at a seasonally adjusted annual rate of 999,000, a decrease of 0.3 percent compared to September's revised sales of 1,002,000. New home sales in October were 41.5 percent higher than those in October 2019. Both August and September sales numbers were revised higher in this month's report. September's sales were originally reported at 959,000 and August sales, which had been revised down to 994,000 from a much higher original rate, were boosted back up to 1,001,000. October's sales were higher than expected. Analysts polled by Econoday had forecasts over a range of 935,000...(read more)

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11/25/2020 10:25:08 AM

Posted To: MBS Commentary

Here it is! The trading community's ONE guaranteed chance of the year for a 4.5-day weekend. Even though Wednesday is never officially designated as an "early close" by SIFMA, that's often what it becomes in terms of volume and liquidity. The only reason that might not be the case to a normal extent this year is the presence of the FOMC Minutes at 2pm. This provides a more detailed account of the Fed meeting that took place 3 weeks ago and thus may offer some insight to the Fed's plans for the December meeting. In short, markets want to know how likely it is that the Fed will extend the average maturity of its bond holdings--something that is net positive for rates. The economic calendar is jam-packed in a visual sense, but the market-moving power is a different story...(read more)

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11/25/2020 9:12:25 AM

Posted To: Pipeline Press

Second only to the excitement of the new phone book coming, the new conforming loan limit is $548,250 for 2021 , up from $510,400 in 2020, and some investors reacted. (More below.) The limit will impact home buyers in a positive way. The spread of COVID-19 (based on 2 things, how dense the population is, and how dense the population is) has led to an entirely new home life for many, and a shift in demand and features in a home. Millennials and Generation Xers are extremely or very interested in certain amenities in a new home like high-speed fiber-to-the-home/broadband internet for remote work, online classes, and high-definition movie streaming, wireless connectivity in common areas like the outdoors, in clubhouses, or near pools, and built-in, ready-to-use smart devices, such as thermostats...(read more)

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11/25/2020 8:36:15 AM

Posted To: MND NewsWire

Refinancing increased its already overwhelming dominance of the mortgage market during the week ended November 20. The Mortgage Bankers Association (MBA) said the refinancing share of mortgage applications topped 70 percent and refinancing accounted for most of the weeks increased volume. MBA's Market Composite Index, a measure of mortgage loan application volume, increased 3.9 percent on a seasonally adjusted basis from one week earlier and was 3 percent higher unadjusted. After being essentially flat since the end of October, the Refinance Index increased 5 percent last week and was 79 percent higher than the same week one year ago. The refinance share of mortgage activity increased to 71.1 percent of total applications from 69.8 percent the previous week. Purchasing volume increased for...(read more)

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11/25/2020 8:21:29 AM

Posted To: MBS Commentary

Modest Weakness Persists as Markets Rotate Back Toward Risk Whether we want to pin the blame on Trump's willingness to begin the transition of power or Yellen being named as Biden's Treasury Secretary yesterday, stocks and bonds have both been doing more to move in a "risk-on" direction over the past 2 days. Yesterday's move in stocks was clearly a response to Yellen (around 3pm ET). Today's move was more gradual and it occurred throughout the morning hours during NYSE trading. All told, it was a bigger deal for stocks, however, as 10yr yields are only 2bps higher at the moment. The bigger news for the mortgage market today was the release of updated conforming loan limits (read more). Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th...(read more)

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11/24/2020 3:44:08 PM

Posted To: Mortgage Rate Watch

If you follow the MBS Commentary channel on this site, you will have already seen most of the following, but it's relevant for consumers as well. As far as mortgage rates are concerned, the increase in conforming loan limits doesn't have a direct impact, but it does change rate availability for those seeking certain loan amounts. There's a link below where you can see exactly what the new loan limit is for any given county. If you'd like to read the official FHFA press release, here you go , but here's the skinny on the new conforming loan limit of $548,250 for 2021, up from $510,400 in 2020. Which loans does this apply to? Conventional, conforming loans (those sold to or securitized by Fannie Mae and Freddie Mac, which is a vast majority of the market), both refinances and purchases Does this...(read more)

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11/24/2020 3:42:00 PM

Posted To: MBS Commentary

If you'd like to read the official FHFA press release, here you go , but here's the skinny on the new conforming loan limit of $548,250 for 2021, up from $510,400 in 2020. Which loans does this apply to? Conventional, conforming loans (those sold to or securitized by Fannie Mae and Freddie Mac, which is a vast majority of the market), both refinances and purchases Does this apply to FHA/VA/USDA loans? Not immediately, and not equally. FHA will use the new number to announce its own loan limit increases in a week or two. When that happens, you can always use this page to determine your county's limit. VA is a bit different depending on how much entitlement you have ( read more on the VA site ). What's the benefit of having a conforming loan amount? Conforming loans have the lowest...(read more)

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11/24/2020 12:30:14 PM