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Up-to-Date Mortgage News


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In so many ways, the pandemic has been devastating for Canadians. Between layoffs, supply-chain shortages, and healthcare challenges, the last year and a half has tested us in ways we … Continue Reading Canadians Are Paying Down Their Non-Mortgage Debt

9/1/2021 7:54:47 AM

If you’re nearing the end of your term, you might be wondering if your lender will offer you a mortgage renewal. Mortgage renewals are a great way to reassess your … Continue Reading Will I Be Offered a Mortgage Renewal?

8/27/2021 7:43:27 AM

Last month, the Bank of Canada released their Monetary Policy Report – or in plain English, their economic forecast. It’s a document that lays out their predictions for the future … Continue Reading The Bank of Canada’s Growth Forecast: What It Means For Homeowners

8/24/2021 7:42:51 AM

In July 2020, with CEO Evan Siddall at the helm, the CMHC decided to tighten the rules for insured mortgages. With revisions like a much higher minimum credit score, and … Continue Reading The CMHC Takes a Step in the Right Direction

7/19/2021 7:55:39 AM

The last year and a half has been challenging for many of us. But none have been more challenged than the brave frontline workers who put their lives at risk … Continue Reading Special Incentives For Frontline Workers

7/2/2021 10:37:48 AM

The pandemic has forced a lot of people to look at their careers more critically. Is my job fulfilling? Does it afford me work/life balance? Flexible hours? Decent time off? … Continue Reading Rethinking Your Career? Here’s How It Could Affect Your Mortgage

6/18/2021 11:19:50 AM

Picture this: you’re buying a home or refinancing your mortgage. You hire a lawyer to facilitate the transaction. You decide to go with a mortgage that is NOT through one … Continue Reading Your Lawyer May Be Overcharging You

6/11/2021 12:49:43 PM

Mortgage News Daily

Posted To: Mortgage Rate Watch

As recently as Thursday, news outlets were reporting mortgage rates had only risen modestly this week with 30yr fixed rates still well under 3.00%. In fact, they were already well over 3.00% by then. So who's lying to you? Perhaps no one! Thursday's news fell victim to the oldest trick in the mortgage rate reporting book. Well, it's not a trick so much as a pitfall , but it's surprisingly common given how easy it would be to avoid. The issue centers on Freddie Mac's weekly mortgage rate survey. As the name suggests, this is an actual survey that's sent out to thousands of originators over the weekend. Responses are accepted through Wednesday, but a majority of responses are in by Monday morning. Results aren't released until Thursday. This isn't a problem when rates remain relatively flat between...(read more)

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9/24/2021 6:41:00 PM

Posted To: MBS Commentary

Range Breakout or New Trend Channel? It was an interesting trading session in the bond market as Treasury yields closed at their weakest levels at the same time that MBS were at their strongest levels. This uncommon scenario was made possible by a combination of previous MBS underperformance and anxiety over next week's Treasury auction cycle. In the bigger picture, the moderate weakness in Treasuries serves to confirm the unfriendly range breakout. But as we discussed this morning, we could also view this weakness in the context of a new trend channel. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Existing Home Sales 5.88m vs 5.89m f'cast, 6.00m prev Market Movement Recap 08:40 AM Bonds found their footing overnight, but not in any decisive way. EU bonds hurt while a risk-off...(read more)

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9/24/2021 2:37:36 PM

Posted To: MND NewsWire

Sales of newly constructed homes performed better than expected in August but remain well behind the pace set in August 2020. The U.S. Census Bureau and Department of Housing and Urban Development say that sales during the month were at a seasonally adjusted annual rate of 740,000 units. This is 1.5 percent above the 729,000 pace in July, a rate that was revised up by 21,000 units from the initial estimate. It was the second month that new home sales have increased following dismal sales in May and June with an aggregate loss of more than 100,000 units. The July and August gains still leave annual sales down 24.3 percent from the August 2020 rate of 977,000 units. Analysts for Econoday had expected sales remain at the 708,000 unit rate reported for July. Those polled by Trading Economics had...(read more)

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9/24/2021 10:36:34 AM

Posted To: MBS Commentary

As early as 4 months ago, we'd been eyeing late September as do or die time for the low rate environment. By early September, we had a very clear picture of the consolidation pattern in rates and very clear notion of this week's Fed announcement serving to inform the inevitable breakout. Now 2 days later, the breakout is here. The implication is bad for rates, but vaguely so. Fed tapering isn't the big deal it was in the past. Rather, it's a combination of other factors that led to the technical break. Chief among these in a general sense is the ongoing drop in week-over-week covid case counts and/or hospitalizations. From here, rates could merely drift higher at a leisurely pace, or they could accelerate in a more abrupt way. It all depends on how those "other factors"...(read more)

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9/24/2021 9:47:44 AM

Posted To: Pipeline Press

First off, my apologies to Ernest Hemingway whose name I mistakenly wrote as “Earnest.” Thank you to those who pointed that out. Second… Okay… I see my share of clever and funny videos. But this one is a “must watch,” superb and short, about adults returning to the office. Know any truck drivers? Do they want to work in the UK? BP is closing stations due to a shortage of drivers! In this nation, Costco has begun rationing, and is raising prices, due to shortages. Wannabe homeowners have been grappling with a shortage of housing stock for a while. As homebuilders begin to release more inventory for sale, seasonally-adjusted order trends are bouncing off recent lows. Still, overall sentiment among our contacts continued to soften in August as there is a general...(read more)

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9/24/2021 9:37:02 AM

Posted To: MND NewsWire

Homeowner equity grew $2.9 trillion nationwide from the second quarter of 2020 to the same quarter this year. CoreLogic's Homeowner Equity Report shows U.S. homeowners who have mortgages (which account for roughly 63 percent of all residential properties) saw their equity increase by 29.3 percent over that period, an average borrower gain of $51,500. With over 1.5 million homeowners in forbearance and 5 million consumers unemployed, current equity figures have added import. A recent CoreLogic survey found 59 percent of respondents feel extremely confident in their ability to keep current on their mortgage payments in the coming year. CoreLogic says, "Thanks to ongoing government provisions, increased vaccine availability - enabling many to return to work and a steady income - and record homeowner...(read more)

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9/23/2021 2:54:39 PM

Posted To: MND NewsWire

Delinquencies hit a new post-pandemic low in August as the national delinquency rate fell by 84,000 loans or 3.48 percent compared to July. It was 41.84 percent below the level in August of 2020. Black Knight, in its "first look" at the months loan performance data, said the 1.122 million loans that were 30 or more days past due but not in foreclosure, were down by 1.557 million on an annual basis. In January of 2020, one month before the first cases of COVID-19 were reported, the national delinquency rate was 3.3 percent. Serious delinquencies , those loans 90 or more days past due but not in foreclosure, remain elevated, but even they have been improving steadily. Serious delinquencies fell 108,000 from July and are down more than 1 million from the level in August 2020. Still, 1.339 million...(read more)

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9/23/2021 2:52:27 PM

Posted To: MND NewsWire

Existing home sales ended two months of gains in August, falling 2.0 percent on a seasonally adjusted basis from the previous month. The National Association of Realtors® (NAR) said preowned single-family homes, townhomes, condominiums, and cooperative apartments sold at an annual rate of 5.88 million units during the month compared to 6.00 million in July. Sales were 1.5 percent lower on an annual basis. The dip was expected, and sales came in only slightly under the levels predicted by Econoday and Trading Economics. Their respective consensus estimates were 5.90 and 5.89 million. Single-family home sales decreased to a seasonally adjusted annual rate of 5.19 million in August, down 1.9 percent from 5.29 million in July and 2.8 percent fewer than the rate in August 2020. Condominiums...(read more)

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9/23/2021 2:49:05 PM

Posted To: Mortgage Rate Watch

Mortgage rates jumped substantially higher today as global markets reacted to yesterday's Fed announcement. But that's really just scratching the surface. The Fed is a convenient talking point because simply due to timing and the absence of another obvious, singular source of inspiration. It's entirely possible that the confluence of other factors would be producing a similar result regardless of the Fed. In fact, the bond market is talking about 8-9 separate potential market movers today. Most of them are fairly esoteric. The Fed's decision to telegraph a tapering announcement in November is one of the simplest topics, but simpler still is the week-over-week drop in covid case counts in the US. Late September was always going to be important in that regard for several reasons. It's late enough...(read more)

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9/23/2021 2:28:00 PM

Posted To: MBS Commentary

What's Up With Today's Big Sell-Off? It's not nearly as surprising to see bond yields breaking technical ceilings today as it was to see them bouncing at a technical floor yesterday. By confirming the taper timeline, the Fed effectively stood aside and allowed nature to take its course in the bond market. The most natural trade of the past 1.5 years has been covid. Viewed in that lens, 2021 is extraordinarily simple. Rates spiked quickly with vaccinations as case counts plummeted. Rates moved lower as concern over the delta variant grew. And now that the new school year is well underway and case counts are falling, it's no surprise to see yields confirming a sideways-to-slightly higher trend by breaking up and over 1.37% (10yr yields). Is this the only thing moving markets today...(read more)

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9/23/2021 1:41:43 PM