Episode 352 - What will New Year's 2011 bring for Canadian mortgages?

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How is Episode 352 - What will New Year's 2011 bring for Canadian mortgages?

Episode 352 - What will New Year's 2011 bring for Canadian mortgages? Video Clips. Duration : 2.75 Mins.

We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Mortgage Rates Forecast . Please visit us at oneillrealestate.ca or leave a comment. George O'Neill sits down to talk with Brad Compton ( http ), Invis mortgage agent, about his forecast on Canadian mortgage rates in January 2011. As you may be aware, RBC raised their fixed mortgage rates earlier this week by 0.10% to 0.25%. Brad expects all the other major Canadian banks to follow suit shortly. This is due to rising bond yields in the past couple weeks -- the higher the yields, the more expensive it is for banks to borrow money and this results in an increase in fixed mortgage rates. Some fixed rates are now above 4%, however Brad predicts rates will remain stable until at least January 2011. It should be noted that variable mortgage rates, which rise and fall based on the Bank of Canada's overnight lending rate and not the bond market, have remained low and are expected to remain low as the government is expected to keep the BoC lending rate unchanged. If you're considering buying a home with a fixed rate mortgage in the next thirty days, Brad recommends locking in a rate as soon as possible. If you apply for a mortgage preapproval, the rate is locked in for 120 days -- that means you're protected from having to pay a higher fixed mortgage rate for four months. However, if rates go down, you can easily trade down to the cheaper rate!

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