Any one has any insight / guess work into where the mortgage rates are headed?
Mortgage rates will head south soon.
In the next meeting with the fed's next week, People (Economist's) are expecting 0.25 or 0.5 % cut. The general concensus is that the interest rates are to come down in USA in the months to come.
Cutting of the interest rates in USA would make our currency stronger. To counter that the bank of Canada would have to cut interest rates in order to keep our currency at check. They already did it yesterday by cutting the interest rates by 25 basis points (0.25%).
Oil is currently at $87 a barrel. As oil goes up, so will our currency too. So it is reasonable to assume that if the price of oil goes up, our currency would go up and this in turn would induce the bank of Canada even more to cut interest rates. So you do the math.
TK A
Sidenote : Hope you are aware that if the interest rates comes down, your mortgage rate would also come down.
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I am a Gents and not a Ladies.
So have interest rates already come down?
I am a first time buyer planning to buy a 2BR condo in York region with amenities like pool, sauna, gym etc etc., My budget being 1800 dollars a month max. How much mortgage should I get with zero down payment? Do you know of any nice buildings in this area?
Please include property tax, maintenance cost (specially if you are not handy), condo/townhouse monthly fee and moving expense (new furniture/tv/other stuff)if needed.
Quote:
Originally posted by ulludapatha
So have interest rates already come down?
I am a first time buyer planning to buy a 2BR condo in York region with amenities like pool, sauna, gym etc etc., My budget being 1800 dollars a month max. How much mortgage should I get with zero down payment? Do you know of any nice buildings in this area?
Bank of Canada lending rate was cut today by 1/4% and they might add another 1/4% cut at their next announcement therefore reducing lending/mortgage rates by the big banks. Expect rates to go down very soon (if not already).
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Vimal Patel, Realtor
Homelife Royalcorp Real Estate Inc., Brokerage
Cell: 416-887-3745
Office: 905-856-6611
Fax: 905-856-6232
vimal.patel@gmail.com
http://www.vimalpatel.ca" rel="nofollow">LINK
Quote:In general, this type of knee-jerk reaction cut in interest rates is very bad policy.
Originally posted by vimpatel
Bank of Canada lending rate was cut today by 1/4% and they might add another 1/4% cut at their next announcement therefore reducing lending/mortgage rates by the big banks. Expect rates to go down very soon (if not already).
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