Mortgage renewal - lock in now or go short?

I had another question about mortgage renewal advice and thought I would share the question and my answer.

The question was:

Hi,

I have been always checking your websites on pointers and I learned so much on it.

Now I would like to ask regarding mortgage. I am due for renewal of mortgage (oct) and cant decide what to do so Im seeking your wisdom,

I have 100,000 left from my mortgage. and now being offered by my current bank to take 2.65% for a year. If I keep the same payment, my banker said I can finish it off in 6 to 7 years.

What I used before is paying a biweekly 650.00 but each month I paid a lumpsump of at least 500.

Now on my renewal, is it best to do the same thing again? Or I can save more if upfront, I decrease my mortgage length instead by paying making my biweekly payment of 900?

Please advise.
Thanks

Rose

My answer

Hello Rose,

I am a firm believer in paying that mortgage off as soon as you can. We may never see today's' rates again. I would go with the short term variable rate and have your bank lower your amortization upon renewal until the payment is $650 or whatever your payment was before. You can get less than 2.65% on a variable rate. This should reduce your amortization to maybe about 5 years, see the calculator here: http://www.mississauga4sale.com/mortgage-amortization-creator.htm

Then you should be able to pay it off in 5 years or so.

Even if the prime rate increases later this year, which it is supposed to, the 5 year variable has to climb to about 4.75% for you to be even compared to the 2.65% mortgage for 5 years and you will still be ahead of the game.

Reason is, it may take 2 years to reach 4.75%, if ever, and then you have saved a pile in interest in the first 2 years of your mortgage. You should be earning more in 2 years from now and look at it as an investment in yourself.

Also, in 3 years, you can renew that 5 year mortgage and who knows, there may be some good specials out there that you can take advantage of.

Please make sure your payments are accelerated bi weekly or accelerated weekly, which I am guessing they are, but please confirm this with your bank.

I am always learning too in this business and I heard another gem of advice the other day. When your mortgage is coming up for renewal, look for a new bank branch opening. They often will give a discounted rate ONLY at that branch because they want new customers coming into the branch and creating accounts and business. This would be a 'branch special' and maybe a great method of getting an even better rate. My colleague who told me this said that you may be able to get an additional .5% off the best rate, because they want new business. I will look for this next time one of our mortgages comes due, sounds interesting! :-)

You should be better off in the long run going short term, read my experience here:

http://www.mississauga4sale.com/Lock-In-Short-Term-Long-Term-Mortgage.htm

All the best!

Mark

5-year Fixed mortgage rate as low as 3.53%

There are some great 'specials' out in the marketplace for mortgages in the
Toronto, Mississauga and GTA.

Good news,

Special 5-year fixed rate has dropped to 3.53%. Fully qualified quick
closing deal only (within 30 days).

Also variable rate P-0.40% (1.85%) with term around 2.5 years still
available. But it might ends soon.

To take advantage send me an email and I'll put you in touch with my
mortgage broker.

All the best,
Mark

Should I lock in at 5 year or variable mortgage interest rate?

Another great question from an interested reader, and my answer below

Hi Mark,

After looking through a whole bunch of Google results, I found yours the
most intelligent and sensible. So, if you don't mind, I would like to ask
you this at this point in time, as your posting is somewhat old:

I am being offered these two options before my March 2 renewal date on a
$202,000 mortgage with 23 yr. amortization:

1). 5 Year Closed @ 3.81% - 23 Year Amortization with Weekly Regular
Payments: $252.77

2). 5 Year Variable @ Prime Minus 0.35% (currently 1.90%) - 23 Year
Amortization with Weekly Regular Payments: $208.32

Which one would YOU choose?

Thanks.
--
H.S.A. Harry, Calgary, Alberta, Canada

Hi H .,

I am a firm believer in paying that mortgage off. We may never see today's'
rates again. I would go with option 2 and have your bank lower your
amortization on renewal until the payment is $250 per week. This should
reduce your amortization to about 18.2 years, see the calculator here:
http://www.mississauga4sale.com/mortgage-amortization-creator.htm

Then in 5 years when it comes time to renew, you will only have 13 years
left to go on your mortgage.

Even if the prime rate increases, which it is supposed to, the 5 year
variable has to climb to about 5.5% for you to be even compared to the 3.81%
mortgage for 5 years and you will still be ahead of the game. Reason is, it
may take 2 years to reach 5.5%, if ever, and then you have saved a pile in
interest in the first 2 years of your mortgage. You should be earning more
in 2 years from now and look at it as an investment in yourself.

Also, in 3 years, you can renew that 5 year mortgage and who knows, there
may be some good specials out there that you can take advantage of.

You should be better off in the long run going short term, read my
experience here:
http://www.mississauga4sale.com/Lock-In-Short-Term-Long-Term-Mortgage.htm

All the best!
Mark

Current Mortgage Interest rates

Mortgage interest rates are changing almost weekly.

Please browse and
http://www.mississauga4sale.com/Rates-Current-Posted-Mortage-Interest-Rate.htmview the current mortgage interest rates and how they have changed over
the past few months.

You can view and compare Today's Low Canada and Ontario Current Mortgage
Interest rates from major lenders for discounted, variable, fixed and prime
rates in Canada and a mortgage calculator at this page:


http://www.mississauga4sale.com/Rates-Current-Posted-Mortage-Interest-Rate.htm

Any time you have questions about interest rates, please let me know. As an
experienced RE/MAX(r) agent who has helped many people purchase homes, I
have every confidence that I'll be able to help you find what you're looking
for as long as we work together and keep in frequent contact.

I look forward to our next meeting. Please feel free to call or email me.

You may sign up to my monthly real estate newsletter using this link:
http://www.mississauga4sale.com/popupquestion.htm; On-Line Real Estate
Newsletter sign up

Or you may wish to receive new
http://www.mississauga4sale.com/Power-Sales-Bank-Sales-Alert-Request.htm
Power of Sale Listings twice per week.

Please let me know if you have any other questions or if there is anything
else I can help you with.

Thank you again for contacting me and I will do my best to help you with
your real estate needs,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Mortgage interest rate update for Toronto and Mississauga Real Estate Market

These are the current posted and attainable mortgage interest rates for Toronto and Mississauga Real Estate Market

TERM	POSTED	BEST RATES*
6 Month	4.60%	3.50%
1 Year	3.65%	2.30%
2 Year	3.95%	2.90%
3 Year	4.50%	3.25%
4 Year	5.19%	3.84%
5 Year	5.59%	3.79%
7 Year	6.60%	5.19%
10 Year	6.70%	5.30%
Variable Rate		2.10%
Prime Rate		2.25%

*Rates may vary provincially and are subject to change without notice OAC.
Rates Last Updated: Thursday, January 14, 2010

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2010 Calendar?

Bank of Canada has decided to maintain the current prime overnight target interest rate at .25%

The Bank of Canada has decided to maintain the current prime overnight target interest rate at .25%

The next bank rate announcement is scheduled for March 2nd, 2010

This is the entire press release below.

Enjoy!
Mark

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent. The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent.

The global economic recovery is under way, supported by continued improvements in financial conditions and stronger domestic demand growth in many emerging-market economies. While the outlook for global growth through 2010 and 2011 is somewhat stronger than the Bank had projected in its October Monetary Policy Report, the recovery continues to depend on exceptional monetary and fiscal stimulus, as well as extraordinary measures taken to support financial systems.

Economic growth in Canada resumed in the third quarter of 2009 and is expected to have picked up further in the fourth quarter. Total CPI inflation turned positive in the fourth quarter and the core rate of inflation has been slightly higher than expected in recent months. Nevertheless, considerable excess supply remains, and the Bank judges that the economy was operating about 3 1/4 per cent below its production capacity in the fourth quarter of 2009.

Canada's economic recovery is expected to evolve largely as anticipated in the October MPR, with the economy returning to full capacity and inflation to the 2 per cent target in the third quarter of 2011. The Bank projects that the economy will grow by 2.9 per cent in 2010 and 3.5 per cent in 2011, after contracting by 2.5 per cent in 2009.

The factors shaping the recovery are largely unchanged -- policy support, increased confidence, improving financial conditions, global growth, and higher terms of trade. At the same time, the persistent strength of the Canadian dollar and the low absolute level of U.S. demand continue to act as significant drags on economic activity in Canada. On balance, these factors have shifted the composition of aggregate demand towards growth in domestic demand and away from net exports. The private sector should become the sole driver of domestic demand growth in 2011.

Conditional on the outlook for inflation, the target overnight rate can be expected to remain at its current level until the end of the second quarter of 2010 in order to achieve the inflation target. Consistent with this conditional commitment, the Bank will continue to conduct term Purchase and Resale Agreements based on existing terms and conditions and according to the accompanying schedule:

In its conduct of monetary policy at low interest rates, the Bank retains considerable flexibility, consistent with the framework outlined in the April 2009 MPR.

The risks to the outlook for inflation continue to be those outlined in the October MPR. On the upside, the main risks are stronger-than-projected global and domestic demand. On the downside, the main risks are a more protracted global recovery and persistent strength of the Canadian dollar that could act as a significant further drag on growth and put additional downward pressure on inflation. While the underlying macroeconomic risks to the projection are roughly balanced, the Bank judges that, as a consequence of operating at the effective lower bound, the overall risks to its inflation projection are tilted slightly to the downside.

Information note:

A full update of the Bank's outlook for the economy and inflation, including risks to the projection, will be published in the Monetary Policy Report on 21 January 2010. The next scheduled date for announcing the overnight rate target is 2 March 2010.

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2010 Calendar?

Bank of Canada maintains interest rates Reiterates commitment to hold until end of second quarter of 2010

This is a report from CREA and the Bank of Canada Regarding interest rates and the fact that they will hold them where they are until mid 2010

Bank of Canada maintains interest rates

Reiterates commitment to hold until end of second quarter of 2010

The Bank of Canada held its benchmark overnight lending rate steady at 0.25 per cent at its setting on October 20th, 2009. The trend-setting Bank rate, which is set 0.25 percentage points above the overnight lending rate, remains at 0.5 per cent.

The Bank acknowledged that recent indicators point to the start of a global recovery, and that economic and financial developments have turned more favourable than it had previously expected. While recognizing that the Canadian economy is rebounding, it expects the recovery to be weak by historical standards.

The Bank downgraded its forecast for Canadian economic growth this year, while keeping its forecast unchanged for 2010. It also lowered its forecast for economic growth in 2011.

In its September announcement to hold interest rates steady, the Bank forecast that inflation would return to its two per cent target in the second quarter of 2011. The Bank has now moved that date out to the third quarter of 2011.

The Bank’s commitment to keep interest rates on hold until the second half of next year is conditional on the outlook for inflation. Since inflation is not expected to pick up sooner than it previously expected, the Bank repeated its commitment to keep interest rates on hold. “Conditional on the outlook for inflation, the target overnight rate can be expected to remain at its current level until the end of the second quarter of 2010 in order to achieve the inflation target.”

The Bank pointed to the rapid rise in the Canadian dollar in recent weeks as a risk to the Canadian economic recovery, saying “Heightened volatility and persistent strength in the Canadian dollar are working to slow growth and subdue inflation pressures.” The Bank now expects that the domestic economy will be a greater source for economic growth, at the expense of weaker net exports.

The Bank expects the output gap to close in the third quarter of 2011, one quarter later than it had projected in July when it said production

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?


• Power of Sales and Foreclosures


• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up


• See seasonal housing patterns


• Would you like me to send you a 2010 Calendar?

Almost time to lock in your mortgage

Take a look at this graph showing the current and projected interest rates in Canada. If you have any doubt, read some of the recent Bank of Canada's announcements on interest rates. It's almost a sure thing that rates will begin to increase in the middle of 2010 and significantly over the next year after that.



Good long range planning will certainly help you with your future!



This goes against what I have written many times in the past. I've always recommended going short term on your mortgage. Once we come out of this recession and the economy starts to improve, rates will increase and we may never see these low rates again for many decades to come. It could be time to lock in for 5, 7 or even 10 years at the current rates to take advantage of these all time low mortgage interest rates



Thanks

Mark

Is it Time to Lock into Long term mortgage interest rates?

The question of whether to lock into the current low mortgage interest rates or continue to stay short term is a question that I often get asked.

The answer depends upon many factors including your ability to tolerate risk.

I've written many times in the past that the best route was to go short term on your mortgage, for at least the past 20 years or so. Mortgage rates are predicted to increase beginning about the middle of 2010 and some are predicting that the Bank of Canada will increase the prime rate by as much as 2.75% over the period from the middle of 2010 to the end of 2011 If this happens, then it's likely mortgage interest rates will also increase by about the same or even more than 3% over the same period.

This would indicate with almost certainty that you should lock into long term mortgages. BUT, this is not necessarily true. Read more at this link

http://www.mississauga4sale.com/Lock-In-Short-Term-Long-Term-Mortgage.htm#update2009

I wish you and your family a Merry Christmas and all the best in the New Year!
Mark

RBC reports that Ontario is looking forward to improving economy

This is the latest report from RBC and they are bullish for the prospects for the Ontario economy in the upcoming quarters
Time will tell!
Enjoy this article,
Mark

Ontario — Looking forward to sunnier days

The upside of having been knocked down by a very tough recession is that things can only get better! On that score, Ontario’s economy can indeed look forward to 2010 after the annus horribilis it has endured in 2009.

Growth is expected to make a return to the province with the help of recovering U.S. demand and still highly simulative fiscal and monetary policy in 2010. Yet, the pace of recovery is most likely to be restrained, at least in the early going, given

the amount of restructuring that will continue to take place, especially in the hard-hit manufacturing sector. Overall employment gains are also likely to be on the moderate side as firms will want to use their current workforce more fully before expanding payrolls. Real GDP and employment in the province are forecast to grow by 2.4% and 1.1% in 2010, respectively, which would be slightly below the national average. In the case of employment, the expected gains would not make up

for the substantial losses (245,000) during the recession until sometime in 2011.

There is evidence that Ontario’s economy has already begun to turn the corner.

After a near-death experience during the first half of 2009, the all-important automotive sector has sprung back to life since summer – thanks in part to the U.S. “cash for clunkers” program that temporarily propped up car sales south of the border.

Although still facing many obstacles, this sector is expected to continue to heal in the year ahead. The housing sector has shown signs of vigour for the past several months, most clearly in the resale market – where activity is back in record territory – but also to a lesser degree in home building.

Driven by some improvement in motor vehicle sales, retail sales have trended higher since about spring after plunging late in 2008. The earlier deterioration in the labour market appears to have stabilized, with the jobless rate no longer surging and even easing a little since mid-summer (although remaining historically high).

Finally, a significant boost to non-residential construction is being felt with public infrastructure spending kicking into high gear. This spending is expected to reach its cruising speed in 2010.

The price for fiscal stimulus, however, is the return of government deficits. In Ontario’s case, the deficit for the 2009-10 fiscal year is now pegged at $24.7 billion, an all-time record for the province. With shortfalls in the following two years also revised higher to $21 billion and $19 billion, respectively, the task of balancing the provincial books within the next five to six years will be challenging and will require some element of fiscal restraint once the economy is back on track.

Partly offsetting any negative impact in the medium-term will be the benefits of implementing the Harmonized Sales Tax (HST) on July 1, 2010.

Although the HST will result in certain currently exempt products and services being taxed, moving to a value-added tax structure will make the tax system more economically efficient and will improve the competitiveness of Ontario businesses by lowering the cost of doing business in the province.

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2010 Calendar?

Canadian Mortgage Interest rates are still expected to stay low well into 2010

Canadian Mortgage Interest rates are still expected to stay low well into 2010

The interest rates in Canada are expected to stay low at least for the first half of 2010

Bank of Canada expects to increase rates in the second half of 2010

Good news for prime linked mortgages and loans!
Mark


Interest rates “lower for longer”

Our forecast that both Canada and the United States will experience sub-par recoveries means that interest rates will remain relatively low. We forecast that short-term interest rates will start to rise in the second half of next year as central bank rate increases become imminent.

In 2011, our expectation that the Bank of Canada and Fed will kick up the pace of rate increases will see two-year rates move back to their average for this decade.

In the absence of inflation concerns, 10-year rates will also remain low in 2010, however they are forecast to rise in 2011 with the return of above-trend growth and rising inflation rates.

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2010 Calendar?

Interest rate announcement and variable rates

Hello, this is an interesting discussion about the current interest rate environment.

The Bank of Canada announced this morning that it will maintain its key policy rate at 0.25 (the rate the determines prime rate), therefore, the prime rate remains unchanged at 2.25%, as expected. They also reiterated their commitment to maintain this rate through to the end of June, 2010 after some previous talk that they may look at raising the rate earlier.

When they do start raising the prime rate at start of the third quarter 2010, they are anticipating a 1.75% hike by the end of 2010 which would set the prime rate at 4.00%, and that is just the beginning as we can expect to see further rate increases throughout 2011.


With the inevitable prime rate hikes just around the corner, locking into a 5 year fixed rate makes more sense then ever. While there are stats indicating that the vast majority of the time, home owners have always come out ahead with a variable rate, we are now in an unprecedented time. That being said, history cannot be and should not be considered when making the decision between fixed and variable.

One thing that is certain, is the direction that rates are heading and the precipitous increases that are expected. While most variable rate mortgages can be converted to a fixed rate at any time without penalty, you may be given posted rates in place of discounted rates, should the switch take place.

If you still think a variable rate is for you, then it is important to check with your mortgage professional to find out what the lenders policy is on this. Secondly, fixed rates are determined by different factors then prime rate, so while we know exactly where the prime rate is headed over the next few years, fixed rates are much harder to predict and may start increasing much sooner, and can do so at any time.


With today's lowest available 5 year fixed being 3.68%, it can be difficult to recommend for anyone go with a variable rate, even if they expect to switch to a fixed before the mid-year increases. If you did plan on switching, you would only be able to reap savings for a few months before switching and the fixed rate they would be locking into will almost certainly be quite a bit higher then what is available to you today.

From Paul Meredith www.citycan.com

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mark@mississauga4sale.com
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2010 Calendar?

Current mortgage interest rates in Ontario

These are the current mortgage interest rates that are available to buyers of real estate in Mississauga, Toronto, GTA Ontario
Enjoy!
Mark

Rate Sheet::

Variable Rate prime minus .15% 2.10% Fixed Rate: 1 yr 2.65% 2 yr 3.30% 3 yr 3.59% 4 yr 3.79% 5 yr 3.89%

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2010 Calendar?

Bank of Canada announcement to keep prime rate at .25%

Today the Bank of Canada announced that they will keep interest rates at 0.25% as expected. This means that the Bank of Canada prime rate will remain at an all time low and that the bank prime will remain unchanged at 2.25%

The bank expects to keep it's prime at .25% until the middle of 2010

This will should keep our real estate market humming along at it's current pace.

All the best,
Mark


Bank of Canada Holds Key Rate Steady

As expected by most economists, the Bank of Canada announced this morning that it will leave its key interest rate unchanged at its all-time low. The Bank also reiterated its commitment to hold its key rate at the current level until the end of the second quarter of 2010, conditional on the outlook for inflation. In its statement the Bank noted that “While significant fragilities remain, global economic developments have been slightly more positive and the global outlook has improved modestly.”

Lenders are expected to keep their prime lending rate steady. Variable-rate mortgages, variable-rate credit cards, and home equity lines of credit are typically linked to a lender’s prime rate.

Pricing for fixed-rate mortgages is not directly affected by today’s announcement.

3, 4, 5, 7 & 10 FIXED RATES HAVE DROPPED

Did you hear the news yet?

Residential Mortgage Rates have dropped!
Effective December 1, 2009^*

Term	6 Month	1 Year	2 Year	3 Year		5 Year		10 Year	Var Rate	Prime Rate
Posted Rates	5.10%	4.10%	4.25%	5.05%		5.85%		6.90%
Best Rates	4.59%	2.75%	3.05%	3.49%		3.99%		5.34%	2.15%	2.25%

GREAT NEWS!!

3, 4, 5, 7 & 10 FIXED RATES HAVE DROPPED

ALSO---VRM rate is now 2.15%...( P-.10% )

see the current rates:

http://www.mississauga4sale.com/Rates-Current-Posted-Mortage-Interest-Rate.htm

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?

Mortgage rates falling again

This is a 'great news' article for people taking out new mortgages or up for renewal. Mortgage rates increased significantly in October and are now falling again. Good news indeed!

Thanks
Mark

After the significant jump in fixed mortgage rates in mid-October, it was appearing as though the sub-four percent 5 year fixed mortgage rate had become history.

Here we are 6 weeks later and they are back and further decreases are expected.

There are many 5 year fixed rate programs available with the best rates being found on mortgages closing within 30 days. The lowest 'quick close' 5 year fixed rate available now is 3.84%, however I anticipate that dropping a little further within the next week.

The lowest rate on a 5 year variable is currently 2.15% (prime -0.10%), but we can expect that to drop to 2.00% (prime -0.25%) soon.

The lowest quick close mortgage rate specials often have limited prepayment options, which some people will shy away from as they may plan on prepaying more per year than the 5% maximum, even though over 90% of home owners do not take advantage of their prepayment options.

People are willing to pay significantly higher interest rates just so they can have the 'option' of prepaying their mortgage because they don't want to have to face any sort of penalty if they did choose to prepay more than the maximum.

But if mortgage seekers were to question this penalty with their mortgage professional, they would find the results quite astonishing.

Let's say for example you have a $300,000 mortgage at 3.84% with a limited prepayment option of 5%. Under the terms of their mortgage commitment, you would be allowed to prepay up to $15,000 per year.

Now, if you were to prepay the entire mortgage, your penalty would be three months interest which would be approximately $1,300 depending on what point you choose to prepay (with the extremely low rates today, the penalty will be 3 months interest and not the interest rate differential, which is what is causing the high penalties for people paying out their mortgages in today's low-rate market).

Now let's say you wanted to prepay 15% in their first year, which would be a total of $30,000 more than the maximum. The so called 'penalty' in this case would only be around $130, yet you would be canceling out thousands of dollars in interest and would save $288 on your scheduled mortgage payments in your first year alone.

This is based on today's lowest regular 5 year fixed mortgage rate of 3.99% (most banks and mortgage brokers still have regular rates around 4.19%, which would be $684 savings in the first year)

This is why it is so important for mortgage seekers to ask questions when dealing with their mortgage professional and adequately explain their plans as many mortgage professionals may not take the time to adequately explain the different options to their clients.

Ask questions and be informed and make sure you deal with someone who is going to put your needs first.

Today's lowest mortgage interest rates:

1 year 2.55%
2 year 2.95%
3 year 3.45%
4 year 3.85%
5 year 3.84% (30 day quick close)
5 year 3.99% (regular)

3 year variable 2.00% (prime -0.25%)
5 year variable 2.15% (prime -0.10%)

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Mortgage Interest Rates in the GTA

These are the posted and obtainable mortgage interest rates in the GTA and
Mississauga

Mortgage Current Rates
Term Posted Rate Best Rate
6 month 4.60% 4.60%
1 year 3.75% 2.50%
2 year 4.05% 2.95%
3 year 4.65% 3.35%
4 year 5.14% 3.89%
5 year 5.85% 3.99%
7 year 6.80% 5.09%
10 year 6.90% 5.19%
Variable Rate 2.10%
Prime Rate 2.25%

Please note that rates are subject to changes, and that some conditions and
restrictions may apply. Please contact a mortgage representative today to
find out what kind of mortgage you can qualify for.

A mortgage-rate update

Some of the mortgage special rates available in the market are:

* 95% Financing available for purchases and refinances, at 2.10%

* Special Variable Rate Mortgage at Prime-.15% (2.10%)

* Line of credit with a fixed mortgage

Please let me know if you would like more details or if you would like me to
send you mortgage broker contact information, please send me an email.

Thank you,
Mark

Latest posted and achievable mortgage interest rates in todays mortgage market

See the table below for the latest mortgage interest rates that are posted and achievable in today's mortgage market
Enjoy!
Mark

Terms	Posted Rates	"BEST" Rates
6 MONTHS	4.60%	3.85%
1 YEAR	3.75%	2.55%
2 YEARS	4.05%	2.95%
3 YEARS	4.60%	3.45%
4 YEARS	5.29%	3.99%
5 YEARS	5.63%	4.14%
7 YEARS	6.60%	5.30%
10 YEARS	6.70%	5.40%
Rates are subject to change without notice. *OAC E&OE

Prime Rate is 2.25%.*

*Prime rate may vary according to lender.

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?

This is CMHC's prediction in detail and forecast for Ontario resale and new homes

This is CMHC's prediction in detail and forecast for Ontario resale and new homes
Enjoy,
Mark

Ontario Overview

Ontario’s economy will gradually recover later this year and will grow by 2.2 per cent in 2010. Key to a sustainable Ontario economic recovery is improving US business and consumer spending and a pickup in provincial exports which comprise a sizable share (55%) of Ontario’s GDP. Meanwhile, U.S. consumer rebate programs for housing and motor vehicles will help stabilize output in key Ontario forest product and auto sectors. While employment will moderate in 2009, recent business outlook surveys indicate that employers expect a pickup in demand for their products. Overall, a gradual recovery in Ontario labour markets can be expected as companies look to replenish inventories through 2010.

Stronger labour markets in 2010 will lend some support to Ontario economic growth.

Despite a slow start to 2009, Ontario new home construction will strengthen to reach 47,400 units in 2009 and 56,500 units in 2010.

A gradually improving provincial economy, improved financial market conditions and declining new home inventories will support housing activity next year. However, less pent-up demand and cautious consumer spending resulting from modest employment and personal income gains are factors that will temper the Ontario housing market. Starts will move closer to overall levels of demographic demand by 2011.

In Detail

Single Detached Starts: Single starts have begun to recover and will continue to trend higher until the mid point of 2010. Single starts will be 20,900 this year and 23,600 units next year, thanks to improving economic conditions and declining inventories.

As home prices and mortgage carrying costs rise, demand for more expensive housing will moderate in the second half of 2010.

Multiple Starts: Multi-family home construction will grow to reach 26,500 units this year and 32,900 units for 2010. Construction will be boosted by semi-detached and townhome starts, which represent a more affordable option, particularly when home prices are rising. A backlog of apartment unit sales that have yet to commence construction, combined with low rental apartment vacancy rates, will also support the construction of multi-family units.

Resale's: Ontario existing home sales have staged a strong come back since the early part of the 2009. Sales this year will reach 183,900 units and will be on par with activity in 2008. The strong pace seen in recent quarters reflects, in part, improved affordability conditions. Also, home purchases that were delayed during the onset of the global downturn last fall are now going forward. The level of sales will not likely be sustained and will move better in line with economic fundamentals. Home sales will stabilize and will reach 175,250 units in 2010.

Prices: After experiencing buyers market conditions in early 2009, Ontario resale markets have tightened and balanced market conditions will be restored. As a result, Ontario existing home MLS® prices will grow to $314,550 this year and to $326,800 next year.

Forecast

The point estimate for provincial total housing starts is 47,400 for 2009 and 56,500 for 2010. Economic uncertainty is reflected by the current range of forecasts which varies from 46,250-48,700 units for 2009 and 45,400-65,500 for 2010.

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?

Current mortgage interest rates in the GTA

This table shows the current mortgage interest rates that are posted and that are attainable in the marketplace as of Thursday November 12th

Enjoy!

Mark

TERM	POSTED	Obtainable RATES*
6 Month	4.6%	3.65%
1 Year	3.75%	2.66%
2 Year	4.05%	3.05%
3 Year	4.6%	3.47%
4 Year	5.29%	3.99%
5 Year	5.78%	3.99%
7 Year	6.6%	5.2%
10 Year	6.7%	5.3%
Variable Rate		2.15%
Prime Rate		2.25%

* Rates may vary and are subject to change without notice.
Rates Last Updated: Thursday, November 12, 2009

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?

CMHC's predictions on mortgage rates

This is CMHC's prediction on mortgage rates in 2010

Trends Impacting Housing

Mortgage Rates

The Bank of Canada cut the Target for the Overnight Rate in the early months of 2009. The rate was 1.50 per cent at the start of 2009 and has since fallen to 0.25 per cent. The Bank has committed to keeping this rate at 0.25 per cent through the middle of 2010, unless inflationary pressures warrant an increase.

Mortgage rates have fallen over the course of 2009, but are now expected to remain relatively stable for the rest of the year.

Posted mortgage rates will gradually increase through 2010, but will do so at a slow pace.

For 2010, the one-year posted mortgage rate will be in the 3.50-4.25 per cent range, while three and five-year posted mortgage rates are forecast to be in the 4.50-6.00 per cent range.

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?

Current Mortgage interest rates

These are the current posted and 'best' mortgage interest rates in the GTA

Please let me know if you need a mortgage broker contact, just email me.

Thanks

Mark

TERM	POSTED	"BEST" RATES*
6 Month	4.60%	3.65%
1 Year	3.75%	2.66%
2 Year	4.05%	3.05%
3 Year	4.60%	3.47%
4 Year	5.29%	3.89%
5 Year	5.78%	3.99%
7 Year	6.60%	5.10%
10 Year	6.70%	5.20%
Variable Rate		2.15%
Prime Rate		2.25%

* Rates may vary provincially and are subject to change without notice OAC.
Rates Last Updated: Thursday, October 29, 2009

How can Fixed rate mortgages increase when variable rate drop?

Hello

This was a great article that I received and thought I would pass along to you. It discusses why the short and fixed rates can be going in opposite directions at the same time.

Intuitively, this does not make sense, but once you read the article below, you will understand.

If you don't know whether to go long or short term, read this article:

http://www.mississauga4sale.com/Lock-In-Short-Term-Long-Term-Mortgage.htm

All the best,

Mark

How can fixed mortgage rates be going up when variable rate is coming down?
And how do you choose whether to go short or long term on your mortgage when it comes up for renewal?


Now just imagine the family dinner conversation where your brother or sister declares utter confusion at how the prime rate could drop on the same day that rates went up for fixed mortgages. This just doesn't make sense... or does it? Let's clarify how fixed-rate and variable-rate mortgages are priced and you'll see the difference.


Variable rates are tied to your bank's prime rate, which is based directly on the Bank of Canada rate. The Bank of Canada is our central bank, operating at arm's length from the federal government. The central bank uses its rate as a tool to achieve the goals of "Low and stable inflation, a safe and secure currency, financial stability, and the efficient management of government funds and public debt." Our central bank sets the trend for short-term interest rates and has a direct impact on short-term rates for mortgages and lines of credit, as well as rates paid on deposits and investment certificates.


Fixed-term rates, such as long-term mortgage rates, by contrast, are based on the bond market. Generally, a bond is a debt with a promise to repay the principal of that debt, along with interest. Bonds are issued by governments and large businesses. We've all heard of Canada Savings Bonds, right? And they are just one type of bond. The "yield" of the bond is the annual rate of return, expressed as a percentage. Bond yields can be volatile and fluctuate in response to various political and economic factors, such as inflation and unemployment figures, and developments in the stock markets. They are increasingly affected by global forces.

Long-term mortgage rates (3 years and longer) are based on bond yields, but are less volatile because financial institutions absorb the daily market fluctuations in order to create a more stable rate environment for their customers. Generally speaking, higher bond yields increase funding costs for banks, which in turn leads to increased long-term fixed rates.

Conversely, lower bond yields lower banks' funding costs and lead to lower long-term mortgage rates.

So, short-term rates move with the Bank of Canada's needs, while longer-term rates are tied to the bond market. The Bank of Canada can influence long-term rates, but it has no direct control over them. This difference in how rates are set is the reason we sometimes see short-term and long-term rates moving in unison, while at other times they diverge.


If it seems difficult to choose between a fixed and variable or long and short mortgage, you don't necessarily have to choose. Perhaps the easiest and best solution is to break your mortgage into pieces and diversify your borrowing across short and long terms. This is mortgage "laddering," a concept Canadians know and use to stagger their GIC maturities for diversification, but which surprisingly few of us use for our mortgages.

Diversification is an important principal that applies as much for borrowing as it does for investing. By blending different types of mortgages and staggering maturities, you can diversify your interest rate risk, and perhaps minimize your interest costs.

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?

bank of Canada hold the line on the current interest rates

The Bank of Canada continues to say they will hold the line on the current interest rates. Thsi is very good news for buyers and investors, real estate should continue to do well in this climate of low interest rates.

Entire press release is below

All the best,
Mark

Bank of Canada repeats pledge on rates

OTTAWA (Reuters) - The Bank of Canada repeated on Tuesday a conditional pledge to keep interest rates steady through mid-2010, saying the Canadian dollar's strength would more than fully offset favorable developments since July.

Governor Mark Carney, in opening remarks to the House of Commons finance committee, said recent indicators point to the start of a global recovery and that a recovery is under way in Canada following three consecutive quarters of sharp contraction.

He also repeated that the central bank has "considerable flexibility in the conduct of monetary policy at low interest rates," language that means that the bank could, if necessary, engage in quantitative easing, essentially printing money.


For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Mississauga perspective on Real Estate Finance and Mortgages

This was an interesting article about mortgages and real estate financing,
Enjoy! Mark

Subject: Mortgage and Real Estate Finance

I enclose details of our report on mortgage and real estate financing.

US Mortgages, the largest fixed income market in the world, have recently
turned into the latest distressed sector, in the midst of declining house
prices, deteriorating fundamentals, and limited liquidity.

Understanding the nature of this complex structured market, and appreciating
its subtleties, is a prerequisite for taking advantage of the current
dislocation, while avoiding its pitfalls.

Although the difficult environment is likely to continue, everyone who has
been in the market through its gyrations knows that times of trouble can
often spell opportunity for the smart investor.

There are Mortgage and Real Estate Finance books on the market that can give
you an in-depth overview of both the primary and secondary mortgage market.

They will provide a much-needed analysis of the latest innovations in the
market, and serve as a crucial guide to taking advantage of the current
environment.

These books cover areas such as:

- History of the Market from the Great Depression till today
- Loan Origination and Underwriting
- Structures used in Securitisation and Arbitrage
- Agency Mortgage Market and CMOs
- Alt-A and Sub-prime Market
- Non-traditional Mortgage Products
- Real Estate Indexes and Trading
- Modelling of Prepayments and Credit
- New Resources for Mortgage Analytics
- Risk Management of Mortgage Securities
- Investing and Opportunities in Mortgages
- Rating Agencies' Perspective
- Servicing in a Distressed Environment
- Regulatory and Policy Issues

If you want more information on this or other books like this, please send
me an email.

Thank you,
Mark

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

<http://www.mississauga4sale.com/selling-process.htm> Thinking of Selling?
Best Mortgage Rates
<http://www.mississauga4sale.com/mortgage-rates-mark.htm> Current Home
<http://www.mississauga4sale.com/TREBprice.htm> Prices Search MLS
<http://www.mississauga4sale.com/mls-ca-real-estate-mississauga.htm>
Newsletter
<http://www.mississauga4sale.com/newsletter/latest_newsletter.htm>
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
* BUS 905-828-3434
* FAX 905-828-2829 *CELL 416-520-1577
* E-MAIL <mailto:mark@mississauga4sale.com?subject=Mississauga Real Estate
Information Request> : mark@mississauga4sale.com
<mailto:mark@mississauga4sale.com?subject=Mississauga Real Estate
Information Request>
Website <http://www.mississauga4sale.com/index.htm> :
<http://www.mississauga4sale.com/index.htm> Mississauga4Sale.com

* Thinking of selling your home in the next 3 to 6 months? Would you
like a Complimentary
<http://www.mississauga4sale.com/internet-evaluation.htm> & Quick
Over-The-Net Home Evaluation ?
* Power of Sales and Foreclosures
<http://www.mississauga4sale.com/Power-Sales-Bank-Sales-Alert-Request.htm>
* If you have not already signed up to receive my monthly real estate
newsletter, you may do so here: On-Line
<http://www.mississauga4sale.com/popupquestion.htm> Real Estate Newsletter
sign up
* See seasonal housing patterns
<http://www.mississauga4sale.com/TREBavg1995date.htm>
* Would you like me to send you a 2009 Calendar
<http://www.mississauga4sale.com/Calendar-Order-Form.htm> ?

The bank of Canada is keeping rates where they are

The bank of Canada is keeping the prime interest rate at this ultra low
level at least until next year

The bank of Canada his decision today to keep the interest rate at these
altra low levels could have a serious negative impact on the Canadian dollar
which dropped almost 2 points today in trading on the world market

If the Bank increased the rates it would have serious impact and apply
upward pressure on inflation

They are trying to keep inflation low as well as they don't want our dollar
to reach par with the US dollar

The Bank of Canada is stating intrest rates will stay this low until at
least late spring next year.

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

<http://www.mississauga4sale.com/selling-process.htm> Thinking of Selling?
Best Mortgage Rates
<http://www.mississauga4sale.com/mortgage-rates-mark.htm> Current Home
<http://www.mississauga4sale.com/TREBprice.htm> Prices Search MLS
<http://www.mississauga4sale.com/mls-ca-real-estate-mississauga.htm>
Newsletter
<http://www.mississauga4sale.com/newsletter/latest_newsletter.htm>
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
* BUS 905-828-3434
* FAX 905-828-2829 *CELL 416-520-1577
* E-MAIL <mailto:mark@mississauga4sale.com?subject=Mississauga Real Estate
Information Request> : mark@mississauga4sale.com
<mailto:mark@mississauga4sale.com?subject=Mississauga Real Estate
Information Request>
Website <http://www.mississauga4sale.com/index.htm> :
<http://www.mississauga4sale.com/index.htm> Mississauga4Sale.com

* Thinking of selling your home in the next 3 to 6 months? Would you
like a Complimentary
<http://www.mississauga4sale.com/internet-evaluation.htm> & Quick
Over-The-Net Home Evaluation ?
* Power of Sales and Foreclosures
<http://www.mississauga4sale.com/Power-Sales-Bank-Sales-Alert-Request.htm>
* If you have not already signed up to receive my monthly real estate
newsletter, you may do so here: On-Line
<http://www.mississauga4sale.com/popupquestion.htm> Real Estate Newsletter
sign up
* See seasonal housing patterns
<http://www.mississauga4sale.com/TREBavg1995date.htm>
* Would you like me to send you a 2009 Calendar
<http://www.mississauga4sale.com/Calendar-Order-Form.htm> ?

Mississauga and latest Prime rate and five year fixed rates currently 3.68%

This is another great article about the current mortgage interest rates and
why they are at current levels and what the future holds.
Enjoy,
Mark

Good afternoon,

As expected, the Bank of Canada kept their overnight rate unchanged at 0.25%
(meaning the prime lending rate remains unchanged at 2.25%). With the
economy starting to show some signs of recovery and with the real estate
market as strong as it is, the Bank of Canada would have likely raised the
rate this morning if it were not for our strong Canadian dollar.

Raising mortgage interest rates would send our dollar higher, therefore
doing damage to our economy. As long as the Canadian dollar remains high,
we can expect the prime rate to stay fairly low and there is some
speculation now that the prime rate may be left unchanged beyond the BOC's
commitment to hold it to mid 2010.

With most major lenders pumping their 5 year fixed mortgage rates up by as
much as 35 basis points last week, there are still many rate deals available
for your clients. It still amazes me just how many homebuyers go to their
bank and accept whatever rate they are quoted without actually taking a look
at other options that could save them thousands of dollars. For example,
most banks are offering a 'discounted' 5 year fixed rate of around 4.35%.
With a mortgage amount of $300,000 and an amortization of 35 years, the
monthly payment would be $1,384.88 at 4.35% Let's now compare this with
the lowest available market rate for a five year fixed, which is 3.68%.
For the exact same mortgage amount, your monthly payments would only be
$1,266.45 saving the client $118.43 per month or a whopping $7,105.80 over
the 5 year term! Now, this 3.68% rate is for closings within 30 days
only, and comes with limited prepayment privileges of 5% per year, so it may
not be for everyone, however over 90% of homeowners never take advantage of
their prepayment options anyway. With a 5% prepayment privilege, they can
still pay up to $15,000 toward their mortgage without penalty using the
above example, so does it really make sense for you to PAY just to have the
OPTION to pay up to $60,000 more per year towards their mortgage? While
some people may have that kind of disposable income to throw around, I would
say that most don't.

Today's lowest mortgage rates:

1 year 3.68
2 year 3.20
3 year 3.50
4 year 3.85
5 year 3.68 (quick close, no frills)
5 year 3.84 (full prepayment options, 90 day close)

5 year ARM 2.15 (prime -0.10)
I hope this finds you Happy and Healthy!

All the Best!

Mark

Read more about:
<http://www.mississauga4sale.com/Power-Sales-Bank-Sales-Alert-Request.htm>
Homes for Sale

* Interest <http://www.mississauga4sale.com/rates.htm> Rates

* Power of Sale Properties
<http://www.mississauga4sale.com/Power-Sales-Bank-Sales-Alert-Request.htm>

* Price <http://www.mississauga4sale.com/TREBprice.htm> Trends

* or Search the MLS
<http://www.mississauga4sale.com/mls-ca-real-estate-mississauga.htm> and
more at my website

Thank you for reading my blog and if there is anything else I can help you
with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

<http://www.mississauga4sale.com/selling-process.htm> Thinking of Selling?
Best Mortgage Rates
<http://www.mississauga4sale.com/mortgage-rates-mark.htm> Current Home
<http://www.mississauga4sale.com/TREBprice.htm> Prices Search MLS
<http://www.mississauga4sale.com/mls-ca-real-estate-mississauga.htm>
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
* BUS 905-828-3434
*mark@mississauga4sale.com
* Website : <http://www.mississauga4sale.com/index.htm>
Mississauga4Sale.com

* Thinking of selling in the next 3 to 6 months? Would you like a
Complimentary <http://www.mississauga4sale.com/internet-evaluation.htm> &
Quick Over-The-Net Home Evaluation ?

* On-Line <http://www.mississauga4sale.com/popupquestion.htm> Real
Estate Newsletter sign up

* See seasonal housing patterns
<http://www.mississauga4sale.com/TREBavg1995date.htm>

<http://www.mississauga4sale.com/Power-of-Sale-Bank-Foreclosure.htm> Homes
for Sale

Fixed Rate Are Going Up!

You may wish to lock in your mortgage now and enjoy the great rates that are available

Fixed Mortgage Rates Are Going Up!


Major banks like RBC have already increased their 4 and 5 year fixed rates by .35%.

And other banks will follow the same steps in the coming days due to the increase in the 5 year bond yield.

There's now a much higher probability we won't see today's insanely low fixed rates again for a while.

Many mortgage companies have Fixed Rates that are still low, its a good time for you to do pre-approval and to hold the rate before it goes up.

Here's an example of a current rate sheet.

Variable rate at Prime minus .10%= 2.15%
5 year fixed at 3.79%
4 year fixed at 3.59%
3 year fixed at 3.39%


WHY IS FIXED RATE GOING UP?
The 5-year bond yield is soaring over 23 basis points, to 2.81%! It's the biggest jump in bond rates in over a year and it comes on top of strong gains over the previous few days.
The yield is now near an 11-month high, and that means fixed mortgage rate increases are around the corner.

What's behind all this?
Today's positive employment report is the big driver. It caught the bond market totally off guard.

Here's what analysts are saying:


National Bank: "With the recession over in the labour market and the biggest decrease in the unemployment rate since November 2005, our call for a rate increase by the Bank of Canada in the first quarter of 2010 remains on track." (Globe)

Scotiabank: "...It will feed growth prospects and inflation fears and raise market concerns regarding the BoC's conditional rate commitment." (National Post)

RBC Economics: "...At 8.4% the unemployment still implies considerable slack in this economy. This provides reason for the Bank to maintain its commitment to a 0.25% policy rate until mid-2010." (National Post)

TD Securities: "We believe that it will certainly lead the Bank of Canada to focus on the timing of future interest rate increases set out in its conditional commitment to hold interest rates at the current level until Q2 2010. Nonetheless, while for now we continue to expect the policy rate to remain unchanged until Q4 2010, we think that the risks of an earlier move have increased dramatically." (Globe)

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?

Fixed mortgage rates about to increase

Hello,

Here is another perspective and reason for the mortgage rate increases.

Happy Thanksgiving!
Mark



We have seen some significant increases to bond yields recently with jumps to over 30 basis points (0.30%). Fixed mortgage rates and bond yields are very closely related, so it is very likely we will see some hikes to fixed mortgage rates very soon (if not Tuesday). RBC has already increased their 5 year fixed mortgage rates by 35 basis points and it is likely that we will see other mortgage lenders following suit.


If you have not yet locked in a mortgage rate then you might want to now and ensure you get the lowest rate possible (which of course also affects the maximum mortgage they qualify for).



Lowest rates as of today:


1 year 2.55%
2 year 2.90%
3 year 3.39%
4 year 3.85%
5 year 3.69% (no rate holds, 30 day quick close)
5 year 3.99% (regular 120 day rate hold)
5 year ARM 2.25% (prime)

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?

5 year mortgage interest rates increasing

RBC announced today that they are increasing their 5 year mortgage interest rate to 5.84% up 35 points from 5.49%. RBC said it would be effective tomorrow, Saturday the 10th of October

It may be a good time to lock in for those that don't want to gamble with rates

My philosophy is the same, go short! Read more about that here:

http://www.mississauga4sale.com/Lock-In-Short-Term-Long-Term-Mortgage.htm

Short or Long term Mortgage, what is best for you?

All the best and Happy Thanksgiving!
Mark

5 year Variable rate at 2.25%

Interest rates are dropping again. The Variable Interest Rate Mortgage (VIRM) is about prime from prime +.8% so this is good news.

Here are some rates

5 year Variable rate at 2.25%

Fixed rate:

1 year 2.70%

2 year 3.05%

3 year 3.55%

4 year 3.59%

5 year 3.84%

Up to 12 Months rate hold at 4.49% for 5 years fixed

some banks such as CIBC current offers:

Zero Down Payment available with 5% cashback

$500 cashback for First Time Home Buyer

Free appraisal

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?

The Tide has Turned AGAIN for variable rate mortgages

The Tide has turned - again. As it "normally" and eventually does. All things seem to go in cycles, if you are my age or older, 51+ you will agree with me.... Read more about cycles here

Variable rate mortgages have been at Prime Rate plus about .5% to .75% now for about 2 years or so. Just this week, some lenders have changed their price variance on variable rate mortgages and we are now back to Prime MINUS mortgages. This is great news for people like me who have mortgages that are prime minus and may be renewing in the next few months.

I've written about this in the past

http://www.mississauga4sale.com/blog/2008/04/variable-rate-versus-fixed-rate.html

and

http://www.mississauga4sale.com/Lock-In-Short-Term-Long-Term-Mortgage.htm

I have seen mortgage companies offer offer clients a 3 yr term at Prime less .10% and I have 4 & 5 yr terms at Prime.

Many predict the pricing variance may drop further but most don't think it will go as low as last year's Prime less .60%.

Current "BEST" Oct 1st 2009*

Prime...........2.25%

Fixed rates:
1 yr...............2.45%
2 yr...............2.90%
3 yr...............3.34%
4 yr...............3.74%
5 yr...............3.84%
7 yr...............5.30%
10 yr.............5.40%

Variable rates:
3 yr................Prime less .10%
4 yr................Prime
5 yr................Prime
*rates subject to change without notice

Let me know if you have any questions...enjoy the weekend!
Mark

Good news: Both fixed rates and variable rates dropped again

Good morning,

The lowest 5-year fixed rate is 3.65%. The 5-year variable rate is at Prime. 3-year variable rate is also at Prime (2.25%) now.

4-year variable @P-0.05% (2.20%) or P-0.20% first year and P for the next 3 years. Your sale must be closed within 45 days.

Great fixed rate option is: 3-year fixed @3.39%.

Not sure about fixed or variable, why not try 50/50 wise mortgage. That means 50% of mortgage is fixed rate and the other 50% is variable rate. The effective 5-year rate is 3.22% right now.

Please let me know if you need more information.

Have a great weekend!
Mark

Which is better for you - Fixed versus variable rate mortgages?

The graph below shows the fixed versus variable rate differences for the past 25 years. You will note that the variable rate is often lower than the fixed rate. This implies that in the long run, you may be better off going with a variable rate mortgage as opposed to a fixed rate mortgage.

I've written about the benefits and risk associated with this decision on my website: http://www.mississauga4sale.com/Lock-In-Short-Term-Long-Term-Mortgage.htm

September 09 has been kind to most....a welcome relief from last year's fears. Thankfully - the financial markets are improving and confidence is growing.

Mortgage interest rates are low, lenders are competing for business, and we've seen slight decreases in both fixed and variable rates.

I am often asked for historical mortgage interest rate data. The graph below is for data from January 1985 for both fixed and variable rates.

In reviewing the graph you will immediately see how expensive rates were back in the mid 80's compared to today

It's great to be able to obtain the current rates.

Please let me know if you have any other questions or if there is anything else I can help you with.

Thank you again for contacting me and I will do my best to help you with your real estate needs,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?


• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up


• See seasonal housing patterns


• Would you like me to send you a 2009 Calendar?

Current GTA and Mississauga Mortgage Interest Rates

These are the posted and obtainable mortgage interest rates in the GTA and Mississauga areas

TERM	POSTED	OUR RATES*
6 Month	4.6%	3.45%
1 Year	3.75%	2.53%
2 Year	3.9%	2.85%
3 Year	4.45%	3.27%
4 Year	4.94%	3.54%
5 Year	5.55%	3.84%
7 Year	6.6%	5.1%
10 Year	6.7%	5.2%
Variable Rate		2.35%
Prime Rate		2.25%

* Rates may vary and are subject to change without notice.
Rates Last Updated: Thursday, September 24, 2009

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?

Mississauga Real Estate Mortgage Interest Rates

These are the current posted and spot rates for mortgages that are currently available.

TERM	POSTED	OUR RATES*
6 Month	4.60%	3.75%
1 Year	3.75%	2.53%
2 Year	3.90%	2.85%
3 Year	4.45%	3.27%
4 Year	4.94%	3.54%
5 Year	5.55%	3.84%
7 Year	6.60%	5.10%
10 Year	6.70%	5.20%
Variable Rate		2.35%
Prime Rate		2.25%

* Rates may vary and are subject to change without notice OAC.
Rates Last Updated: September 21, 2009

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?

New mortgage interest rate promotion P-0.05%

I just received an email from a mortgage broker I know who has a great promotion on rates.

It's for the 4-year variable @ Prime -0.05% (2.20%) or Prime-0.20% first year and Prime for the next 3 years.

The sale must be closed within 45 days.

Great fixed rate option is: 3-year fixed @3.39%.

Please let me know if you are interested and I will put you in contact with this mortgage broker.

Thank you,
Mark

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?

Current mortgage interest rates in Toronto area plus incentives offered by CMHC

These are the current mortgage rates in the GTA and some incentives offered by CMHC

Here are some of our current promotions and rate sheet:

CIBC's up to 7% Cashback: can be use as a down payment up to 100% financing.
CIBC $500 Cashback for First time home buyer

And more...

Rate sheet:
Variable closed 2.35% prime + .10%
Fixed:
1 Year/ 2.70%
2 Year/ 3.60%
3 Year/ 3.70%
4 Year/ 3.69%
5 Year/ 3.84%

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?

Mortgage interest rates continue to decline

Good afternoon,

With the GTA real estate market as hot as it is, it is hard to imagine mortgage rates dropping, yet they have been slowly moving back downward since the spike we saw in the springtime. The regular 5 year fixed rate has now reached 4.19%

We can now find 5 year rate special s available for 3.99% for any of your mortgages closing by October 30th.

The 5 year variable rate has now dropped to prime +0.20%. (4.45%).


So how far will the rates continue to drop? That still remains to be seen. It really is hard to imagine them dropping much further with the market where it is and with the economy now starting to show signs of improvement.

While I don't think rates are going to start skyrocketing any time soon, we need to continue using the low rates we are experiencing to continue fueling the real estate frenzy we are now experiencing.


Today's lowest rates:


1 year fixed 2.55%
2 year fixed 3.05%
3 year fixed 3.39%
4 year fixed 3.85%
5 year fixed 3.99%


5 year variable 2.45% (prime +0.2)


Quote of the week: "The person who gets the farthest is generally the one who is willing to do and dare. The sure-thing boat never gets far from shore" Dale Carnegie

All the Best!
Mark

GTA mortgage interest rate update

Today's current interest rates

TERM	POSTED	OUR RATES*
6 Month	4.60%	3.75%
1 Year	3.75%	2.65%
2 Year	4.05%	2.85%
3 Year	4.65%	3.34%
4 Year	5.14%	3.89%
5 Year	5.85%	4.02%
7 Year	6.80%	5.15%
10 Year	6.90%	5.25%
Variable Rate		2.55%
Prime Rate		2.25%

* Rates may vary and are subject to change without notice OAC.
Rates Last Updated: Thursday, August 27, 2009

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?

The 5 year mortgage interest rate has dropped again - now 4.19%

and we should see more rate drops over the next couple of months.

These are the current

Residential Mortgage Rates

Effective August 11, 2009

Term	6 Month	1 Year	2 Year			5 Year			Variable Rate
Posted Rates	5.10%	4.10%	4.25%			5.85%
Best Rates	4.60%	2.75%	3.05%			4.19%			2.65%

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?

Mortgage rate update - Rates drop again

Hello,

The mortgage interest rates just dropped again. Please see below.

1. Limited time: Variable rate @ P+0.25%, with the term less than 3 years.
This is great if you would like to take advantage of low variable rate, but
don't want to lock in 5 years term.
2. 5-year variable rate @ Prime +0.2%
3. 1-year fixed rate @ 2.70%
4. 2-year fixed rate @3.05%
5. 3-year fixed rate @ 3.55%
6. 4-year fixed rate @3.99%
7. 5-year fixed rate @3.89%


Please don't hesitate to contact me if you need any assistance with
mortgage financing .

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

<http://www.mississauga4sale.com/selling-process.htm> Thinking of Selling?
Best Mortgage Rates
<http://www.mississauga4sale.com/mortgage-rates-mark.htm> Current Home
<http://www.mississauga4sale.com/TREBprice.htm> Prices Search MLS
<http://www.mississauga4sale.com/mls-ca-real-estate-mississauga.htm>
Newsletter
<http://www.mississauga4sale.com/newsletter/latest_newsletter.htm>
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
* BUS 905-828-3434
* FAX 905-828-2829 *CELL 416-520-1577
* E-MAIL <mailto:mark@mississauga4sale.com?subject=Mississauga Real Estate
Information Request> : mark@mississauga4sale.com
<mailto:mark@mississauga4sale.com?subject=Mississauga Real Estate
Information Request>
Website <http://www.mississauga4sale.com/index.htm> :
<http://www.mississauga4sale.com/index.htm> Mississauga4Sale.com

* Thinking of selling your home in the next 3 to 6 months? Would you
like a Complimentary
<http://www.mississauga4sale.com/internet-evaluation.htm> & Quick
Over-The-Net Home Evaluation ?
* Power of Sales and Foreclosures
<http://www.mississauga4sale.com/Power-Sales-Bank-Sales-Alert-Request.htm>
* If you have not already signed up to receive my monthly real estate
newsletter, you may do so here: On-Line
<http://www.mississauga4sale.com/popupquestion.htm> Real Estate Newsletter
sign up
* See seasonal housing patterns
<http://www.mississauga4sale.com/TREBavg1995date.htm>
* Would you like me to send you a 2009 Calendar
<http://www.mississauga4sale.com/Calendar-Order-Form.htm> ?

Toronto and Mississauga Mortgage Rate Update

Hi there,

Hope you are doing well in this hot market. The followings are the
up-to-date rates.

1. Limited time: Variable rate @ P+0.25%, with the term less than 3 years.
This is great if you like to take advantage of low variable rate, but don't
want to lock in 5 years term.
2. 5-year variable rate @ P+0.25%
3. 1-year fixed rate @ 2.70%
4. 2-year fixed rate @3.05%
5. 3-year fixed rate @ 3.55%
6. 4-year fixed rate @3.99%
7. 5-year fixed rate @4.10%

All the best!
Mark

Bank of Canada Announcement on Interest Rates

This is the latest news

The Bank of Canada announced this morning that they are maintaining the overnight rate target at .25%; and have confirmed their conditional commitment to hold the current rate policy until June 2010. The full announcement can be viewed at:

http://www.bank-banque-canada.ca/en/fixed-dates/2009/rate_210709.html

Several lenders have made adjustments on their variable rate pricing. We've seen the pricing variance change from prime 'less' to prime 'plus' in the last year.

Currently the movement has been to reduce the variance from Prime plus .60% to rates as low as Prime plus .30%.

Did you know.....for large mortgages most of the schedule A banks have limits on maximum mortgage amounts, especially if the mortgage is not insured?

Typically, a sliding scale is used to determine the maximum lending amount. For example: 80% of first $750,000 and 50% of balance (the scale varies by lender).

In the case of a $1Million purchase price - the maximum mortgage allowed would be $725,000 versus $800,000 financing available with a 20% down payment (conventional mortgage)

There are lenders, offering very competitive interest rates, who will allow up to 80% financing with a maximum mortgage amount of $1.5 million (on purchase of $1,875,000). This is available, to qualified borrowers, without requiring CMHC insurance. These are unique situations - if you require this type of financing, please contact me.

Thanks and have a great day!

Mark

Stock Market outlook to end of 2009 and beyond - postive!

this is the outlook from investors and customers of RBC on the stock market and financial markets in general, thought I would share the postive mood!

Mark

Your views on the stock Market:

1. One in every two direct investors surveyed on this panel are holding their investments steady for now and see no reason to panic about current stock market conditions.
2. Four in ten have added or are planning to add more money into the stock market in the near future.
3. The majority (seven in ten) believe the stock market, as measured by S&P/TSX Composite Index, will be higher by the end of 2009 and a third believe it will be higher in three months’ time.
4. Those who have a positive outlook on the stock market (22%) are seeing opportunities in current stock price volatility; they believe it presents trading opportunities. These investors believe that current stock market valuations have reached the bottom, that the bear market is now over and that the financial sector has begun to stabilize .
5. Those who have a negative outlook on the stock market (8%) believe that current stock market valuations have not reached the bottom and that the bear market is not over. They believe that the current economic conditions will have a serious negative impact on GDP and that unemployment rates will rise.
6. Those who have a neutral outlook on the stock market (70%) need to see stabilization/lowering of unemployment rates and positive news from corporate announcements to feel more positive.

Mississauga Real estate and GTA real estate mortgage interest rates

these are the current posted and attainable interest rates in our local
marketplace.
Enjoy!
Mark

TERM POSTED Obtainable RATES*
6 Month 4.60% 3.75%
1 Year 3.75% 2.75%
2 Year 4.05% 2.85%
3 Year 4.65% 3.44%
4 Year 5.14% 3.89%
5 Year 5.85% 4.12%
7 Year 6.80% 5.15%
10 Year 6.90% 5.20%
Variable Rate 2.55%
Prime Rate 2.25%
* Rates may vary and are subject to change without notice OAC.
Rates Last Updated: Thursday, July 16, 2009

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

<http://www.mississauga4sale.com/selling-process.htm> Thinking of Selling?
Best Mortgage Rates
<http://www.mississauga4sale.com/mortgage-rates-mark.htm> Current Home
<http://www.mississauga4sale.com/TREBprice.htm> Prices Search MLS
<http://www.mississauga4sale.com/mls-ca-real-estate-mississauga.htm>
Newsletter
<http://www.mississauga4sale.com/newsletter/latest_newsletter.htm>
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
* BUS 905-828-3434
* FAX 905-828-2829 *CELL 416-520-1577
* E-MAIL <mailto:mark@mississauga4sale.com?subject=Mississauga Real Estate
Information Request> : mark@mississauga4sale.com
<mailto:mark@mississauga4sale.com?subject=Mississauga Real Estate
Information Request>
Website <http://www.mississauga4sale.com/index.htm> :
<http://www.mississauga4sale.com/index.htm> Mississauga4Sale.com

* Thinking of selling your home in the next 3 to 6 months? Would you
like a Complimentary
<http://www.mississauga4sale.com/internet-evaluation.htm> & Quick
Over-The-Net Home Evaluation ?
* Power of Sales and Foreclosures
<http://www.mississauga4sale.com/Power-Sales-Bank-Sales-Alert-Request.htm>
* If you have not already signed up to receive my monthly real estate
newsletter, you may do so here: On-Line
<http://www.mississauga4sale.com/popupquestion.htm> Real Estate Newsletter
sign up
* See seasonal housing patterns
<http://www.mississauga4sale.com/TREBavg1995date.htm>
* Would you like me to send you a 2009 Calendar
<http://www.mississauga4sale.com/Calendar-Order-Form.htm> ?

Mortgage interest rate update in the GTA and Mississauga

The table below shows the current posted and best achievable rates in
Mississauga Real Estate and Toronto real estate marketplace

All the best!
Mark

TERM POSTED BEST Achievable RATES*
6 Month 4.60% 3.75%
1 Year 3.75% 2.75%
2 Year 4.05% 2.95%
3 Year 4.65% 3.55%
4 Year 5.14% 4.09%
5 Year 5.85% 4.22%
7 Year 6.80% 5.45%
10 Year 6.90% 5.50%
Variable Rate 2.65%
Prime Rate 2.25%












* Rates may vary and are subject to change without notice OAC.
Rates Last Updated: Thursday, July 02, 2009

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

<http://www.mississauga4sale.com/selling-process.htm> Thinking of Selling?
Best Mortgage Rates
<http://www.mississauga4sale.com/mortgage-rates-mark.htm> Current Home
<http://www.mississauga4sale.com/TREBprice.htm> Prices Search MLS
<http://www.mississauga4sale.com/mls-ca-real-estate-mississauga.htm>
Newsletter
<http://www.mississauga4sale.com/newsletter/latest_newsletter.htm>
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
* BUS 905-828-3434
* FAX 905-828-2829 *CELL 416-520-1577
* E-MAIL <mailto:mark@mississauga4sale.com?subject=Mississauga Real Estate
Information Request> : mark@mississauga4sale.com
<mailto:mark@mississauga4sale.com?subject=Mississauga Real Estate
Information Request>
Website <http://www.mississauga4sale.com/index.htm> :
<http://www.mississauga4sale.com/index.htm> Mississauga4Sale.com

* Thinking of selling your home in the next 3 to 6 months? Would you
like a Complimentary
<http://www.mississauga4sale.com/internet-evaluation.htm> & Quick
Over-The-Net Home Evaluation ?
* Power of Sales and Foreclosures
<http://www.mississauga4sale.com/Power-Sales-Bank-Sales-Alert-Request.htm>
* If you have not already signed up to receive my monthly real estate
newsletter, you may do so here: On-Line
<http://www.mississauga4sale.com/popupquestion.htm> Real Estate Newsletter
sign up
* See seasonal housing patterns
<http://www.mississauga4sale.com/TREBavg1995date.htm>
* Would you like me to send you a 2009 Calendar
<http://www.mississauga4sale.com/Calendar-Order-Form.htm> ?

Mississauga and GTA Mortgage rate update

Good morning,

I hope you are doing well and enjoying our fabulous weather and looking forward to our upcoming summer season.

As you might be aware that in the past two weeks, fixed rates have increased dramatically.

Right now, 3-year fixed rate is 3.65%, 4-year fixed rate is 4.05%, 5-year fixed rate is 4.49%.

If you are thinking of a mortgage move and you did not lock into low fixed rates, don't worry. I know mortgage people who have solutions for you .

1. 5-year variable at P+0.25% (currently 2.5%). with ongoing sagging economy, the Bank of Canada will keep the Prime rate low for at least 1 year.
Although fixed rates have gone up a lot, we can expect they come back down in near future, because recession doesn't support high interest rates.
The benefit of Variable rate is that you can convert it into fixed rate any time with no cost. So you would have another chance to lock into lower fixed rate later while taking advantage of the current low variable rate.

2. If you don't want to commit to long term mortgage, you can opt for 1 year fixed rate at 2.75%.

With big short-term savings, the above two are good alternatives to long term fixed mortgage.

Please don't hesitate to contact me if you need any assistance and I will put you in touch with mortgage people who will take care of your needs!.

Mark

Latest Mortgage Interest Rates in Mississauga and Toronto

These are the latest mortgage interest rates that are posted and attainable

Have a great weekend!
Mark

TERM	POSTED	Attainable RATES*
6 Month	4.60%	3.75%
1 Year	3.75%	2.75%
2 Year	4.05%	3.05%
3 Year	4.65%	3.55%
4 Year	5.14%	4.09%
5 Year	5.85%	4.32%
7 Year	6.80%	5.25%
10 Year	6.90%	5.35%
Variable Rate		2.65%
Prime Rate		2.25%

* Rates may vary and are subject to change without notice OAC.
Rates Last Updated: Thursday, June 18, 2009

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?

Mississauga Real Estate and GTA mortgage Interest rates on the rise

As many have been predicting in past few weeks, interest rates are now on the rise.

While it is still possible to get a 5 year fixed rate at 3.99, it's days (or even hours) are numbered. The 3.99 rate is for firm purchases only and there are no rate holds or pre-approvals.

The lowest rate I have seen for pre-approval at right now is 4.09%, and as with the 3.99 rate, it's time is very limited and very well may be gone by the end of the day today.

With rates on the rise, this creates a tremendous opportunity for buyers sitting on the fence to make that purchase.

With rates going up, you will want to purchase now before the rates get any higher.

Many lenders have already put their five year rates up to 4.49%, and I expect the rest to follow. Some are hanging on to the lower rates for a little longer to gain the extra business by sacrificing profit margin, but they will be putting their rates up soon.

Today's lowest rates:

1 year fixed 2.80

2 year fixed 2.95

3 year fixed 3.15

4 year fixed 3.79

5 year fixed 3.99 (30 day quick close)

5 year fixed 4.09 (standard)

5 year variable 2.65% (prime + 0.40%)

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?

mortgage rates may be increasing shortly.

Recent bond market shows that fixed rates might be on rise soon. Thus you
may wish to get a pre-approval to lock the rate.

The followings are the best rates I have recently seen.

5-year variable at P+0.4% (2.65% right now.) This is a new promotion,
available for pre-approval.

3-year fixed at 3.15%, Available for pre-approval (might be lower to 3.05%
when finalized dpending upon variables in transaction)

5-year fixed at 3.41%, not available for pre-approval.

My suggestion: Get a pre-approval for 3 year fixed or 5 year variable right
away.

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

What is the lowest possible interest rates on a 5 year mortgage?

This is a question that I often receive. Here is the full question and my
answer.
Thanks
Mark

Hello,
What is the lowest possible interest rates on a 5 year mortgage?
Before I go ahead, is there any pointers you might have?
Would you consider giving me a couple pointers?
Thank you for your help.
Susan

Hi Susan,

Thank you for your email. The interest rates that I've seen on the 5 year
rate seem to vary almost daily. The best option for you to is contact my
mortgage contact with TD Canada Trust, they are often the least expensive or
will at least match the least expensive rate on the market.

Normally, I would recommend going short on your mortgage, but the 5 year
rates (and the 3 year rates) are very good these days and almost too hard to
pass up on. This decision is one for you to make as it really depends upon
your personal situation, your ability to withstand the unknown if you go
short term and your ability to withstand and deal with the risks involved
with going short versus long term.\

My mortgage is still short term because there is still some savings between
the prime plus .8% and the fixed rates, but as soon as the prime rates
increase I will likely lock in for the long term.

Please let me know if you have other questions.

Thank you,
Mark

More Interest Rate reductions -just in time for long weekend!

You will see from the chart below that the 3 and 4 year rates have dropped slightly, just .05% but at least they are going down!

As well, I have a contact with a mortgage broker who is offering 100 % FINANCING WITH 40 YEAR AMORTIZATION IS NOW AVAILABLE, IF YOU NEED IT.....(O.A.C. of course!)

I hope this finds you well.

Have a great long weekend!

Mark

TERM	POSTED	BEST Found RATES*
6 Month	4.75%	4.25%
1 Year	3.90%	2.90%
2 Year	4.05%	3.05%
3 Year	4.15%	3.15%
4 Year	4.84%	3.69%
5 Year	5.25%	3.54%
7 Year	6.60%	4.95%
10 Year	6.70%	5.25%
Variable Rate		2.95%
Prime Rate		2.25%

* Rates may vary and are subject to change without notice OAC.
Rates Last Updated: Thursday, May 14, 2009

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?

Mortage Interest rate update for GTA

You can take advantage of today's historically low interest rates.

There's no better time to consider purchasing your first home, renewing your mortgage, or planning that home renovation you've been thinking of.

I wish you all the best and have a great Mother's Day weekend!

Mark

TERM	POSTED	Current Best RATES*
6 Month	4.75%	4.25%
1 Year	3.9%	2.9%
2 Year	4.05%	3.05%
3 Year	4.15%	3.15%
4 Year	4.84%	3.79%
5 Year	5.25%	3.59%
7 Year	6.6%	4.95%
10 Year	6.7%	5.25%
Variable Rate		3%
Prime Rate		2.25%

* Rates may vary and are subject to change without notice.
Rates Last Updated: Thursday, May 07, 2009

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?

Mortgage interest rates are dropping

Hope you have a good start to your day.

Mortgage rates have been dropping recently.

Right now some fixed rates look quite attractive.

3-year fixed: 3.15%
5-year fixed: 3.46% (Even lower for high-ratio deal)
5-year variable: P+0.6% (2.85% now)

If you have any question or need any help, pls let me know.
Mark

Mortgage interest rate specials

You can find some great specials in mortgages these days. Lenders are anxious to lend funds to top quality borrowers.

A SPECIAL-5 year fixed term is now 3.79% and NEW VRM are now 3.00% We should see some further drops over the next couple of weeks. For the folks that obtained their VRM before Sept./08 your rate is now 1.50% or lower. Incredible!

If you are interested in refinancing or obtaining a new mortgage and like these rates, send me a short email and I will put you in touch with a lender who can give you these rates.

Have a nice weekend!
Mark

Big Deal? - Whaddya think of the Bank of Canada Interest Rate Cut?

This is the the 'big news' this week, and it really is earth shattering, at least in Canada... The big news this week was of course the slash to the prime lending rate by the Bank of Canada, lowering it to an all time low of 2.25%, as predicted.

Chartered banks and mortgage lenders have already started matching the cut by lowering their prime rates. This will most likely be the final cut to the prime rate we will see, however the Bank of Canada has also committed to keeping the rate where it is through to the middle of 2010, which is fantastic for anyone on a variable rate mortgage.

This is great news for anyone who is considering borrowing money. As an aside, when I was in my 20's and early 30's (back in the great depression, just kidding!) back in the 80's and to anyone else that can remember back that far, it was absolutely unheard of for the Bank of Canada Prime Rate to be below 10%. Interest rates at the time were hovering anywhere from 12 to 14% for most of the 1980's Sure rates spiked to 18% and higher for about 3 or 4 months in 1981, but they settled right back down to the mid to low teens shortly thereafter. The point I am trying to make here is that we are talking about a prime rate of nearly ZERO Yes, I am yelling, more like shouting, but ZERO is 0, nada, nil, zip, you can't get a rate any lower than that. To top it off, the Bank of Canada is predicting that we will be at this level for about at least a year. Again, this is incredible news. Read about rates and my story at this page and this is very sobering reading compared to today's rates... Read about the rates in the 1980's http://www.mississauga4sale.com/Lock-In-Short-Term-Long-Term-Mortgage.htm

Now of course, this doesn't guarantee that they won't increase the rate before that time, but it does significantly reduce any chances of a rate increase.

Now that the prime rate has been lowered, it will be interesting to see what will happen with fixed mortgage rates, as fixed rates are more affected by bond yields then by the prime rate. I have already seen some small drops to fixed rates, and I predict that we will see them drop a little further before they bottom out.


We are all beginning to hear more positive things from people in the industry and I feel very optimistic about the coming season.

Today's record low interest rates really seem to be waking many people up and encouraging them to take action.

Here are some of the lowest rates I've seen in the marketplace.

Today's lowest rates:


1 year 2.99%
2 year 3.59 (30 day quick close)
3 year 3.59 (30 day quick close)
4 year 3.79 (30 day quick close)
5 year 3.69 (30 day quick close)
variable 3.00% (prime + 0.75)

All the best!
Mark

Bank of Canada cuts prime to .25% record low

The Bank of Canada reduced the prime rate to .25% the lowest on record. The bank said that this is the lowest they can go. The major banks have all announced that they will be following suit and lowering their prime lending rates by .25% tomorrow, Wednesday April 22nd, to 2.25% which is also the lowest rate on record. The bank prime rate of 2.25% is the rate that banks will offer to their 'best' customers.

Mortgage interest rates are directly related to the prime rate, so mortgage rates should fall nearly across the board given this new benchmark. I wouldn't hold my breath to see the interest rates ALL fall by .25% tomorrow. This is just another opportunity for the banks to make a little more money by not reducing rates across the board by .25%

As a test, let's choose the Royal Bank as an example. I don't mean to pick on RBC but they are the largest bank in Canada and my experience is that they are the stingiest on offering good rates to their customers compared to TD/CT or HSBC and ING etc.

Their current 'specials' are


Mortgage Term
Special offers‡
6 month convertible 4.55%
4 Year 4.09%
5 Year at 4.15%

posted RBC rates are:

6 Month posted rate is 5.05% and they will give you 4.55%

Term Posted Rate Special Offers‡
1 Year 4.20% 3.70%2
2 Year 4.35% Call for details
3 Year 4.45% Call for details
4 Year 5.14% 4.09%3
5 Year 5.45% 4.15%4
7 Year 6.90% 5.45%5

5 year closed is RBC Prime Rate + 0.80%

and 5 year open rate is RBC Prime Rate + 1.00%

Should be interesting to see what their rates are later in the week.\

To be fair to the Royal and for comparison purposes, here are TD/Canada Trust Rates

Special Offers1
RatesAPR-->
5 Year Closed Variable Interest Rate Mortgage
3.300% 2
3.300% 3
-->
1 Year Fixed Rate Mortgage
3.200% -->
4 Year Fixed Rate Mortgage
4.090% -->
5 Year Fixed Rate Mortgage
4.150% -->
7 Year Fixed Rate Mortgage
6.130% 4

-->
7 Year Fixed Rate 7% CashBack Mortgage

6.700%
5

10 Year Fixed Rate 7% CashBack Mortgage

6.700%
5

-->
5 Year Fixed Rate Green Mortgage
4.450% -->
10 Year Fixed Rate Mortgage7
5.250%

For more information please contact A. Mark Argentino
Fixed Rate Mortgages4
Term
Closed
Convertible
Open
4% Cash Back
5% Cash Back
7% Cash Back
No Down Payment
-->
Term
Closed
Convertible
Open
4% CashBack
5% CashBack
6 mo

4.900%



1 yr
4.200%

7.150%


2 yr
4.700%




3 yr
4.900%




4 yr
5.140%




5 yr
5.450%



5.450% 1
6 yr
6.300%



6.300%
7 yr
6.700%



6.700%
10 yr
6.700%



6.700%

5 Year Closed Rate is TD Mortgage Prime + 0.80%. TD Mortgage Prime is 2.50% Effective Date April 1, 2009

5 Year Open Rate is TD Mortgage Prime + 1.00%. TD Mortgage Prime is 2.50% Effective Date April 1, 2009

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Latest GTA mortgage interest rates

This table below will show you the latest posted and achievable mortgage interest rates.

Next week the Bank of Canada will issue their latest on the prime rate and half the experts feel they will reduce the rate another .25% to .25% Only time will tell if this happens.

TERM	POSTED	Achievable RATES*
6 Month	4.90%	4.25%
1 Year	4.20%	3.20%
2 Year	4.70%	3.69%
3 Year	4.90%	3.64%
4 Year	5.14%	3.90%
5 Year	5.45%	3.82%
7 Year	6.70%	4.95%
10 Year	6.70%	5.25%
Variable Rate		3.25%
Prime Rate		2.50%

* Rates may vary and are subject to change without notice OAC.
Rates Last Updated: Thursday, April 16, 2009

Read more about:

• Interest Rates
• Power of Sale Properties
• Price Trends
• or Search the MLS and more at my website

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
›mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

• Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• On-Line Real Estate Newsletter sign up
• See seasonal housing patterns

Mortgage Interest Rate Update in Mississauga and GTA

This table shows the latest mortgage interest rates in the GTA and area. Note that the longer term rates have com