Categories for Mortgage Rate Trends

Coronavirus Mortgage Update – March 30

9:29 a.m. Update This Act of God is No Out: Buyer’s remorse from COVID-19 is no excuse to back out of a home purchase, write Haider & Moranis, who add: “…Standard residential real estate transactions do not include force majeure provisions.” Income Interruption Before Closing: CMHC told us this about insured borrowers who get laid off before their mortgage closes:...

A Bridge to Lower Rates

Despite rates being less than a point from their all-time lows, borrowers are growing increasingly dissatisfied with shrinking mortgage discounts.

Coronavirus Mortgage Update – March 27

8:06 p.m. Update Shell Game: The Bank of Canada has hacked 150 bps off its policy rate in just 23 days. Banks have matched the entire drop with 150 bps of prime rate cuts. BoC Governor Stephen Poloz said that was vital to “cushion” the COVID-19 “blow” for consumers. And, if you only considered banks’ prime rate reductions, they’d look...

Coronavirus Mortgage Update – March 26

5:56 p.m. Update Payment Worries: 1 in 3 Canadians fear they’ll miss a rent or mortgage payment (Survey.) If you’re one of them, here’s an updated list of lender links for payment deferral info. Appraisal Stop-gap: More lenders are announcing that they will accept “Modified Full Appraisals.” That’s where appraisers do virtual inspections of the property with the homeowner’s help,...

Coronavirus Mortgage Update – March 25

6:46 p.m. Update Prime Still Slated to Fall: Financial markets are still forecasting a 50-bps cut to the Bank of Canada’s overnight rate by April 15. Given government pressure on banks to pass through BoC cuts via prime rate, the expectation is for prime to fall to 2.45%. And while we were wrong on banks not cutting their prime rates...

Coronavirus Mortgage Update – March 24

3:12 p.m. Update Crude Reality: A semblance of optimism returned to markets today, but what really bears watching is oil. COVID-19 and other concerns aside, Canada’s economy is not out of the woods until oil prices run higher. There’s a rumour the Saudis and U.S. could ally on oil, which could be bullish. We’re going to get good news on...

Coronavirus Mortgage Update – March 21

We're seeing and hearing from multiple customers and mortgage brokers that their mortgage approvals are being overturned by lenders due to coronavirus layoffs.

Coronavirus Mortgage Update – March 20

5:35 p.m. Update National Bank Hikes: Falling bond yields and government moves to bolster mortgage liquidity didn’t keep the country’s sixth-largest bank from lifting mortgage rates. National boosted two fixed specials today: 4-year: 2.89% to 3.29%; 5-year: 2.94% to 3.34%. Systems Hack: As if COVID-19 wasn’t enough, it turns out that the broker industry’s primary application submission platform, Filogix Expert,...

Coronavirus Mortgage Update – March 19

6:58 p.m. Update CMHC on Payment Deferrals: “CMHC has provided increased flexibility to defer mortgage payments on its insured homeowner mortgage loans, which means lenders are now able to defer payments on a borrower’s CMHC-insured mortgage up to six months without CMHC’s approval. Borrowers should speak to their lenders directly by going through their default management department to confirm if...