Variable Rates Beat Fixed Rates…A Lot

The foundation for all Canadian interest rates is the overnight target rate. It’s been stuck at or below 1% for an incredible eight years. That’s never happened before. We’re living in bizarro economic times and those with big mortgages are hoping they’ll last. But...

Soaring Prices. Mortgage Fallout: RateSpy TV

This week on RateSpy TV: Sky High Prices & Your Mortgage: Big-city home prices are going orbital. That’s making it harder to score a mortgage approval. The Spy tells you how hard. Check Your Broker: A tiny fraction of mortgage brokers are not on...

Mortgage Complaint? Who You Gonna Call?

We’ve all heard this line before: “A mortgage is probably the largest financial commitment you’ll make in your lifetime.” So what happens when the process goes sour? Who’s got your back? People run into mortgage service problems all the time. The three most...

The Dark Secret About Rate Sites

A reader asked this on one of our message boards this week: “I don’t understand why every site doesn’t have a refinance selector. How are you supposed to find a rate for a refinance otherwise?” Heck of a good question....

Rate Discounts Shrink: RateSpy TV

This week on RateSpy TV: Conventional Rate Discounts Squeezed: If you’ve got 20% to 34.99% equity, the lowest available rates have risen. The Spy tells you why. NEW! Refinance Finder: The best mortgage rates on refinances are not the same as the best...

Another Nail in Competition’s Coffin

As previously announced, CMHC is jacking up default insurance premiums on Canadian borrowers. Effective today, anyone purchasing a home with less than 20% down will fork over up to 1.00%-point more in fees. If you’re down payment is: Less than 10%: You’ll pay...

The Fed Pulls the Trigger. What Now for Mortgage Rates?

Opps!…They…Did…It…Again. For the third time in 11 years, the planet’s monetary policy superpower has elevated America’s key lending rate by 1/4 point. Now it’s a question of how Canadian rates will react. In and of itself, one highly anticipated U.S....

Spring Mortgage Deals & The Fed Hike: RateSpy TV

This week on RateSpy TV: Spring Mortgage Market Begins: Meridian Credit Union kicked the spring market into gear with the first notable rate sale of the season: 1.99%. We pull out the magnifying glass and examine its pros and cons. Fed Hike on Deck?:...

Short Terms Get More Love

The fun thing about running a rate site is that you see lots of interesting data, like the rates that consumers click on the most. In reviewing hundreds of thousands of RateSpy clicks this past year, some noteworthy trends have emerged. Here’s what our latest...

Where Do Rates Go From Here?

Fixed and variable rates have taken the fork in the road, each in a different direction. 5-year fixed mortgage rates rates headed north at the end of last year. They’re hitched to bond yields, which soared when markets got spooked by the...