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  #221  
Old 2018-12-07, 05:26 PM
MortgageGuy MortgageGuy is offline
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Default Info on Bank of Canada rate...

For those of you interested in professional feedback on the Bank of Canada Rate changes(lack of this week), I have put below the note received from a TD Bank Economist... the good news hopefully a pause for now...see below...

TD Economics
Data Release: A hold, probably a pause
• The Bank of Canada kept its overnight rate unchanged at 1.75%. The decision met both market and economists' expectations. The statement released alongside the decision struck a dovish note.
• One of the biggest stories since the Bank's October rate hike is the pricing challenges facing Western Canadian oil producers, and the recent announcement of mandatory production curtailments. Soft commodity prices had already been expected to dampen investment and exports in the Bank's last communique, but recent moves are seen as making the outlook for the sector "materially weaker"
• Beyond the energy sector, the Bank also sees softening momentum coming out of the third quarter, and historic revisions from Statistics Canada suggest that 'there may be additional room for non-inflationary growth'. Conversely, tax changes and capacity constraints are still expected to support non-energy investment, and credit/housing markets are seen as stabilizing.
• On the inflation front, the data seems to be meeting expectations, as core measures continue to track two per cent, and headline inflation is expected to ease on the back of lower gasoline prices.
• The statement again discussed rates getting to 'neutral', but with the important change that the policy rate needs to rise to a neutral range – rather than to a neutral stance as discussed in October. This small language tweak suggests more flexibility around the end-point for the tightening cycle, and reinforces the dovish tone that permeates the statement more generally.
Key Implications
• The Bank of Canada's statement this morning brings to mind that famous (apocryphal) Keynes quote: "When events change, I change my mind". The last six weeks have delivered quite a few 'events', and so it should come as no surprise that the tone of the monetary policy communications has taken a more dovish tilt.
• Indeed, there is little to dispute in the Bank's characterization of developments and the outlook. As discussed in yesterday's Market Insight, recent events aren't likely to push the Bank off of a tightening path, but they do remove any urgency in getting to a neutral policy rate. We no longer expect the Bank of Canada to hike its policy interest rate in January. Spring 2019 now appears to be the more likely timing, allowing for the Bank to ensure that the growth narrative is back on track.
• To be sure, while everything points to a January hike being off the table, the path thereafter is less clear, and a 491 word statement does not give much to work with. With all the moving parts in the Canadian economy at present, tomorrow's speech by Bank of Canada Governor Poloz (with Q+A session and press conference) will carry even more importance than normal.
Dan
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Ottawa-Carleton Mortgage Inc.
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"Great Mortgage Rates"

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  #222  
Old 2019-01-09, 03:53 PM
MortgageGuy MortgageGuy is offline
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Default Mortgage Rate Update... Bank of Canada rate...Jan 9

I'm back... Happy New Year Everyone!
So the Bank of Canada Rate announced today to stay the course with no rate change. Great news for everyone.
https://www.cbc.ca/news/business/ban...sion-1.4971176
There has been little movement in mortgage rates since mid Dec, rates are very stable at this point.
As a summary for the year to come, I just want to mention that I will continue to give unbiased information, and mortgage rate updates. I am NOT paid to be here, just enjoy all your company I DO deal with MOST lenders, so the rates I will post are the best I know of. I do NOT ever recommend taking mortgages that have restrictive clauses, so the rates I post will be rates from lenders that are reputable and I have dealt with for the last 20 plus years. If I post a rate with a restrictive clause, I will tell you that. I also do NOT recommend mortgages that are registered as collateral. T.D., National Bank, and Tangerine register EVERY mortgage they do as collateral. There is a place and need for collateral mortgages, but I only use them when necessary. Remember the old saying "let the buyer beware", it also applies in the mortgage industry. Do your research, no one takes care of you better than you.

I'm here to provide answers to your mortgage related questions, I am not a financial advisor, though I have been around the block a few times.
Often your questions are also the questions of others, so please feel free to post them, I will do my best to answer all of them in a timely fashion. You may even find it of interest to look back through this post. I have been writing on it for a few years now, so there is likely lots of answered questions already here.

If you are wanting me to answer specific "personal" mortgage related questions, remember that this forum is NOT the place to write it. It is always better to email me directly with your personal stuff, and keep it off the forum. Certainly feel free to ask a question here , just don't any put any personal financial information here. You can reach me directly at
dan@mortgagemoney.ca

I have been a licenced mortgage broker in Ontario since 1989, and so yes I do earn a living arranging mortgages. If you qualify normally, there is never is a fee for my service, the lenders pay me. You can find a little about me here...
http://mortgagemoney.ca/about/

My complete mortgage rates can always be found here...
http://mortgagemoney.ca/best-mortgage-rates/

All the best to everyone for the New Year, and I look forward to writing you all again on a weekly basis.
Dan
__________________
Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070
Reply With Quote
  #223  
Old Yesterday, 03:20 PM
MortgageGuy MortgageGuy is offline
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Posts: 990
Default Mortgage rate update and a Great article

Mortgage rates are remaining stable, best 5 yr fixed closing within 90 days is 3.39% and 3.44% closing within 120 days. Both rates are for insured mortgages(less tan 20% down for a purchase.

Best 5 yr fixed for a purchase with more than 20% down is 3.69%, 120 day rate hold.
As last year, like it or not, those with less than 20% down payment are getting the best rates because they are insured mortgages.

I came across the perfect article for this time of year... https://www.moneysense.ca/save/finan...contributions/
Just remember that long term investing as they mention here is not looking one year out, to see if you're ahead, it is looking out maybe 10 years. History does show that you are usually way ahead investing for the long term.
Don't use 2018 as your example because you may have lost some money , but fear not, it always comes back in the long term if invested wisely.
I know this is a little off the mortgage topic, but to me, very important subject matter that should be seen by all.
Have a great day,
Dan
__________________
Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070
Reply With Quote
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