The Spring Market Pricing competition is heating up!
Bank of Montreal made the biggest headlines by posting a 2.99% five year fixed mortgage rate. This strategy, which earned a rebuke from the federal finance minister a year ago, looks to have been another public relations victory for the bank but it also presents an excellent opportunity for mortgage professionals to demonstrate their expertise and market knowledge for consumers who may not fully understand this development and how it relates to the myriad of mortgage products, features and options.
CAAMP announced last week that it has entered into an agreement to acquire the influential online mortgage news source Canadian Mortgage Trends (CMT). CAAMP sees the acquisition as a good fit for streamlining its communications practices. CMT will retain its editorial independence while gaining access to CAAMP’s resources, data and relationships.
TD Bank published survey data last week which shows that a quarter of Canadians who purchased a home in the last two years (or who plan to do so soon) did so as individuals. Also, 40% of those surveyed said that purchasing a home with friends or family members is a good way to enter the market. The bank also suggests that these purchasers take their time, establish a clear budget and then “test drive” their carrying costs before purchasing.
The benchmark government of Canada five year bond yield ended the week at 1.71%, up slightly from 1.73% the previous week.
Original article from: http://www.mcap.com/residential/brokers/mortgagenews