Borrowers reminded of flexibility amid fixed-rate fever
Outgoing Bank of Canada Governor Mark Carney may be delighted that consumers are heeding his warnings and have been flocking to fixed-rate mortgages in record numbers, but one broker is advising borrowers to pick shorter term mortgages because they offer greater flexibility.
Bank rate decision may slow switches
A decision Tuesday to keep the Bank of Canada’s overnight rate steady – something expected to hold for all of 2013 – will likely slow switches for brokers.
BOC chief moves to Bank of England
Bank of Canada Governor Mark Carney, credited for steering the country’s monetary policy through the recession, is leaving his post to head the Bank of England.
Brokers: Rate drops ignite client preference for fixed
Brokers are finally seeing a change in consumer appetite for risk after the second chop to fixed rates in two weeks.
Brokers react to election call
An “election reprieve” from interest rate hikes may not translate into the busy spring season brokers were hoping for, with industry leaders identifying a possible downside to the federal campaign.
Brokers differ on whether to advise fixed or variable rates for clients
Brokers looking for definitive advice on steering clients toward fixed, variable or combination mortgages are out of luck, with industry opinion divided ahead of expected rate hikes.
2011: The Road Ahead
Consumer awareness and confidence in brokers, broker-lender relationships and the threat from government of more mortgage rules are some of the issues John Tenpenny heard about when talking with prominent industry members
DLC president bends the ear of Finance Minister
Dominion Lending Centres president Gary Mauris was one of the participants Wednesday at a pre-budget consultation held in Regina by Finance Minister Jim Flaherty. The following is a summary of the day, submitted by Mauris.
Britons turn to credit cards to make mortgage payments
In what could be a warning of things to come for Canadians who may struggle their mortgage payments if interest rates rise, it has been reported that more than 2 million people in Britain have used credit cards to pay their mortgage or rent, an increase of almost 50 per cent in a year, according to the housing and homelessness charity Shelter.
BoC raises overnight lending rate
The Bank of Canada raised its key interest rate another 25 basis points Wednesday morning, making it the third increase since June.