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Mortgage Broker News | 08 Mar 2013, 12:00 AM Agree 0
BMO’s posted 5-year-fixed rate of 2.99 is nothing new, says True North’s CEO Dan Eisner; still other major lenders will be quick to follow suit despite warnings from federal finance minister Jim Flaherty of a potential rate war.
  • Derek Rowley | 09 Mar 2013, 06:06 AM Agree 0
    Here is my take on this. With regards to the so called rate war, low rates are great, but as in my cases as a rural agent, over the past 2-3 years we have lost 3 manor and I do mean major employers - Ford, Sterling and Timkens just as an example. Wit literally thousands of jobs gone and never to return, I really do not have the market i once had. My neighbour told me recently that where he works, they have gone from 3 shifts down to ine sgift and now that shift is receving lay off notices. Another major employer hitting bottom. Without ibs, you have no clients and you can lower tge rates even more but you still need clients with jobs.

    I can see where Flaherty and perhaps the B o C saying enough is eough and we will not only see more changes coming down the puoe, we will see rate increases.

    The industry has changes so drastically for the worse and we are 5 years now into this so called recession and there is still no end in sight. refis and BFS are prety well done unles you have a "B" lender or private lender.

    As for myself, again as a small rural agent, low rates and all the technology in the world does not replace unemployment. It may be a far different story for those of you in major urban centres, but out here in the boonies, we are feeling the effects of all that has and is taking place.

    Continued good selling to all

    Derek Rowley
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