The Business and Financial Forum THIS SPACE OPEN FOR ADVERTISEMENT. YOU SHOULD BE ADVERTISING HERE!
Revscene Wall Street.
Consolidating debt? Good business tips? Buying stock? How's our economy doing? Discuss and share advice and tools on everyday banking, investing, wealth management and insurance. |
 | 
04-15-2014, 10:50 AM
|
#1 | | RS controls my life!
Join Date: Nov 2007 Location: Vancouver
Posts: 774
Thanked 2 Times in 2 Posts
| Mortgage Rate in the market
Hi guys, I'd like to start a thread regarding mortgage rate as a reference to all of us.
My mortgage is up for a renewal and BMO is offering me 3.09% for a fixed 5 year closed term. Is it a good rate?
If you find a better rate, please post and comment your experience with the institution. I currently not in town so I cannot shop for mortgage at the moment.
Thanks all
| 
|  | |
04-15-2014, 05:38 PM
|
#3 | | Even when im right, revscene.net is still right!
Join Date: Dec 2008 Location: Richmond
Posts: 1,360
Thanked 659 Times in 201 Posts
|
I check this site to compare rates, it compiles the big banks and some smaller lenders: Best Mortgage Rates 5-Year Fixed - Compare Today's Current 5-Year Fixed Rates - 2.94%
__________________ Quote:
Originally Posted by JSALES  While driving yesterday I saw a banana peel in the road and instinctively swerved to avoid it...thanks Mario Kart. | | |
| | |
04-29-2014, 03:14 PM
|
#4 | | Wunder? Wonder?? Wander???
Join Date: Sep 2012 Location: surrey
Posts: 224
Thanked 453 Times in 73 Posts
|
2.99 is the current rate for bigger banks atm
rates might be going up after 2 years assuming from the market conditions but not guaranteed.
(but things can change..)
some mortgage professionals are encouraging 10year fixes instead of 5.
| |
| | |
05-01-2014, 12:59 PM
|
#5 | | Rs has made me the man i am today!
Join Date: May 2002 Location: van
Posts: 3,412
Thanked 494 Times in 214 Posts
|
Factors to consider:
Fed Taper for bond buying - it's consistent $10 billion dollar decrease for every Fed Reserve Meeting will result in the latest Quantitative easing to be gone by end of 2014
Result: IR increase
US Economy going sideways for the foreseeable future unless we get a slump in the economy without much Fed interference (so the US economy can recover properly - instead of being stagnant since 2008).
Result: IR decrease or not rise with increase bond buying from the market in the short term (+ the Fed won't increase rates during a recession - aside from getting rid of QE). Once we get the real recovery, IR will eventually increase as money will flow back to equities. Real recovery could slowly start sometime in 2015.
Janet Yellen (Bernanke successor) committing to injecting money in the economy to keep it afloat (e.g. buy bonds).
Result: IR decrease or not rise with increase bond buying (from the Fed).
Because of this, I would look more into variable instead of fixed mortgages for the next 5 years.
| |
| | |
05-01-2014, 01:23 PM
|
#6 | | I contribute to threads in the offtopic forum
Join Date: Apr 2001 Location: VAN/RMD/BBY
Posts: 2,594
Thanked 1,022 Times in 450 Posts
|
^ did you make a typo? how can the Fed be tapering while Yellen's commiting to buying bonds? they're the exact opposite . . .
| |
| | |
05-01-2014, 02:52 PM
|
#7 | | Rs has made me the man i am today!
Join Date: May 2002 Location: van
Posts: 3,412
Thanked 494 Times in 214 Posts
| Quote:
Originally Posted by Spoon ^ did you make a typo? how can the Fed be tapering while Yellen's commiting to buying bonds? they're the exact opposite . . . | Weird huh? That's what she said last month. Yet the Fed is scheduled to finish QE end of this year. What does that mean ? Who knows, more bond buying next year perhaps if the US economy does not improve perhaps.. Posted via RS Mobile | |
| | |
05-01-2014, 03:07 PM
|
#8 | | GO FLAMES GO
Join Date: Jul 2005 Location: Kamloops
Posts: 4,609
Thanked 2,210 Times in 701 Posts
|
i just locked in to 2.94% 5yr fixed through my mortgage broker
__________________
2013 Toyota Tundra CrewMax TRD Offroad *CURRENT*
2005 Nissan Xterra SE *SOLD*
1991 Toyota Hilux Surf SSR-X Widebody *SOLD*
2001 Acura Integra Type-R *SOLD*
Club-Integra.net OG
Your Friendly Neighborhood Firefighter
| |
| | |
05-01-2014, 03:22 PM
|
#9 | | Who's naughty? I___i
Join Date: Jun 2010 Location: GVR
Posts: 805
Thanked 173 Times in 73 Posts
|
seems like 2.99 is the common rate everywhere @ 5 yr fixed.
| |
| | |
05-22-2014, 11:36 PM
|
#10 | | Banned By Establishment
Join Date: May 2014
Posts: 8
Thanked 1 Time in 1 Post
|
I guess you should consult a financial advisor for that.
| |
| | |
05-23-2014, 09:59 AM
|
#11 | | Rs has made me the man i am today!
Join Date: May 2002 Location: Surrey
Posts: 3,219
Thanked 825 Times in 289 Posts
|
I've stuck with Variable and I would suggest anyone who is getting a mortgage to do the same. With the unstable market int he US I don't see our prime rating going up. They keep saying it will but I'm three years into my 2.25% variable rate. (Prime minus 0.75%)
| |
| | |
05-23-2014, 10:32 AM
|
#12 | | Even when im right, revscene.net is still right!
Join Date: Dec 2003 Location: Vancouver
Posts: 1,398
Thanked 235 Times in 78 Posts
|
I would say that's the case a few years ago as I've done the same but then Prime minus variable rates are no more so it may be a safer bet to just go with a 5 year fixed at 2.99% considering the likelihood of prime rate going down is virtually none
__________________
quote:
--------------------------------------------------------------------------------
Originally posted by Miss_Girly
Bring some RS people with you to help u GANG BANG the guy!!
--------------------------------------------------------------------------------
| |
| | |
05-23-2014, 10:56 AM
|
#13 | | Rs has made me the man i am today!
Join Date: May 2002 Location: Surrey
Posts: 3,219
Thanked 825 Times in 289 Posts
| Quote:
Originally Posted by Selanne_200 I would say that's the case a few years ago as I've done the same but then Prime minus variable rates are no more so it may be a safer bet to just go with a 5 year fixed at 2.99% considering the likelihood of prime rate going down is virtually none | Variable did go up a bit during last year but it was still way below the fixed rate. I just talked with my mortgage broker and it seems like variable is heading down again.
As of last Monday Dominion lending centre has Variable at prime minus 0.50%
| |
| | |
05-23-2014, 12:20 PM
|
#14 | | Wunder? Wonder?? Wander???
Join Date: Sep 2006 Location: .
Posts: 227
Thanked 219 Times in 63 Posts
| | |
| | |
05-23-2014, 01:28 PM
|
#15 | | Wunder? Wonder?? Wander???
Join Date: Sep 2012 Location: surrey
Posts: 224
Thanked 453 Times in 73 Posts
|
im seeing 2.84% for 5 years right now.
my sources say it might go down a little more to 2.79% for 5 years
but it might change around september to a higher rate.
if youre planning to get pre-approved. now is the time to get youre "good for 3 months pre-approval"
I can redirect you to a mortgage broker if you want who will give you 30% of his commision
pm me.
| |
| | |
05-27-2014, 05:49 AM
|
#16 | | I contribute to threads in the offtopic forum
Join Date: Jun 2006 Location: not vancouver
Posts: 2,642
Thanked 1,941 Times in 765 Posts
| Quote:
Originally Posted by will068
US Economy going sideways for the foreseeable future unless we get a slump in the economy without much Fed interference (so the US economy can recover properly - instead of being stagnant since 2008).
Result: IR decrease or not rise with increase bond buying from the market in the short term (+ the Fed won't increase rates during a recession - aside from getting rid of QE). Once we get the real recovery, IR will eventually increase as money will flow back to equities. Real recovery could slowly start sometime in 2015.
| good commentary.
if this scenario were to play out, i'd be more worried about losing my job. everyone thinks they're fine... until it's too late.
| |
| | |
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts
HTML code is Off
| | |
All times are GMT -8. The time now is 12:35 AM.
|
You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!
The banners on the left side and below do not show for registered users!
