Mortgage rates are suddenly down again for a short period - if you can close on a property in the next 45 to 60 days you could take advantage of some amazing rates that are currently available.

Despite all the hoopla about mortgage rates going up they are suddenly down again and apparently going to stay down for the next while.  So much so that some lenders are offering some extremely great rates if you have a quick close coming on within the next 45 to 60 days.  Especially the variable rates which are at prime minus 75 points and less and also some of the 3 and 4 year fixed rates are really great! 

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Summary of January 2011 Ottawa Real Estate Market and

Do your eyes glaze over when you are faced with pages of information, charts and graphs? I have simplified the comparison between mortgage-lender insurance and personally-owned mortgage insurance.

Info received from Mike Hatch of Ottawa's Home team at www.ottawashometeam.com

Good news!

Just in case you haven't yet heard, Monday, for the first time in a while the mortgage rates from some of the big banks has started to creep up.  The spread between bond yields and fixed mortgage rates is such that only desire for market share has kept the banks from raising rates to date.
 
Yesterday morning RBC (Royal Bank)  and TDCT (TD-Canada Trust) announced a .60% increase in their 5 year posted rate, it will be only a matter of time before others follow suit. It's a sign that interest rates are probably on the upswing as has been predicted for quite a while. 
 

The Honourable Jim Flaherty, Minister of Finance, today announced a number of measured steps to support the long-term stability of Canada's housing market and continue to encourage home ownership for Canadians.

"Canada's housing market is healthy, stable and supported by our country's solid economic fundamentals," said Minister Flaherty. "However, a key lesson of the global financial crisis is that early policy action can help prevent negative trends from developing."

The Government will therefore adjust the rules for government-backed insured mortgages as follows: