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the winnipeg sandbox » winnipeg sandbox.. » business... » mortgage rates??????

mortgage rates??????

+9
StBPegger
LivingDead
Electrician
libermom
cherenkov
Goth_chic
rosencrentz
grumpy old man
Deank
13 posters

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1mortgage rates?????? Empty mortgage rates?????? Thu Oct 30, 2008 11:46 am

Deank

Deank
contributor eminence
contributor eminence

so what gives?

I have a 5 year mortgage rate of 4.52% from 3 years ago.

Supposedly rates are at their lowest ever.
Yet the mortgage rates at BMO are all over 5%.

2mortgage rates?????? Empty Re: mortgage rates?????? Thu Oct 30, 2008 12:08 pm

grumpy old man

grumpy old man
administrator
administrator

Cambrian is offering 3.99%. Get thee the hell outta BMO.

3mortgage rates?????? Empty Re: mortgage rates?????? Thu Oct 30, 2008 12:24 pm

Deank

Deank
contributor eminence
contributor eminence

yeah I was thinking of possibly redoing my mortgage right now as within two years I see rates freaking skyrocketing...

4mortgage rates?????? Empty Re: mortgage rates?????? Thu Oct 30, 2008 4:07 pm

rosencrentz

rosencrentz
uber-contributor
uber-contributor

I have been waiting for rates to fall, but i was quoted 5% as the best variable rate.
I sent a complaint to our puny minister of money, pointing out that last year the best variable rate was .6 of 1% below prime(4) and therefore there should be a 3.4% variable rate, not the 1 over prime that the banks are quoting.

I see rates coming down because of the slowing economy!
I wasn't quoted the Cambrian rate, I will have to phone and find out.

http://www.elansofas.com

5mortgage rates?????? Empty Re: mortgage rates?????? Thu Oct 30, 2008 4:37 pm

Goth_chic

Goth_chic
uber-contributor
uber-contributor

I don't have a mortgage...my house is paid off and I am thankful for that.

6mortgage rates?????? Empty Re: mortgage rates?????? Thu Oct 30, 2008 4:39 pm

Deank

Deank
contributor eminence
contributor eminence

with all those people living in the dungeon its little wonder you live mortgage free.

7mortgage rates?????? Empty Re: mortgage rates?????? Thu Oct 30, 2008 4:45 pm

cherenkov

cherenkov
contributor plus
contributor plus

My rate just dropped again to 3.45% Very Happy

No way should a variable rate be 5% right now unless you have a brutal credit rating. 5% for a fixed rate (are you talking about a 5 year term, Dean?) may be quite good since rates will very likely increase over that time.

http://anybody-want-a-peanut.blogspot.com/

8mortgage rates?????? Empty Re: mortgage rates?????? Thu Oct 30, 2008 4:56 pm

Deank

Deank
contributor eminence
contributor eminence

nope.. apparently BMO rates suck some serious arse right now when comparing to others..

Fixed Rate
6 month (convertible)
6.210%

Fixed Rate
6 month (open)
8.010%

Fixed Rate
1 year (closed)
6.650%

Fixed Rate
1 year (open)
8.800%

Fixed Rate
2 year (closed)
6.700%

Fixed Rate
3 year (closed)
7.050%

Fixed Rate
4 year (closed)
7.040%

Fixed Rate
5 year (closed)
7.200%

Fixed Rate
6 year (closed)
7.450%

Fixed Rate
7 year (closed)
7.650%

Fixed Rate
10 year(closed)
8.000%

Fixed Rate
18 year (open)
8.950%

Variable Rate
3 year (open)*
5.500%

9mortgage rates?????? Empty Re: mortgage rates?????? Thu Oct 30, 2008 6:36 pm

rosencrentz

rosencrentz
uber-contributor
uber-contributor

You cannot go to a Bank's website to check the "real" rates, you have to go to a mortgage broker's website, because the Banks DO NOT POST their best rates.
ING will have their best rate posted because they have only 1 rate as well as the Superstore mortgage.

banks try and squeeqe whatever rate they can get from you, but if you have done your comparison shopping with a broker you don't have to worry, usually.

http://www.elansofas.com

10mortgage rates?????? Empty Re: mortgage rates?????? Thu Oct 30, 2008 9:59 pm

Guest

Anonymous
Guest

Boy my ten year 4.9 don't seem so bad

11mortgage rates?????? Empty Re: mortgage rates?????? Thu Oct 30, 2008 10:19 pm

libermom

libermom
newbie

We are with BMO. Our rates dropped to 3.875%

12mortgage rates?????? Empty Re: mortgage rates?????? Fri Oct 31, 2008 3:15 am

Electrician

Electrician
general-contributor
general-contributor

Back in the 80's, my cousin paid a mortgage at 17% fixed rate...
A month after he finished the payments, his wife kicked him out of his apartment...
Even worse, he then found out his mother-in-law had fixed the notary contract so that mil got 50%, wife got 25%, he got 25% of possession.
Nice deal...

http://www.new.facebook.com/profile.php?id=1416203996

13mortgage rates?????? Empty Re: mortgage rates?????? Fri Oct 31, 2008 10:37 am

rosencrentz

rosencrentz
uber-contributor
uber-contributor

Previous variable mortgages when the banks weren't "hurting" from major losses, used to go for .6% under prime, which today would be 4% (prime) less .6= 3.4%. Those people with those terms still get them!
Today because the banks are in dire straights with the losses caused by the Banks investing in the subprime mortgage U.S. mess, the banks are asking prime plus 1= 5%.
That is about a 50% increase in rates, a very small portion for the public to pay for their stupidity!

This dire straights is very similar to that of the oil companies with the huge variance in oil costs!



Last edited by rosencrentz on Sun Nov 02, 2008 8:21 am; edited 1 time in total (Reason for editing : none of your business)

http://www.elansofas.com

14mortgage rates?????? Empty Re: mortgage rates?????? Fri Oct 31, 2008 11:27 am

LivingDead

LivingDead
general-contributor
general-contributor

I remember back in the early 80's my parents were happy to lock in at 10% on their mortgage.

I'm glad I don't have a mortgage.

http://www.albinoblacksheep.com/flash/youare

15mortgage rates?????? Empty Re: mortgage rates?????? Sat Nov 01, 2008 12:24 am

Guest

Anonymous
Guest

That is about a 50% increase in rates, a very small portion for the public to pay for their stupidity!

Who,s the banks we should not have to pay for their misadventures we do but we should not have to the bank president should.

16mortgage rates?????? Empty Re: mortgage rates?????? Sat Nov 01, 2008 8:06 am

Guest

Anonymous
Guest

What misadventures have our banks been involved with?

17mortgage rates?????? Empty Re: mortgage rates?????? Sat Nov 01, 2008 9:44 am

Guest

Anonymous
Guest

Lending to countries who can't pay lending to the American firms that are now defunct , small amounts in the scheme of it all, but wait the service charges will go up. Cibc and the Royal have both lost in the greed campaign down south.

18mortgage rates?????? Empty Re: mortgage rates?????? Sat Nov 01, 2008 9:58 am

grumpy old man

grumpy old man
administrator
administrator

That is just business. We can't believe it is all sinister and greed driven. What a horrible way to go through life.

19mortgage rates?????? Empty Re: mortgage rates?????? Sat Nov 01, 2008 10:17 am

Guest

Anonymous
Guest

You think the mortage meltdown wasn't driven by greed ?

20mortgage rates?????? Empty Re: mortgage rates?????? Sat Nov 01, 2008 12:00 pm

rosencrentz

rosencrentz
uber-contributor
uber-contributor

Crosstown Civic has an ad in this mornings Free Press - variable rate at 3.5%- BINGO for me , , rates finally at what they used to be at.
You have to love competition!
Others at 5%, 1 over prime, Crosstown at .5of 1% under prime, a difference of 30%.

In Winnipeg 30% off is a good deal!!

http://www.elansofas.com

21mortgage rates?????? Empty Re: mortgage rates?????? Sat Nov 01, 2008 1:02 pm

rosencrentz

rosencrentz
uber-contributor
uber-contributor

The losses that the banks have endured is quite remarkeable. There is a partial list- CiBC $6 billion, Royal $1.8 Billion, other Canadian banks $1.8 Billion.

Look at some of the US banks- Citi Group $55 B, Merril Lynch $51B, UBS $44B, HSBC $27B, Wachovia 22, B of America 21, IKB Deutsche 15, Washington Mutual $14, Morgan Stanley 14, Wells fargo 10, Barclays 9, Lehman 8, and the list goes on and on. Google banks losses subprime.
I am willing to bet that the lawsuits won't be settled for 10 years . i am sure that CIBC will file a small debt claim to recover their losses. They will have to hope that the Presidents of these mortgage lenders and appraisers will be earning money from the penitentiary!

http://www.elansofas.com

22mortgage rates?????? Empty Re: mortgage rates?????? Sat Nov 01, 2008 11:32 pm

Deank

Deank
contributor eminence
contributor eminence

meh.. just look at what they made each of the last 18 quarters....maybe they need to learn to save for a rainy day...Corporate responsibility? Nah I guess that aint gonna happen.

23mortgage rates?????? Empty Re: mortgage rates?????? Sun Nov 02, 2008 3:25 am

rosencrentz

rosencrentz
uber-contributor
uber-contributor

Maximum profit!!

No regulations!!! (USA)

No more Bush!!

So much damage!!!
So much corruption!!
Self-regulating!! What an incredibly stupid system, run by such incredibly corrupt people!

Our canadian system with its many regulations, is so far superior!

http://www.elansofas.com

24mortgage rates?????? Empty Re: mortgage rates?????? Sun Nov 02, 2008 4:15 am

Electrician

Electrician
general-contributor
general-contributor

But they (USA) have a hold on Canadian banks and enterprises...

http://www.new.facebook.com/profile.php?id=1416203996

25mortgage rates?????? Empty Re: mortgage rates?????? Sun Nov 02, 2008 7:56 am

grumpy old man

grumpy old man
administrator
administrator

Electrician wrote:But they (USA) have a hold on Canadian banks and enterprises...
Why do you say that?

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