Current Residential Mortgage Rates as of June 17, 2014

Term Rate 6 months 3.95% 1 Year 2.89% 2 Year 2.64% 3 Year 2.79% 4 Year 2.94% 5 Year 2.84% 7 Year 3.79% 10 Year 4.39% Prime = 3.00% Variable Closed (5 yr) = Prime minus 0.70% = 2.30% Variable Open = Prime plus 0.80% = 3.80% Courtesy of John Chrisanthidis, Mortgage Intelligence

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Private Mortgage Insurers Opt Not To Match CMHC’s Cuts

Canada’s two private-sector mortgage insurers have decided not to match all of Canada Mortgage and Housing Corp.’s (CMHC) recent product cuts. Genworth MI Canada sent a letter to banks Friday saying that it will not be making any changes to its standards for self-employed borrowers. Genworth will, however, tighten its rules for second homes slightly.…

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Current Residential Mortgage Rates as of April 28, 2014

Term Rate 6 months 3.95% 1 Year 2.89% 2 Year 2.64% 3 Year 2.79% 4 Year 2.94% 5 Year 2.89% 7 Year 3.79% 10 Year 4.39% Prime = 3.00% Variable Closed (5 yr) = Prime minus 0.70% = 2.30% Variable Open = Prime plus 0.80% = 3.80% Courtesy of John Chrisanthidis, Mortgage Intelligence

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Current Residential Mortgage Rates as of April 14, 2014

Term Rate 6 months 3.95% 1 Year 2.89% 2 Year 2.64% 3 Year 2.79% 4 Year 2.94% 5 Year 2.99% 7 Year 3.79% 10 Year 4.39% Prime = 3.00% Variable Closed (5 yr) = Prime minus 0.70% = 2.30% Variable Open = Prime plus 0.80% = 3.80% Courtesy of John Chrisanthidis, Mortgage Intelligence

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Current Residential Mortgage Rates as of March 27, 2014

Term Rate 6 months 3.95% 1 Year 2.89% 2 Year 2.64% 3 Year 2.79% 4 Year 2.94% 5 Year 2.99% 7 Year 3.79% 10 Year 4.39% Prime = 3.00% Variable Closed (5 yr) = Prime minus 0.55% = 2.45% Variable Open = Prime plus 0.80% = 3.80% Courtesy of John Chrisanthidis, Mortgage Intelligence

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How To Fix Your Credit Score

Canada’s household debt continues to hit extreme levels, but for some people the damage may have already been dealt. Tom Higgins, vice-president of analytics and decision services for TransUnion, one of the two credit bureaus in Canada, says the average credit score for Canadians dropped during the recession with residents forced to rely on more credit.…

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Increase in CMHC Mortgage Loan Insurance Premiums

Mortgage loan insurance helps protect lenders against mortgage default and enables consumers to purchase homes with a minimum down payment of 5% with interest rates comparable to those with a 20% down payment. Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price. Effective…

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Current Residential Mortgage Rates as of February 12, 2014

Term Rate 6 months 3.95% 1 Year 2.89% 2 Year 2.79% 3 Year 2.89% 4 Year 3.29% 5 Year 2.99% 7 Year 3.99% 10 Year 4.39% Prime = 3.00% Variable Closed (5 yr) = Prime minus 0.55% = 2.45% Variable Open = Prime plus 0.80% = 3.80% Courtesy of John Chrisanthidis, Mortgage Intelligence

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Current Residential Mortgage Rates as of January 30, 2014

Term Rate 6 months 3.95% 1 Year 2.89% 2 Year 2.79% 3 Year 2.89% 4 Year 3.29% 5 Year 3.14% 7 Year 3.99% 10 Year 4.39% Prime = 3.00% Variable Closed (5 yr) = Prime minus 0.55% = 2.45% Variable Open = Prime plus 0.80% = 3.80% Courtesy of John Chrisanthidis, Mortgage Intelligence

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Current Residential Mortgage Rates as of January 23, 2014

Term Rate 6 months 3.95% 1 Year 2.89% 2 Year 2.79% 3 Year 2.89% 4 Year 3.39% 5 Year 3.19% 7 Year 3.99% 10 Year 4.39% Prime = 3.00% Variable Closed (5 yr) = Prime minus 0.55% = 2.45% Variable Open = Prime plus 0.80% = 3.80% Courtesy of John Chrisanthidis, Mortgage Intelligence

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