Quick Update

Hi Everyone,

I received a quick update on the mortgage market from John Walsh – Mortgage Agent with Mortgage Alliance and Founder of www.oreio.org , here goes:

“Rates have started to fall in anticipation of yet another rate drop from the Bank of Canada. The market expectation is 25 to 50 Bps. So far the rate drop from the lenders has been close to 25 bps across the board. If the Bank of Canada does drop by 50 Bps, expect a further 25 Bps reduction next week in all the rates. In terms of 5 year money, expect things to fall just below 4%.
I don’t know how else to say this folks. Money today is dirt cheap. It wont last forever.

For some perspective, the last rate drop in January set the all time record low for the Bank of Canada. This only goes back ti 1956 as that’s when the Bank of Canada started making this a floating rate. We are living in historic times.”

John R. Walsh, B.Eng
Mortgage Agent with Mortgage Alliance
Licence Number: M08000603
Founder of O.R.E.I.O.

613-237-7044 x148
888-474-0137 (toll free fax)

jwalsh@mortgagealliance.com
jr2walsh@gmail.com
http://ForAllYourMortgageNeeds.com