Royal Bank puts rates up- effective today

[ING_rep]

MQ, I got a fixed rate of 1.7 for 1 year at National Bank. Yes I locked it when the rates crashed!

[cdngal75]

SOURCE: RBC For further information: Media contact:
Matt Gierasimczuk, RBC Communications, (416) 974-2124

FYI for SmCer's. . .cheers!


TORONTO, Aug. 20, 2012 /CNW/ - RBC Royal Bank announced today that it is increasing its residential mortgage rate offers, effective August 21, 2012.
The changes are as follows:

Special Offer Rates*
Five-year closed	3.69 per cent	(increased by 0.20 per cent)
Fixed Rate Posted Rates
Three-year closed	4.05 per cent	(increased by 0.20 per cent)

Well, glad I refinanced 6 months early. I figured rates had to start going up sometime.

[cdngal75]

Yikes - 3.69%??? That sounds kinda high considering I've heard of rates as low as 2.99% for a 5-year!!!

When my parents bought their current home in 1990, interest rates were 14%. When the recession hit, there were a lot of foreclosures.

[MortgageQueen]

MQ, I got a fixed rate of 1.7 for 1 year at National Bank. Yes I locked it when the rates crashed!

Aaahhhh. . .very good. Well you "probably" have a few months to coast. . .but keep an eye on the rates. "They" say rates will start to rise in 2013, so you may want to consider a longer term fixed rate for the cheapest rate available, but ONLY if you are sure you won't move in the next 5 years.

[piterson025]

greetings, I just wanted to comment and say that I was really impressed with your blog. Keep up the good work! You are a really talented writer and it shows
---------------------------------------------------------------------------------------------------------
burun estetigi

[MortgageQueen]

greetings, I just wanted to comment and say that I was really impressed with your blog. Keep up the good work! You are a really talented writer and it shows
---------------------------------------------------------------------------------------------------------
burun estetigi

Gosh, thanks piterson025! That's very kind. If you ever need a mortgage. . .give me a call.

So, you're from Turkey? always wanted to visit there. . .ahhh the markets. . .

[MortgageQueen]

News update: article from Canadian Real Estate Wealth



Monday, 27 August 2012 10:28 Rate wars over for now, analysts say

Written by Vernon Clement Jones


Analysts are suggesting investors will see little in the way of a rate war for the rest of 2012 as the big banks look to protect interest margins in a slowing market.

The analysis comes a day before the first of the Big Five trod out earnings reports for the third quarter on Tuesday. The expectation is those numbers will restate the case for more conservative mortgage pricing as the growth in new mortgages creeps forward.
"I expect lending to continue to slow down, especially on the mortgage side, as we move into the latter half of 2012 and into 2013," Tom Lewandowski, an analyst at Edward Jones, told reporters. “That just creates more of a focus on expenses, given the interest rate environment that we're operating in currently."
Interest margin are continuing to shrink as the books of all lenders begins to reflect the shift to lower interest rate mortgages. That means that even outside the vagaries of the bond market banks are taking in less mortgage interest even as the rates they offer depositors remains stable or increases in some cases.
The phenomenon suggests lenders are more likely to hold their mortgage rates or increase them as RBC and others did last week.
The current slowing environment is expected to hang around well into 2013, caution analysts.

__________________________________________________ __________________________________________________ _________--

There are still a few Lenders offering 2.99 but I have in fact seen some Lenders putting their rates up. If you need to, you could probably get a rate hold for 90 days at 3.09 right now. . . .fyi. . .