Ottawa Mortgage Broker - Dan Faubert

12/22/2023

Happy Friday! OMG…Christmas is upon us! I’m the only one in the office today, and the holidays are here at last. Its nice running into a weekend, Christmas day on Monday, and then Boxing day on Tuesday. A nice break to recharge thanks to the weekend.
I wanted to wish all of you and your families a very Merry Christmas/Holiday week ahead. Take the time to enjoy those around us and appreciate everything that we have.
Only minor changes to rates this week(pre-approval rates down slightly), but lots of positive talk about rates to come. I won’t hold my breath though, further drops could be slower coming from here on in. We should be happy we have gotten as far as we have, as quickly as we have over the last couple of months.
With an accepted offer, mortgage rates today would be…
Best 5 yr fixed rate for a purchase is at… 5.09% with less than 20% down payment(an insured purchase).
With a purchase with 20% down, the 5 yr rate would be 5.49% for a purchase with a 120 day rate guarantee
Best 5 yr fixed for a refinance or needing a 30 yr amortization on a purchase would be 5.87%. 120 day rate hold.
Best other insured rates…purchase
1 yr 7.14% closing within 120 days
3 yr 5.49%(insured purchase) closing within 120 days
5 yr Variable 6.25% (Prime -.95%) 120 day rate hold, insured only.
The next Bank of Canada rate decisions will be Jan 20th and March 2nd, 2024.
have a great weekend!

12/04/2023

I can’t believe it is Dec already :(, how quickly this year has flown by!
It has been a positive week on the mortgage rate front with dropping bond markets and continued further drops in some rates and terms, especially 3 yr and 5 yr.
Pre-approval rate is 5.64% 5 yr fixed(for an insured purchase)
For a home buyer with 20% down payment, the pre-approval 5 yr fixed rate is 5.94%
With an accepted offer...
Best 5 yr fixed rate for a purchase is at… 5.49% with less than 20% down payment(an insured purchase). With 20% down, the 5 yr rate would be 5.74%.
Best 5 yr fixed for a refinance or needing a 30 yr amortization on a purchase remains at 6.09%. 120 day rate hold.
Best other insured rates…purchase
1 yr 7.24% closing within 120 days
3 yr 5.84%(insured purchase) closing within 120 days
5 yr Variable 6.25% (Prime -.95%) 120 day rate hold, insured only.
The next Bank of Canada rate review will be Dec 6th.

09/03/2023

Oh where did the summer go :( :(- It seems like summer had only begun not to long ago :):)
As a reminder of where we were and where we are at mortgage rate wise, on June 1, 2023 our 5 yr fixed insured rate was at 4.84%, today our best rate for the same term is 5.49%
Sept 1st of 2022 we were at 4.59% for a 5 yr fixed rate.

Pre-approval rates sit at 5.84% 5 yr fixed(for an insured purchase) that holds that rate for 120 days. If you had an accepted offer to purchase today, I would move them to a 5 yr fixed still at 5.49%- one lender only.
For a home buyer with 20% down payment, the pre-approval 5 yr fixed rate is now at 6.19%
30 yrs ago, my boss stressed to me the fact that in tough times, it is debt that will kill us(not literally :)). This is proving true in our current economy. I’m not saying that you should never have debt(and in our younger years especially that is likely impossible), but minimizing revolving credit debt as a goal, is the best way to get through hard times.
Best other insured mortgage rates today…purchase
1 yr 7.04% closing within 120 days
3 yr 5.99%(insured) closing within 120 days
5 yr Variable 6.25% (Prime -.95%) 120 day rate hold, insured only.
The next Bank of Canada rate reviews will be Sept 6 and Oct 12.

09/01/2023

Oh where did the summer go :( :(- It seems like summer had only begun not to long ago :):)
As a reminder of where we were and where we are rate wise, on June 1, 2023 our 5 yr fixed insured rate was at 4.84%, today our best rate for the same term is 5.49%
Sept 1st of 2022 we were at 4.59% for a 5 yr fixed rate.
But the buyers are still out there, we are still getting the pre-approvals in, hopefully we get more listings on the market and then we will see what happens!

Pre-approval rates sit at 5.84% 5 yr fixed(for an insured purchase) that holds that rate for 120 days. If you had an accepted offer to purchase today, I would move them to a 5 yr fixed still at 5.49%- one lender only.
For a home buyer with 20% down payment, the pre-approval 5 yr fixed rate is now at 6.19%
An interesting general article about the banks and their mortgage portfolios…tougher times creates the need for flexibility with interest stretched clients.
30 yrs ago, my boss stressed to me the fact that in tough times, it is debt that will kill us(not literally :)). This is proving true in this economy. I’m not saying that you should never have debt(and in our younger years especially that is likely impossible), but minimizing debt as a goal, is the best way to get through hard times.

The aggressive pace of interest-rate hikes is hitting mortgage books at Canada’s biggest banks, leading to slowing loan growth, longer amortization periods and a rise in impairments.

09/01/2023

Oh where did the summer go :( :(- It seems like summer had only begun not to long ago :):)
As a reminder of where we were and where we are rate wise, on June 1, 2023 our 5 yr fixed insured rate was at 4.84%, today our best rate for the same term is 5.49%
Sept 1st of 2022 we were at 4.59% for a 5 yr fixed rate. :(
But the buyers are still out there, hopefully we get more listings on the market and then we will see what happens!

Pre-approval rates sit at 5.84% 5 yr fixed(for an insured purchase) that holds that rate for 120 days. If you had an accepted offer to purchase today, I would move them to a 5 yr fixed still at 5.49%- one lender only.
For a home buyer with 20% down payment, the pre-approval 5 yr fixed rate is now at 6.19%
An interesting general article about the banks and their mortgage portfolios…tougher times creates the need for flexibility with interest stretched clients.
30 yrs ago, my boss stressed to me the fact that in tough times, it is debt that will kill us(not literally :)). This is proving true in this economy. I’m not saying that you should never have debt(and in our younger years especially that is likely impossible), but minimizing debt as a goal, is the best way to get through hard times.

The aggressive pace of interest-rate hikes is hitting mortgage books at Canada’s biggest banks, leading to slowing loan growth, longer amortization periods and a rise in impairments.

08/26/2023

Pre-approval rates sit at 5.84% 5 yr fixed(for an insured purchase) that holds that rate for 120 days. If you had an accepted offer to purchase today, I would move you to a 5 yr fixed still at 5.49%- one lender only.
For a home buyer with 20% down payment, the pre-approval 5 yr fixed rate is now at 6.09%
An article regarding the Bank of Canada Rate… So many factors intertwined in managing it, and one factor I hadn’t thought of, the Canadian dollar. https://www.mpamag.com/ca/mortgage-industry/industry-trends/central-banks-gear-up-for-a-big-september/457526
With an accepted offer, mortgage rates today would be…
Best 5 yr fixed rate for a purchase now at… 5.49% with less than 20% down payment(an insured purchase). With 20% down, the 5 yr rate would also be 5.89% for a purchase with a 120 day rate guarantee
Best 5 yr fixed for a refinance or needing a 30 yr amortization on a purchase is at 6.04%. 120 day rate hold.
Best other insured rates…purchase
1 yr 7.04% closing within 120 days
3 yr 5.99%(insured) closing within 120 days
5 yr Variable 6.25% (Prime -.95%) 120 day rate hold, insured only.
The next Bank of Canada rate reviews will be Sept 6 and Oct 12.

07/29/2023

Yay for the weekend! :) Mortgage rates have held pretty steady from last week, but still upward pressure on the long term rates.
Thank goodness for one hold out keeping the 5 yr rate the same as last week. I expect it will go up as well soon. The pre-approval rates are both up by .10%

Pre-approval rates sit at to 5.64% 5 yr fixed(for an insured purchase) that holds that rate for 120 days. If that same client had an accepted offer to purchase today, I would move them to a 5 yr fixed still at 5.24%- one lender only.
For a home buyer with 20% down payment, the pre-approval 5 yr fixed rate is now at 5.89%
An update article on the Bank of Canada rate decision…

The Bank of Canada's Governing Council members opted for a 10th rate hike in July over concerns that waiting until September carried its own risks.

07/21/2023

Happy Friday! :) Mortgage rates have held steady from last week. No major changes.
Pre-approval rates remain at to 5.54% 5 yr fixed(for an insured purchase) that holds that rate for 120 days. If you had an accepted offer to purchase today, I would move you to a 5 yr fixed still at 5.24%- one lender only.
With 20% down payment, the pre-approval 5 yr fixed rate is now at 5.79%
An interesting article about current market rents across Canada hitting new record highs. So renting as opposed to buying is still hard on most people.
https://www.canadianmortgagetrends.com/2023/07/canadian-rent-prices-hit-a-record-high-in-june/
With an accepted offer, mortgage rates today would be as follows…
Best 5 yr fixed rate for a purchase now at… 5.24% with less than 20% down payment(an insured purchase). With 20% down, the 5 yr rate would also be 5.59% for a purchase with a 120 day rate guarantee
Best 5 yr fixed for a refinance or needing a 30 yr amortization on a purchase is at 5.74%. 120 day rate hold.
Best other insured rates…purchase
1 yr 6.69% closing within 120 days
3 yr 5.74%(insured) closing within 120 days
5 yr Variable 6.25% (Prime -.95%) 120 day rate hold, insured only.
The next Bank of Canada rate reviews will be Sept 6 and Oct 12.

Average rent prices hit a record high in June, driven higher by strong population growth and continued demand outpacing new supply.

06/16/2023

Happy Friday!
With an accepted offer to purchase, mortgage rates today would be…
Best 5 yr fixed rate is 4.99%
Best 5 yr fixed for a refinance or needing a 30 yr amortization on a purchase remains at 5.49%. 120 day rate hold.
Best other insured rates…purchase
1 yr 5.89% closing within 120 days
3 yr 5.29%(insured) closing within 120 days
5 yr Variable 6.00% (Prime -.95%) 120 day rate hold, insured only.
The next Bank of Canada rate reviews will be July 12th and Sept 6th.
An interesting article below, about how 2025 is an important year. When all the sub-par below 2% mortgage rates will come up for maturity.. rates better be down by then :)

"It's getting closer and closer to 2025. And we all know what's happening in 2025"

06/09/2023

Friday Mortgage Rate Update
No, it wasn’t a great week in the mortgage world…
Bank Prime lending rate is up to 6.95%, and fixed rate mortgages have been pushing upwards as well.
Though a “rate sheet” may look similar to last week, it’s only because a couple credit unions are holding rates down.

Get Pre-approved now, 5.19% 5 yr fixed(for an insured purchase)
5.44% for a pre-approval with 20% down payment
If you have an accepted offer to purchase, we still have
5 yr fixed at 4.79%
3 yr fixed at 5.09%
Call anytime for a complete list of terms and rates
613-222-2624 Dan :)

06/02/2023

Happy Friday! :) Yes, regardless of the rates, its still Friday :)
Upward increases on almost all mortgage terms.
5 yr fixed is 4.79% for an insured purchase.
Need a pre-approval?
5.04% 5 yr fixed (for an insured purchase) that holds that rate for 120 days. If you had an accepted offer to purchase today, I would move you to a 5 yr fixed at 4.79%.
For a home buyer with 20% down payment, the pre-approval 5 yr fixed rate is 5.14%
Our strong economy, regardless of the stress from higher mortgage rates doesn’t seem to be cooling.:( See article below …a Bank of Canada rate increase coming? Time will tell.

The Canadian economy grew faster than expected in the first three months of the year and likely expanded again in April, fuelling speculation that the Bank of Canada will raise interest rates again.

05/19/2023

Happy Friday- the long weekend is here!
Minimal changes in mortgage rates…
with the Bond market in flux, we are seeing upward pressure in some of our fixed mortgage rates.
Get Pre-approved today…5 yr fixed at 4.69%(less than 20% down payment)
5 yr fixed at 5.04%(with more than 20% down payment)
A good article regarding how the recent inflation increase in April is impacting us…
https://www.mpamag.com/ca/mortgage-industry/industry-trends/mortgage-interest-cost-inflation-how-concerning-is-it-for-the-economy/446533
With an accepted offer, best mortgage rates today would be…
Best 5 yr fixed rate for a purchase is… 4.39% with less than 20% down(insured)
With 20% down, the 5 yr fixed rate would be 4.49% for a purchase
Best 5 yr fixed for a refinance or needing a 30 yr amortization on a purchase remains at 5.04%.
Best other insured rates…purchase
1 yr 6.04%
3 yr 4.79%(insured)
5 yr Variable 5.75% (Prime -.95%) insured only.
The next Bank of Canada rate review will be June 7th.

For complete list of rates and terms go to
https://mortgagemoney.ca/best-mortgage-rates/

Our Best Mortgage Rates You Deserve a Great Rate AND a Great Mortgage Product Best Mortgage Rates as of May 5th, 2023* Term Our Best Rates 6 Months 6.44 % 120 day 1 Year Closed 5.89 % 120 day (insured and insurable purchase only) 2 Year Closed 5.09 % 120 day (insured and insurable) 3 Year Closed 4.6...