Quote:LOL.
Originally posted by ftfl
Now they are trying to cover their rear end by holding back the first half point, because they are about to see a big lash mark in their rear.
These are all the signs of times. {Portents and Omen}
Freddie.
I don't have such flowery language, but I would also say that we might be entering the "lost decade" for North America and Europe, just like the lost decade of the Japanese economy.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
hahahahahaha
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Clinton
Quote:
Originally posted by ftfl
Just about an year ago the Mortgage Brokers were offering Variable Open at rates Prime Minus ONE. The banks woke up. WHY?? because they knew the rates will hit the skids and there might come a time when they will be paying you money if you have such a mortgage and if it hits ONE Percent and below!!
That never happened before. Watch it. !! We will be seeing it in our own life time.
Now they are trying to cover their rear end by holding back the first half point, because they are about to see a big lash mark in their rear.
These are all the signs of times. {Portents and Omen}
Freddie.
Technically, the prime rate will not fall to 1%, even if the BOC rate is 0%. There is a difference of atleast 1.5 to 2% between the overnite rate and prime.
Posts: 1628
Location: carl sagan's universe
Posted on: 21-01-09 15:13:06
Location: carl sagan's universe
Posted on: 21-01-09 15:13:06
Quote:
Originally posted by sville
These are declared today, Jan 20th 2009 - after BOC rate cut. I'm sure TD as well will have something matching. I would suggest, approach these banks. Ask if you can get into.
TD has indeed lowered its rate of 5 yrs to 4.49% as well.
I yr closed is at 4% but I don't recommend that as they will again reassess your situation in a year and as the currrent economic conditions may lead to job loss, when it comes up for renewal in a year and one has no job...well the rest is upto your imagination.
Best to go for a 3 yr or 5 yr term if you ae looking at fixed.
The variable that certain lenders are offering at P + 0.60% is also good.
But sage advice is to stay put for a while and start looking when you are nearing end of your term like maybe June. In March/April the prognosis is that further rate cuts are in the air by BoC- whether they will be matched by banks is another story.
Enjoy!
I yr closed at scotia, is at 3.75%- also as low 3.50%
