Mortgage rates at the bottom?

"There are no major developments this week from a mortgage rate point of view. The push to lower fixed rate, which was started by small lenders last week was somewhat followed by the big bank, but they did not make deep cuts."

"One of the small alternative lenders, Abode Mortgages, seized operations this week. After Canadian Tire folded their mortgage business a few months ago, Abode is the latest players leaving the market. If that tendency continues, soon small number of banks will control the market and the competitiveness may diminish leaving less choice for borrowers."

"While home prices keep going up, a panel of 50 top mortgage brokers have reached a consensus that mortgage rates are at the bottom. ING's representative thinks that rate wont change much over the next 45 days. Others go even further to say that mortgage rates now are at the bottom."

"Take advantage of this good opportunity: 5-years closed at 3.68%, or Variable at Prime minus 0.20%"

Vasko DeLev, AMP

Verico Capital Mortgages Inc.
106 - 18 Deakin St, Ottawa ON K2E 8B7
Direct Line: 613-882-7603
Email: vasko@CapitalMortgages.com