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Mortgage Interest Rates - Toronto Mortgage Minute Nov 22

Blog by Tridac Mortgage | November 24th, 2011

Back for his regular instalement, Toronto mortgage broker Christopher Molder updates the mortgage interest rate market for the week of November 21, 2011, through his weekly mortgage minute. Before jumping into rates, Christopher points out that the number of Canadians carrying mortgage debt into their 70s is on the rise. A recent RBC poll showed that one-third (33 per cent!) of Canadians over the age of 55, have 16 or more years left on their mortgage term. Wow, a sobering fact.

After all those years of paying off the mortgage, many Canadians have to go back to back and take out a reverse mortgage to cover the cost of retirement living. It’s extremely ironic when you think of the life time spent paying for a mortgage just to have a free and clear home for the bank to register another mortgage on at the end of your life. Good for banks, bad for hard working Canadians.

Remember, rates are just part of the equation. Sure, we're all after the lowest rate, that's human nature, but remember not to get blind sided at the expense of a well tailored, customized mortgage that's flexible and meets your needs.

Remember, rates are just part of the mortgage equation. Flexibility and the ability for the mortgage to meet your needs are important factors too. Get a mortgage broker to help identify your needs, dymistify mortgage financing and above all, get the mortgage broker to customize the product for what you need.

Now to the rates....mortgage interest rates have stayed relatively stable due to the Government of Canada bond market over the past 2 weeks.