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April 22, 2009 Right At Home Financial Mortgage Rates | April, 2009 |
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Current Mortgage Rates as of April 22, 2009 Mortgage Term | Best Mortgage Rate (as low as...) | 1 Year | 2.99% | 3 Year | 3.24% | 4 Year | 3.79% | 5 Year | Fixed - 3.69%
Variable - 2.99% (Prime + 0.74%) | 7 Year | 4.89% | 10 Year | 5.25% | Prime Rate | 2.25% | 0% Down Payment | 5.55% |
Mortgage rates subject to change without notice. Lowest rate depends on closing date, CMHC or conventional, owner occupied and mortgage amount. |
January 26, 2009 Right At Home Financial Rates | January, 2009 |
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Current Mortgage Rates as of January 26, 2009 Mortgage Term | Best Mortgage Rate (as low as...) | 1 Year | 3.89% | 2 Year | 4.75% | 3 Year | 3.75% | 4 Year | 4.29% | 5 Year | Fixed - 4.29%
Variable - 3.70% (prime + 0.70%) | 7 Year | 6.00% | 10 Year | 6.35% | Prime Rate | 3.00% |
Mortgage Rates subject to change without notice. Some conditions apply. Best Rates for: - Applications with offers (vs pre-approvals)
- Mortgages over $150,000 (vs under $150,000)
- CMHC Insured (vs non CMHC insured)
- 30 day closings (vs longer closings)
Best Scenario: - 5% down payment,
- provable income,
- provable down payment,
- reasonable credit
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Effective January 28, 2009 through January 31, 2010, homeowners can claim a tax credit for 15 per cent of renovation expenses between $1,000 and $10,000? TORONTO STAR OTTAWA–Installing a new furnace this year? Building a deck? The proposed federal budget offers a temporary new tax credit for your home renovations – provided you do them soon. Effective today through Jan. 31, 2010, homeowners can claim a tax credit for 15 per cent of renovation expenses between $1,000 and $10,000. The maximum tax credit (on $9,000 in renovations) is worth $1,350. The government estimated the total value of the tax credit at about $3 billion, and expects about 4.6 million families to benefit. The tax credit would apply to a variety of home improvements, such as renovating a kitchen, bathroom or basement, new carpet or hardwood floors, building an addition, deck, or fence, installing a new furnace, painting the inside or outside of a house, or laying new sod. Expenses such as building permits, professional services, and equipment rentals are also eligible. Routine repairs and maintenance will not qualify for the credit. Nor will the cost of purchasing furniture, appliances, electronics, or construction equipment. Houses, cottages and condominium units owned for personal use are eligible. The Toronto Star With the Interest rates at all time lows, along with this tax credit, there really has never been a better time to Home Renovations. December 9, 2008 Bank of Canada lowers overnight rate target by 3/4 percentage point to 1 1/2 per cent OTTAWA – The Bank of Canada today announced that it is lowering its target for the overnight rate by three-quarters of a percentage point to 1 1/2 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 1 3/4 per cent. The outlook for the world economy has deteriorated significantly and the global recession will be broader and deeper than previously anticipated. Global financial markets remain severely strained. Measures taken by major governments are beginning to encourage credit flows, although it will take some time before conditions in financial markets normalize. In addition, a series of recently announced monetary and fiscal policy actions will also support global economic growth. While Canada's economy evolved largely as expected during the summer and early autumn, it is now entering a recession as a result of the weakness in global economic activity. The recent declines in terms of trade, real income growth, and confidence are prompting more cautious behaviour by households and businesses. All of these factors imply a lower profile for core inflation than had been projected at the time of the last Monetary Policy Report in October. Several factors are helping to counterbalance the negative drag from the global economic and financial developments. The depreciation of the Canadian dollar will continue to provide an important offset to the effects of weaker global demand and lower commodity prices. As well, money markets and overall credit conditions in Canada are responding to significant and ongoing efforts to provide liquidity to the Canadian financial system. In light of the weakening outlook for growth and inflation, the Bank of Canada lowered its policy interest rate by a total of 75 basis points in October and by an additional 75 basis points today. These monetary policy actions provide timely and significant support to the Canadian economy. The Bank will continue to monitor carefully economic and financial developments in judging to what extent further monetary stimulus will be required to achieve the 2 per cent inflation target over the medium term. Information note: The Bank of Canada's next scheduled date for announcing the overnight rate target is 20 January 2009. A full update of the Bank's outlook for the economy and inflation, including risks to the projection, will be published in the Monetary Policy Report Update on 22 January 2009. |
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