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10/12/2008 News For:

Mortgage Rate Hotline

Banks move to trim prime rate further after Ottawa offers mortgage relief  TORONTO - Canada's big banks are passing on more rate cuts to consumers after credit markets freed up Friday in the wake of federal government help for the mortgage industry.

30-year mortgage rates dip below 6 percent  Rates on 30-year mortgages fell below 6 percent last week, recording the first decline in three weeks. Freddie Mac, the mortgage company, reported that 30-year fixed-rate mortgages averaged 5.94 percent last week, down from 6.10 percent the previous week. It...

Mortgage rates tipped to stay high  The Reserve Bank of New Zealand is tipped to cut the official cash rate this month, but mortgage holders and first home buyers are warned not to expect lower interest rates yet.

Think before acting on Westpac rate cuts: Choice  Consumer group Choice has welcomed a cut to fixed rate home loans by the Westpac Bank, but says customers need to weigh up their options before making changes.

Americans Like McCain Mortgage Solution  Angus Reid Global Monitor - Many adults in the United States support an idea proposed by Republican presidential nominee John McCain to deal with the mortgage crisis, according to a poll by Rasmussen Reports. 52 per cent of respondents favour a plan where the government would buy unaffordable mortgages directly from mortgage servicers and renegotiate manageable fixed-rate mortgages with the ...

Banks trim prime rate as Ottawa offers mortgage relief  Canada's big banks are lowering their prime lending rates in response to an announcement Friday that the federal government will buy $25 billion worth of mortgage debt to help free up credit markets.

TD cuts prime rate by 15 bps on mortgage plan  Toronto-Dominion Bank said on Friday it will lower its prime lending rate to 4.35 percent, the second cut to prime it has made this week, citing the benefits of a federal government plan to buy additional residential mortgages from financial institutions.

Saudi shares rise after rate cut   The Saudi stock market rose on Sunday for the first time in two weeks, closing up slightly after authorities cut the repurchase repo rate by a half percentage point to five percent.

Upside-down on mortgage: Now what?  Q: My husband and I live in a house that I own on my own. I paid $500,000 for the house in 2005. I took out a 100 percent loan with a 5-year fixed-rate first mortgage for $400,000 and an adjustable $100,000 home equity line of credit as the second loan.

Real Estate: With mortgage money harder to get, some sellers are making loans  It?s much harder to get a mortgage today than it was a couple of years ago. That?s why some home sellers are stepping in and financing deals on their own.