Weekly Newsletter

Wednesday, May 25, 2011 Current Rates: Terms The Bank Our Rates 1 Year 3.70% 2.64% 2 Years 4.05% 3.19% 3 Years 4.55% 3.50% 4 Years 5.19% 3.60% 5 Years 5.69% 3.65% 7 Years 6.49% 4.75% 10 Years 6.85% 4.99% VIRM 3.00% 2.20% The prime rate is 3.00% Shawn Mooney (403) 945-8769 mortgages@shawnmooney.com Contact Info: AIRDRIE, Alberta (403) 945-8769	Current News: ·         Housing affordability erodes, bound to get worse May 20, 2011 — Housing affordability began slipping from the grip of many Canadians in the first quarter of 2011 following two back to back periods of improvement, RBC Economics Research said Friday. ·         Save for a big mortgage down payment May 20, 2011 — When purchasing a house, most buyers have to finance the majority of the purchase price with a mortgage. The amount of money you put down upfront determines the size of the mortgage. Knowing how much of a down payment to save up for can be a tough decision. The larger the down payment, the longer you'll have to wait to own a home. However, there are several benefits to waiting to purchase until you have a substantial down payment. ·         House prices expected to grow 5% to 7% May 20, 2011 — Short-term year-over-year price growth for Calgary's housing market is expected to be in the five to seven per cent range, says the Conference Board of Canada. ·         It's not BoC's job to guide markets on rates May 20, 2011 — The Bank of Canada is scheduled to make its next interest rate announcement on May 31, and my understanding is that the consensus of opinion among private sector analysts is that interest rates will remain unchanged, because there was no explicit warning of an increase in its April 12 decision.