Shawn's News You Can Use

In the News Bank of Canada leaves rates the same The bank of Canada announced today that it would leave the overnight rate the same at 1%.  This is very good news for current variable rate mortgage holders.  The Bank projects that the economy will grow by 2.4% in both 2012 and 2013 before moderating to 2.2% in 2014.  The degree of economic slack has been somewhat smaller than the Bank had anticipated in January the economy is now expected to return to full capacity in the first half of 2013.  The next scheduled date for announcing the overnight rate is 5 June 2012.  For more on this story follow this link; http://www.bankofcanada.ca/2012/04/press-releases/fad-press-release-2012-04-17/ Noteworthy News Canadians deeper in debt now than a year ago: credit report Montreal Gazette Bank of Canada governor Mark Carney has warned that household debt, which now stands at 150 per cent of income, ranks as the No. 1 risk to the economy, as rising interest rates could imperil Canadian's ability to pay their mortgages. See all stories on this topic » Be very afraid of the Canadian housing bubble CBC.ca I know that middle-class Canadian homeowners will do almost anything to avoid defaulting on their mortgages. Canadians different from Americans Unlike in the United States, it is very hard for Canadians to walk away from their mortgage responsibilities ... See all stories on this topic » Home prices fall in March Toronto Sun The news should provide some relief to the Bank of Canada, which has warned that rising household debt levels, in many cases the result of large mortgages, are the biggest domestic threat to the economy. Canada's housing sector never experienced the ... See all stories on this topic » Check out my full page ad   Friend on Facebook   Follow on Twitter Forward to a Friend Shawn Mooney Bayfield Mortgage Professionals Ltd. Mortgage Expert Phone 403-945-8769 Toll Free 1-866-388-1838 Email: mortgages@shawnmooney.com Website: www.shawnmooney.com Mobile Website www.shawnmooney.ca   Current Rates: Terms Our Rates 1 Year 2.74% 2 Years 2.74% 3 Years 3.09% 4 Years 3.09% 5 Years 3.29% 7 Years 3.99% 10 Years 3.89% VIRM 2.85% The prime rate is 3.00% Different, lower rates may be available. Please contact me for details. Rates can change anytime. O.A.C.

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