Just a quick note to update you on yesterday's economic events. We saw the biggest one day drop in the Canadian stock market and the biggest one day point drop on the New York exchange in history. These events are due to the "no vote" on the US government bailout plan. Do the stock markets effect the Canadian mortgage rates? Yes, this continues to effect the interest rates in Canada. All the banks have now increased the fixed mortgages by.30%. The variable rate mortgages are now being offered at Prime which is at 4.75%. That being said, there is still lots of mortgage money available for clients and some great mortgage products still being offered through the mortgage broker channel.
