22 January 2008
Posted by Ryan Coffey under: Mortgage rate updates .
Hi Ryan,
The TSX fell 602.56 points or 4.73 per cent to 12,134.56, on top of a 6.6 per cent dive last week, wiping out all gains for 2007. The financial markets everywhere are feeling the ripple effect of the fallout in the US Sub-Prime Mortgage debacle. Financial markets have lost investor confidence which is clearly being demonstrated by the blood letting we are seeing. The problem is that the news will not get better for months as more loans come due State Side. The Bank of Canada meets tomorrow and if they don’t give a rate reduction by a quarter of a percent, I will fall out of my chair.
Every cloud has a silver lining though and I am a strong believer in this. My dad always used to say “Turn adversity into profit!” Much can be said for this. In the months to come could be a fantastic buying opportunity…interest rates are low and I feel they will continue in the declining trend for a while yet..
Michael
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Michael Ledingham - Licensed Mortgage Broker
One Comment so far...
http://movetonanaimo.com/?p=19 | US Mortgage Rates Says:
22 January 2008 at 2:23 am.
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