If you are unable to view this HTML format, click here
Edition # 5 Volume # 1


Tracy Irwin

Mortgage Loan Minute

... 60 seconds to informed home ownership

Curren interest rates:

Prime Rate ...................   6.00
3 year fixed ..................  5.35 
5 year fixed ..................  5.44
7 year fixed ..................  5.75
10 year fixed ................. 5.90
Variable rate .................  5.05

Pay it forward - Please feel free to forward this email to a friend and let them experience the benefits of informed home ownership.

Irwin Mortgages. AMP

Tracy Irwin Mortgages, AMP


Welcome to the Mortgage Minute!

Check out the
Homeworks Quiz this month for your chance to win a $50.00 gift certificate to Canadian Tire.

Congratulations to last month's winner of a $50.00 gift certificate to
Home Depot - J. van Hoof, Burlington

mortgage minute
What's up with the rates!

Have you ever wondered what impacts interest rates other than the government wanting more of our money?

A monetary policy is established by the Bank of Canada with the goal of keeping the inflation rate near 2%. When the economy is strong and inflation increases over 2%, the Bank will raise interest rates to bring down the rate of inflation. When the inflation rate is less than 2%, the Bank lowers interest rates to stimulate the economy.

This monetary policy is what affects the prime interest rate which in turn has an impact on variable rate mortgages, lines of credit and interest-only products.

Many become concerned when interest rates go up and consider locking in their existing variable rate mortgage with a fixed rate product or renewing early. Depending on your situation, it may be a good solution but it also may cost you more in the long run. Another consideration is to review your existing debt including your mortgage, credit cards and lines of credit. It may make sense to consolidate your debt.

The bond market influences fixed rate mortgage rates and has an inverse relationship to the prime interest rate. That means when interest rates go up, the value of the bond market goes down. However, since the cost to purchase a new bond is based on current market conditions and is higher than the value of the existing bond, bond market interest rates go up. That’s why we are currently experiencing an increase in fixed rates while there has been an increase in the prime rate.

The next Bank of Canada review is September 5, 2007. We may see another increase of .25%. Our current prime interest rate is 6.25%. For more information go to www.bankofcanada.ca

My advice: keep an eye on the rates, get the best advice available, and follow your instincts.

For your confidential debt review, contact Tracy Irwin, AMP today!

Article by Len Harsevoort, Wetlands Irrigation
Are you tired of dragging around tangled hoses?
Have you invested your money in the landscape of your home? Do you wish to have lush thick green grass, and healthy gardens? Wetlands Irrigation has the solution for you.

This year, enjoy the convenience of an automatic irrigation system. Save precious time and money on watering while you enjoy the results. Whether at home or away, your watering requirements are taken care of worry free! 
Read more

homeworks quiz
 » Your chance to win a $50.00 gift certificate from Canadian Tire.
» Answer the Homeworks Quiz question - With our sprinkler systems, for how long and how often could you water your gardens?  (hint:  answer in Homeworks Article above) and send your response to tracy@tracyirwinmortgages.com for your chance to win!
The winner will be announced in next month's newsletter.  

tracy's trivia
» Life lessons from golf by Scott Sindelar, Ph.D., BCFE

» Principle # 4 - In golf and in life, it is important to follow through. 
The swing does not stop when we reach the ball.  Our role does not stop when we hang up the phone, send off the letter, or wave good-bye.  It is important to keep watching the results of our actions so that we know what to keep and what to change.


Copyright © Tracy Irwin 2007, Web Design: InSite Creations