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Looks like the all mighty loonie has taken a down turn!

G

GODEEP

Free Member
I didnt realise this until I was told yesterday how much the currency has been changing. I guess all those websites saying the loonie was going to be worth 50 cents more than the us dollar soon were wrong.

heres the current status. 1 can loonie = .99 cents US

still pretty even, but prob making things a bit better for you guys in canada and us as well. now maybe i can afford to buy some food when I go there!

Live rates at 2007.12.08 15:44:33 UTC
1.00 CAD = 0.994678 USD
Canada Dollars United States Dollars
1 CAD = 0.994678 USD 1 USD = 1.00535 CAD

Now there is no excuses for anyone not to take the trip to BC this winter!!!:D
 
The loonie will rise again next week when you guys cut your interest rate. Last week when we cut ours the loonie droped 1.3 cents that day. If you guys cut your interest rate by 1/2 percent our loonie should rise between 2-3 cents that day. But I think they will be close to par for awhile.
 
I dont think they are going to cut another 1/2. If they do, i doubt it will be next week. from what I have been seeing on the news and reading things are looking better for our economy. manufacturing is up, sales are increasing. just the damn housing market is total crap!
 
The US National bank is expected to make an announcment on Dec 11th on a rate cut, On the TV up here they are saying a cut of at least 1/4 percent is expected and even possibly 1/2 percent to help out the housing market. This is just what I heard.
 
Lets hope if they do, it does help the housing markets. I just dont think its gonna happen or help the markets. The people that have lots of money to buy are too scared and the people that can afford to buy but need a loan wont get approved. the damn banks are harder and harder on people now. we have been seeing lots of able buyers getting denied.

I just have one thing to say. If any of you are the idiots that got loans for way more than you could afford. thanks alot for F++king up our economy! Why do so many people in this world have to act like they have money or try to one up their neighbor??? does it make them feel rich? I hate nothing more than people that act rich and turn out having nothing! nothing like having a 2 million dollar home and hyundi..

Im done venting.. sorry to get off topic.
 
Home loan/Mortgage rates don't necesarily follow prime rate...as in what they are looking at cutting. They are tied more closely to the 10 year treasury bonds. The prime rate is just for consumer related loans/auto/credit cards.

That is why you can actually see rates in the mtg market increase after seeing a prime rate decrease.

If the housing market is to come back anytime soon...we need to see the subprime market come back so that those mediocre buyers are able to buy and for individual markets to have some appreciation to strengthen consumer feeling on selling and upgrading homes.

Just my .02 after a few years in the mtg business.
 
PUNISHER said:
Home loan/Mortgage rates don't necesarily follow prime rate...as in what they are looking at cutting. They are tied more closely to the 10 year treasury bonds. The prime rate is just for consumer related loans/auto/credit cards.

That is why you can actually see rates in the mtg market increase after seeing a prime rate decrease.

If the housing market is to come back anytime soon...we need to see the subprime market come back so that those mediocre buyers are able to buy and for individual markets to have some appreciation to strengthen consumer feeling on selling and upgrading homes.

Just my .02 after a few years in the mtg business.
Click to expand...


good 2 know.. sounds about right. They need to something for the housing market, thats all I know or really care about.
 
Ragged, I believe your missing the point as the US and CAD get to be the same we spend more when we go up there. The price of food and bevs up there is still the same, 24 dollars for a 12 pack of beer used to cost us 18 dollars, now its 24 dollars. Same with gas and food. We pay more then we did in the past. Correct me if I'm wrong folks, like I know you won't anyway. But it's still worth it to spend time with our Northern brothers...................
 
I don't see the Housing coming back anytime soon, as the market is saturated with new homes (I have 2) of which were built during a time when sub-contractors/materials/labor force were making money, thus keeping the hard costs of construction higher. My homes are going on 1.5 years, and are sitting at hard cost. My money on 1 is free, and the other is 6% which equates to somewhere around $1800/month.
Problem is: If I sell at hard cost, I still lose my carry (I've accepted that) but most people who qualify for a $500k loan are doing so to upgrade and need to sell their home (which is losing money also) before moving into mine.
This is just a small part of the pie, as I'm not even considering repo, realturd costs, lending fees, ins, all the closings, depriciated land value.

The fed should have been watching this 3-4 years ago, instead of letting it loose and allowing these creative loan programs put people into just about any home they so desired (it wasn't just homes it was cars, credit, big ticket toys). Now everything comes to a screeching halt, and alot of people are in dire financial distress, and the cost of living goes up.

I'm not thinking rebound on housing now, in fact I'm thinking hard times are just getting started (been out to dinner lately, the restaraunts are empty).
 
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