No Comments

Climbing interest and mortgage rates cool outlook for housing market

These recent mortgage interest rate increases are doing what they were anticipated to do – and that is cooling the red-hot housing market. This is good news for first-time buyers! Investment Executive writes, “The rate hikes have quelled the unruly bidding wars seen in many markets in the winter and encouraging prospective buyers to wait for greater price drops.”

Read more: https://www.investmentexecutive.com/news/research-and-markets/climbing-interest-and-mortgage-rates-cool-outlook-for-housing-market/

No Comments

Fixed-rate mortgage? Here’s how much more you may have to pay when you renew — and what to do if you can’t afford it

“Homeowners with fixed mortgages will, sooner or later, be renegotiating their rates and with the Bank of Canada hiking rates, many will see their monthly housing payments increase.”

Here are some suggestions of how to lessen or avoid the worry!

https://www.thestar.com/business/2022/07/25/fixed-rate-mortgage-heres-how-much-more-you-may-have-to-pay-when-you-renew-and-what-to-do-if-you-cant-afford-it.html

No Comments

Lenders hike fixed rates yet again, bringing them closer to 4.5%

Among national lenders, the average uninsured 5-year fixed rate is now 4.37%, up from 3.92% a month ago, according to data tracked by Rob McLister, rate analyst and editor of Mortgage Logic. The average rate for an insured 5-year fixed mortgage, meaning that with a down payment of less than 20%, is now 4.14%, up from 3.78% a month ago.

https://www.canadianmortgagetrends.com/2022/05/lenders-hike-fixed-rates-yet-again-closing-in-on-4-5/

No Comments

Bank of Canada raises key interest rate

“The Bank of Canada hiked its key interest rate to 0.5 per cent in an effort to “take some steam” out of the economy and tamp down on surging inflation, but economists are warning that high prices will remain a regular part of life for months to come.”

Read More