“Last year marked the beginning of a new era for Canadian households,”said CIBC Economics on Thursday. “For the first time since the early 1990s, interest rates on five-year Government of Canada bonds were higher than they were five years before.” The bank adds, “With that trend set to continue, we estimate that 70% of households with five-year fixed rate mortgages...
Your mortgage rate isn’t everything, unless you’re in the majority of Canadians. A full 60% of those polled said getting the lowest rate possible is the “only thing that matters” when it comes to picking the best mortgage, CIBC found in a recent survey. That mindset is something lenders grapple with daily while trying to differentiate themselves. And with the...
Two-thirds of consumers expect interest rates to rise in the next 12 months, according to a new report from Mortgage Professionals Canada. Only a measly 2% expect rates to fall. But that’s not as surprising as it seems. There is a built-in bias towards higher rates and there has been for years. “Through the entire history of this question, Canadians...
It turns out, we weren’t sniffing glue by arguing that 47% of mortgages are not up for renewal this year. “Some pundits have been circulating inaccurate information recently,” National Bank Financial (NBF) said in a report Thursday. “One is the affirmation that almost half of Canadian mortgages have been or will be up for renewal this year, suggesting an imminent...
If Jimmy Fallon’s “puppy predictors” ever start forecasting interest rates, some economists could be out of work. These four-legged furballs may very well have just as much forecasting ability as your typical Bay Street analyst. To “prove” it, we use 20/20 hindsight to our advantage (and economists’ disadvantage). Taking a trip back to 2015 shows just how reliable economic forecasts...
One of the worst things amortgage shopper can do is assume that alender’s rates are competitive. For evidence of that, look no further than the latest data from ournation’s largest default insurer, CMHC. Itreportsthat borrowers who closed insured 5-year fixed mortgages in the thirdquarter of 2014 paid an average rate of 3.37%. That’s somewhat remarkable when you realize that the...
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