Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Mortgage broker share rises to 38%, hits 48% among recent first-time buyers: MPC Jul 26th
New MPC research finds broker use increased across buyer groups and regions in 2025, while more borrowers sought advice alongside competitive rates..... More »
How much do you save with bi-weekly payments? + MORE Feb 7th
For years, we’ve been told to pay our mortgage bi-weekly. Magically, it will pay your mortgage off faster. Hmm, let’s put that to the test.
(SPOILER ALERT!) Around 10 years ago, I wrote an article showing some simple but effective math to explain this. I’m constantly getting e.... More »
Top Performers: Conrad Neufeldt + MORE Sep 19th
By Vanessa Chris, Special to CMT “How likely would you be to recommend me to a friend?” That’s the question Conrad Neufeldt asks every one of his clients after a mortgage transaction is complete. He asks them to rank their likelihood of a referral on a scale of one to ten, where ten is “ver.... More »
Got a small mortgage? Why you’ll likely get a lousy rate + MORE Nov 22nd
Mortgage minimums are becoming more common. Unfair as it might seem, lenders may frown on those with big down payments and modest mortgage needs
.... More »
2024 mortgage market: A year in review Jan 2nd
The past year marked a turning point for Canada’s housing and mortgage market, with rate hikes giving way to rate cuts, alongside numerous regulatory changes and new government program announcements..... More »
CMHC’s tighter mortgage rules succeed in reducing exposure
– theglobeandmail.com
Federal housing agency reports total value of mortgage insurance continued to shrink in 2014
More Mortgage Rules To Come This Summer
– ratesupermarket.ca
The mortgage market is getting even tighter for today’s prospective home buyers. The Office of the Superintendent of Financial Institutions (OSFI) has announced yet another slew of mortgage rules. The draft guidelines, which OSFI states “sets out principles that promote and support sound residential mortgage insurance underwriting,” have been revealed for consultation, and will be finalized on May 23.
As of June 30th, two of these important rules that will be in place:
- First lenders will have to obtain third party verification of borrowers income.
-Private insurers still use a non-traditional form of income verification and that could change soon.
Just like banks, a separate party can look into your income and stability when a person is asking for a loan. As well, cash back mortgages will not longer be available for borrowers who can’t put at least 5 per cent down.
Who Will Be Affected?
These new rules could make it harder for many to borrow. With the high cost of housing in Canada, many home buyers are getting into high-ratio mortgages just so they can get into the real estate game…
Average US rate on 30-year mortgage rises to 3.8 per cent; 15-year rate up to 3.02 per cent
– walletpop.ca
WASHINGTON – Average long-term U.S. mortgage rates are up this week to the highest level since mid-March.Mortgage giant Freddie Mac said Thursday that the national average for a 30-year fixed-rate mortgage rose to 3.80 per cent this week from 3.68 per cent a week earlier.The rate on 15-year fixed-rate mortgages averaged 3.02 per cent, up from 2.94 per cent and the first time it’s topped 3 per cent since it hit 3.06 per cent in mid-March.A year ago, the average 30-year rate stood at 4.21 per cent and the 15-year at 3.32 per cent.The 30-year average rate hit a record low 3.31 per cent in November 2012. The 15-year average hit bottom at 2.56 per cent in May 2013.Len Kiefer, deputy chief economist at Freddie Mac, said U.S. interest rates were driven higher this week in part by news the U.S. trade deficit hit a seven-year high in March.To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates…
