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Latest News
Sub-6% U.S. mortgage rates vanish as Iran war sparks inflation fears Mar 7th
U.S. homebuyers had to act fast last week to nab the first sub-6% mortgage rates in more than three years. Now they’re up, and the new conflict in the Middle East threatens to nudge them higher..... More »
Home Capital managers ignored warnings from regulators, industry partners: report Aug 7th
Auditor’s 2015 report outlines the root causes of mortgage fraud at Home Capital Group that set in motion a near-disaster
.... More »
GTA home sales drop 16% in 2018, fewer houses listed: TREB + MORE Jan 5th
The number of homes sold in Toronto and the surrounding area fell in 2018 as homebuyers and sellers grappled with a new reality of higher interest rates and stricter mortgage rules..... More »
Residential Mortgage Credit Risk Has Risen “Only Modestly,” Says OSFI Nov 25th
The head of the agency charged with overseeing Canada's federally regulated lenders said today that residential mortgage credit risk has risen "only modestly.".... More »
Bank of Canada holds rate, hints at increases to come Dec 6th
OTTAWA — The Bank of Canada stuck with its trend-setting interest rate Wednesday — but it offered fresh, yet cautious, warnings to Canadians that increases are likely on the way.
The central bank has now left the rate locked at one per cent for two straight policy announcements after the stren.... More »
D+H Consumer Mortgage Study
– canadianmortgagetrends.com
D+H released some useful new mortgage consumer data last month, and it yielded some surprises. I covered a few of the key findings in this Globe story over the weekend, but below are the stats in more detail. (Our comments in italics.) ******** The study segmented consumers into two types: ‘New’ borrowers, or those originating a new mortgage on a new property Two-thirds of these folks are first-time buyers They tend to be younger, more likely to use a broker, more likely to buy additional products (e.g., Mortgage Insurance, Line of Credit) and more nervous at the beginning of the mortgage process ‘Re/Re’ borrowers, READ MORE
Simple ways to save on a mortgage
– moneysense.ca
Want to shave almost $25,000 off your mortgage? Even little adjustments and small, manageable prepayments can make a big difference when it comes to the interest you pay. Here’s a snapshot of how much interest you can save on a 25-year mortgage just by switching from monthly to accelerated bi-weekly mortgage payments and adding in an extra $1,000 prepayment each year.
Read more from Romana King at Home Owner on Facebook »
The post Simple ways to save on a mortgage appeared first on MoneySense.
Crooked Industry Participants: More Perspective
– canadianmortgagetrends.com
It’s been a tough nine months in the press for mortgage brokers. Off the top of my head, I can think of four headline stories of broker fraud in the major media, including one of the whoppers of all time, the Home Trust fiasco. And now, Canadian Press (CP) has added more tales of broker malfeasance to the public spotlight. (See them here if you haven’t already.) Since most people remember bad more than good, stories like this stick in the nooks of our psyche. That influences some—even if subconsciously– to choose non-broker mortgage providers. What gets lost in this READ MORE
