Latest in Mortgage News: OSFI leaves stress test rate unchanged + MORE Dec 13th
Fixed mortgage rates surge higher as bond yields break above 4% Aug 21st
Mortgage penalty calculator + MORE Jan 22nd
Canadians opting for shorter mortgage terms as they hope for declining interest rates + MORE Jun 15th
Mortgage providers slash rates in wake of bond yield drop + MORE Mar 23rd
New year, new spending habits
– moneysense.ca
Money mistake #1: Not paying off debt quickly
If you’re in the red, you’re not alone. In 2022, Canada’s mortgage load experienced the biggest year-to-year jump in more than a decade, and everyone is feeling the pinch as inflation raises the price of everything from groceries to holiday gifts. Budgets are tight, which makes paying off bills trickier.
Not all debt is created equal. Some debts, like a low-interest line of credit or a student loan with an interest-free grace period, might not be as pressing as those with higher interest rates. Overall, though, debt reduction is always a good strategy. That’s because, of course, over time the interest owing on a loan will really add up. In fact, an estimated 41% of Canadians carry a growing credit card balance every month…
As bond yields fall, mortgage providers are cutting fixed mortgage rates
– canadianmortgagetrends.com
The popularity of variable-rate mortgages continues to fall
– canadianmortgagetrends.com
RBC says a majority of its mortgage clients can absorb higher payments
– canadianmortgagetrends.com
“The variable customer is in good shape,” says Scotiabank
– canadianmortgagetrends.com