Jannah Theme License is not validated, Go to the theme options page to validate the license, You need a single license for each domain name.
Business

Short-term fixed-rate mortgages rise as housing affordability drops, Canadian business journal

MONTREAL, Oct. 25, 2022 (GLOBE NEWSWIRE) — With the impending Bank of Canada announcement, many are waiting to see how much the bank will raise its overnight rate. This comes at a time when many current and potential homeowners are clearly concerned by the consistent floating rate hikes in 2022. Nest’s latest monthly report 67% of buyers are ‘just looking’ and only 33% are ‘ready to buy’. This is a complete shift from the same period last year, when 35% said they were “just looking” and 65% said they were “ready to buy.” Anxiety can also be felt in fixed-rate mortgages filed. In September, we secured the largest number of fixed-rate mortgages since 2020, securing 36% of the total. As the years go by, it shows less interest in variable rate mortgages.

This data representing consumer intent is perhaps not surprising as home affordability is a trending topic across the mortgage industry. A closer look reveals the following: Only eligible up to $325,000*.

But on the bright side, the market isn’t as competitive, and in some areas has even become a buyer’s market, with buyers researching homes before buying, getting homes at lower prices, and buying homes in the short term. We’re giving you time to secure. Fixed-rate mortgages can be renewed at interest rates earlier than the historically popular 5-year terms.

“For those considering buying a home but concerned about high interest rates, there are several strategies that can be used to mitigate the impact of rising interest rates. For example, a short-term fixed-rate mortgage that can be renewed for a better rate if interest rates stabilize in a few years, incentives such as: Nest’s Unique 1% Cashback Mortgage Loan Put money back in your wallet to help with closing costs and other living expenses. “

*Based on 20% down at 35% GDSR, assuming purchase price of $407,000.

About nesting: Unlike other mortgage brokers and banks in Canada, nesto is Canada’s first digital mortgage platform, combining core human expertise with a simplified, transparent, convenient, technology-first real estate lending experience from start to finish. is equipped withvisit neto.ca for more information.

contact:

Alivia Massimiro

Email: [email protected]

Phone: 516-398-2513


CBJ Newsmaker

Short-term fixed-rate mortgages rise as housing affordability drops, Canadian business journal

Source link Short-term fixed-rate mortgages rise as housing affordability drops, Canadian business journal

Related Articles

Back to top button