Canadian Mortgage Borrowers Are Betting Against Rising Rates, Despite Warnings
Posted by Teri-Lynn Jones on
In the upside-down world, a weak economy is great for Canadian home prices — and people are betting on it. The majority of mortgage debt issued in August has a variable interest rate. This is when a borrower’s interest paid is attached to market rates, as opposed to a fixed rate. Experts, including the central bank, are warning rates will begin to make a sharp rise next year. Whether homeowners realize it, they’re betting experts are wrong about the recovery.
More Than Half Of Canadian Mortgage Debt Issued Is Variable Rate
The majority of mortgage debt lenders have issued, have variable interest rates. The value of the segment reached $24.6 billion in August. This represents 54.3% of funds lenders delivered to mortgage borrowers that month. A…
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