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Lower Mortgage Rate for the Next Six Months

Posted on 5th Sep 2014 by Mark Stern
lower rate months

The latest issue in mortgage is that in the next weeks, the renewal of home loans will no longer be painful anymore especially for the next six months. This good news in mortgage is according to reports of The Canadian Association of Accredited Mortgage Professionals.

 

They predicted that low rates should be continuous for the year of 2015 and that only means that those who have used to pay higher rate can already look forward for savings and that also serves as one of the good news into economy aspects as a whole.

 

There is also a statement by CAAMP that there are 1.35 million of homeowners that renewed or have refinanced their loans this current year and 1.05 are now paying for lower rate. They have also figured out that 16 percent of people with mortgage have already increased the level of what monthly payments they have or paid lump sum in order to pay down fast their loan. There is another seven percent have also increased the frequency of their repayments for loans. There is about eleven percent which has been taken the equity for the purposes that includes home renovation, investments or even debt consolidation. There is also an average down payment for first time buyers which are about 21 percent with 11 percent for respondents. They are being given the money from a relative and 6percent of the loan is received by one member.

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