Mortgage shoppers opt for caution

Times Colonist- The housing industry fired back yesterday at comments from Ottawa that the sector might be overheated with a new report that shows Canadians have become conservative in their mortgage choices, leaving little chance for delinquencies.

The Canadian Association of Accredited Mortgage Professionals surveyed its members, who issued more than 40,000 mortgages totaling $10-billion during 2009, and found 86% of loans went into fixed-rate mortgages. Of those, more than 70% had fixed rates for longer than five years…

Mortgage shoppers opt for caution

New found prudence: Canadian mortgage borrowers not taking ‘undue risks’

Financial Post- Despite concerns about a Canadian housing bubble and high levels of household debt, a survey commissioned by the country’s mortgage brokers suggests Canadians are exhibiting prudence when borrowing from a home.

The survey, released Thursday by the Canadian Association of Accredited Mortgage Professionals, indicated the vast majority of home buyers, at 86%, were opting for fixed-rate mortgages over variable products. Moreover, 70% of people surveyed opted for terms of at least five years or more -– a signal that buyers realize interest rates are headed upward and want to capitalize on the record-low borrowing costs for as long a period as possible…

New found prudence: Canadian mortgage borrowers not taking ‘undue risks’

What the rate cut means for mortgages

 Ottawa Citizen, Ottawa, Ont – If you don’t believe the bank will hold steady on its promise, you can lock into five-year, fixed-rate mortgages for as low as 3.85% on a discounted basis — the lowest rate in Canadian history…

What the rate cut means for mortgages

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