Mortgage News
More Canadians locking in low-rate mortgages, reducing debt
Canadians have been taking advantage of record-low interest rates to lock in their mortgages, a new survey suggests.
Published
In a recently released report from the Canadian Association of Accredited Mortgage Professionals (CAAMP) we learn of the steps Canadians are taking to pay down their mortgages.
A large percentage of Canadians are using low mortgage rates, lump sum payments and payment increases to chip away at mortgage debt. In addition, many are switching their variable rate mortgages to a longer term fixed rate, taking advantage of the low rates available.
CAAMP has also released statistics relating to the number of borrowers seeking advice from Canadian Mortgage Brokers.