What are Consumers Saying About their Mortgage Debt Level?
Yesterday, CAAMP (The Canadian Association of Accredited Mortgage Professionals) released their annual fall Consumer Survey Report on residential mortgages. Those consumers who participated in the survey, said they are comfortable with their current mortgage debt levels.
Jim Murphy, AMP, President and CEO of CAAMP says in the press release that, “Consumer confidence in the mortgage market remains high, especially among those who have owned homes for a longer period. Consumers are paying off their mortgages faster, selecting five year fixed term rates and agreeing real estate is a good long-term investment.”
Why are consumers feeling so comfortable about their mortgage debt level?
- taking aggressive actions to pay their mortgages off
- make new investments or leverage their equity to consolidate debt
- taking advantage of the low interest rates
- more are relying on mortgage brokers to fulfill their needs compared to the major bank institutions
Some key statistical findings from the survey:
- 40% of mortgages this year were obtained through brokers, increasing the broker share to 28% (previously reported at 25%)
- 80% of homeowners selected comfortable, confident, content, and/or secure when describing their emotion towards their current mortgage debt level
- 96% will see a lower rate if planning to renew within the next six months
The report was authored by Will Dunning, Chief Economist of CAAMP.
For detailed information on the Consumer Survey Report, click here.
For the Press Release, click here.
For the Significant Statistics, click here.
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