Great news coming if you’re renewing a mortgage, you’re about to save money
Article by Garry Marr, Financial Post, November 18, 2014
“Canadians renewing a mortgage in the next six months are likely to be all smiles as they end up with a lower interest rate that should prove to be positive for the overall economy, says a new report out Tuesday.
The Canadian Association of Accredited Mortgage Professionals says in its annual state of the mortgage market that the average existing rate in Canada for consumers with a mortgage due in first half of 2015 is 3.5%. Just 60,000 of the 140,000 people renewing in the next six months have a rate lower than 3.5%.
“During the coming year, mortgage renewal is likely to be a positive event for the borrowers and therefore the broader economy,” says the report.”
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