A Yahoo/Maru Public Opinion poll found that 35 per cent of Canadian homeowners say they can handle the Bank of Canada’s current benchmark interest rate of 4.5 per cent for an average of less than 10 months before they would be forced to sell or vacate their homes. (THE CANADIAN PRESS Jonathan Hayward) As Canadian homeowners grapple with the Bank of Canada’s flurry of interest rate hikes, one in three say they won’t be able to handle higher rates for long before they are forced to sell their… Source link
Read More »Adjustable-rate mortgages are back — but it’s not like 2008
This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe Wednesday, October 5, 2022 Today’s newsletter is by Janna Herron, Yahoo Finance’s personal finance editor. Follow Janna on Twitter @JannaHerron. The share of borrowers applying for an adjustable-rate mortgage neared 12% at the end of September, according to the latest data available from the Mortgage Bankers Association. That’s the largest share… Source link
Read More »2008 all over again? BofA just launched a test of zero-down-payment, zero-closing cost mortgages for minority communities
2008 all over again? BofA just launched a test of zero-down-payment, zero-closing cost mortgages for minority communities A major American bank has launched a new program to help first-time minority buyers finance a home purchase with no down payment or closing costs. It’s a boon to buyers at a time when rising interest rates and low home inventory have stacked the deck against them. It’s also the latest response to longstanding criticism that banks favored white borrowers. Bank of… Source link
Read More »Chinese Homebuyers Across 22 Cities Refuse to Pay Mortgages
(Bloomberg) — Across China, homebuyers are refusing to pay mortgages as property developers drag on construction projects, escalating the country’s real estate crisis and risks of bad debt for banks. Most Read from Bloomberg Buyers of 35 projects across 22 cities have decided to stop paying mortgages as of July 12 due to project delays and a drop in real estate prices, Citigroup Inc. analysts led by Griffin Chan wrote in a research report distributed on Wednesday. The payment refusals… Source link
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