Although this week’s announced interest rate hike by the Bank of Canada (BoC) will make things even tougher for Canadians amid rising mortgage rates and tight budgets, there are a number of ways people can ride out this period and manage their finances. “One thing Canadians can do is make a budget plan. Do not…
IN-DEPTH: How Canadians Can Survive Tough Times Amid Rising Interest Rates
MPs Warned Rising Mortgage Rates Will Cause ‘Financial Stress’
While mortgage holders are still managing to cope, more financial stress is expected in the coming months, a committee of MPs heard as mortgage costs hit a 15-year-high. MPs on the Treasury Committee were also told that there may be a shortage of landlords amid rising costs and housing shortages. Figures published on Tuesday by…
Watchdog Unveils Guidelines to Support Mortgage-Holders Under Financial Stress
Canada’s financial consumer watchdog is warning lenders not to take advantage of mortgage holders who are facing severe financial stress as interest rates and the cost of living rise. In guidelines released Wednesday, the Financial Consumer Agency of Canada said financial institutions need to help provide support to consumers who are facing rising mortgage payments….
No Second Mortgage!
Dear Dave, My husband was recently told layoffs are about to happen at his company, and that it might be a good idea for him to start looking for another job. He has found a couple of good possibilities, but the jobs are located 100 miles away. In preparation for a possible move, we spoke…
Average Long-Term US Mortgage Rate Rises to 6.71 Percent in First Increase After 3 Straight Drops
June 30, 2023
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LOS ANGELES—The average long-term U.S. mortgage rate rose this week, snapping a three-week pullback after reaching a high for the year in early June. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 6.71 percent from 6.67 percent last week. A year ago, the rate averaged…
House Prices Will Fall by 5 Percent This Year: Report
UK house prices will fall by 5 percent this year as buyers have been hit by higher mortgage rates and rising living costs, a real estate portal has reported. Zoopla’s House Price Index showed a 1.2 percent annual rise in UK house prices in the last year, adding, however, that just a year ago, the…
Banks Agree to Offer More Help to Struggling Mortgage Holders
Banks and building societies will offer more flexibility to mortgage holders struggling with high interest rates, Chancellor Jeremy Hunt has said after a meeting with major lenders in Downing Street. Top executives of banks and building societies were summoned to Downing Street on Friday to discuss ways to help mortgage holders following 13 consecutive interest…
Real Estate Crosscurrents
Commentary After months of decline, May’s report on homebuilding showed a surge in activity. This news gives evidence of the emergence of the crosscurrents that inflation often brings to the residential real estate market. On one side is the depressing effect of rising mortgage rates. Running counter is the attraction of real estate as an…
Survey Finds 78 Percent of US Home Shoppers Fear Being Priced out of Market
A recent survey from Realtor.com and Censuswide finds 78 percent of potential home buyers expect to be priced out of the market if prices and mortgage interest rates continue to increase. Over 50 percent of that group blames inflation as the number one external factor keeping them from realizing the American dream. Rising interest rates…
‘Very Real Risk’ of Landlords Exiting Rental Market Amid Soaring Mortgage Rates
There is a “very real risk” of landlords quitting the rental market under the pressure of soaring mortgage rates, a property firm has warned. According to research conducted by Savills, Investors’ net profits fell below 4 percent in the first quarter of 2023, marking a “dramatic shift in finances” for mortgaged buy-to-let buyers. Average net…
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