The newly released 2021 Australian census has shown that the number of homes owned with a mortgage accounts for more than a third of the country’s 10.8 million private dwellings, doubling the figure from 25 years ago. On the other hand, less than a third of the homes were owned outright, and a similar percentage…
Falling Home Values and Rising Mortgage Rates Create Potential for Perfect Storm
June 27, 2022
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Commentary The red-hot housing market is showing signs of cooling down, but it’s not just in America where this is happening. Globally, cities all over are feeling the crunch, with price-to-rent and price-to-income ratios skyrocketing. These two ratios are important measurements as they measure housing affordability in given housing markets. In New Zealand alone, the…
Why a Reverse Mortgage Is Almost Never a Good Idea
For seniors struggling with expenses, a reverse mortgage may appear to be a practical option. Though such a lifeline seems appealing, a closer look may say otherwise. The industry is rife with scams; fees are high and often hidden. In addition, reverse mortgages may have variable interest rates, so you may wind up owing more…
How to Stop Worrying That Your Housing Bubble Is About to Burst
You bought the biggest house they said you could qualify for, taking advantage of low rates and creative financing. Who knew you could afford such a great home? But now, several years later, your low-interest rate has disappeared and the adjustable-rate mortgage that seemed like a good idea keeps pushing your payments higher. Or perhaps…
Bank of Canada: Some Canadians Could See Mortgage Payments Jump by 45% in 2025-26 as Rates Rise
OTTAWA—Some Canadians who took out mortgages in 2020-21 could see their monthly payments jump by as much as 45% in 2025-26, given rising rates, according to a Bank of Canada scenario released on Thursday. Elevated levels of inflation – which is currently at a 31-year-high – could also mean that households allocate more of their…
Some Canadians Could See Mortgage Payments Jump by 45% in 2025-26 as Rates Rise, Bank of Canada Says
OTTAWA—Some Canadians who took out mortgages in 2020-21 could see their monthly payments jump by as much as 45% in 2025-26, given rising rates, according to a Bank of Canada scenario released on Thursday. Elevated levels of inflation – which is currently at a 31-year-high – could also mean that households allocate more of their…
Mortgage Payment Costs Rise 45 Percent This Year, Worsening Home Affordability
The monthly mortgage payment for a typical home in the United States for new buyers has climbed by 45 percent or about $600 over the previous year, according to the estimates by the National Association of Realtors (NAR). In April, the average monthly mortgage payment for a single-family home increased to $1,900, based on a…
When Does It Make Sense to Refinance Your Mortgage
If you’re a homeowner with an existing mortgage, you might think you’re all set. But just because you have a mortgage locked in doesn’t necessarily mean it’s the best mortgage for your situation. Refinancing is a cost-effective and logical option in many cases, particularly in a market with low interest rates. What Does it Mean…
Is the American Dream of Home Ownership Vanishing?
How much money do we really need to buy a home, and can we afford it? These are questions that real estate agents and mortgage professionals hear every day, and the answer is always the same—it all depends on many different factors. Sheetal Sawhney, originating branch manager at CrossCountry Mortgage’s office in North Bergen, New…
Making Sense of Mortgage Options
When you are shopping for a mortgage that fits your limited budget and tight timeline, you’re probably facing two choices: a consumer bank or a mortgage broker. A consumer bank is where you likely have your checking account. Also known as a retail bank, a consumer bank handles basic banking needs such as checking and…
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