Comments on: Canadian Mortgage Borrowers Have Rate Cut FOMO, Snub 5-Year Terms https://betterdwelling.com/canadian-mortgage-borrowers-have-rate-cut-fomo-snub-5-year-terms/ Canada’s Fastest Growing Real Estate News Source Sat, 26 Aug 2023 14:36:10 +0000 hourly 1 By: repat https://betterdwelling.com/canadian-mortgage-borrowers-have-rate-cut-fomo-snub-5-year-terms/#comment-91781 Sat, 26 Aug 2023 14:36:10 +0000 https://betterdwelling.com/?p=23853#comment-91781 in June we locked in for 5 years. Rates have already gone up since. The way governments are running things, I have no confidence it will be lower before our term is up. We also did something else out of the ordinary – we bought modestly without presuming we should be living in a mansion.

Anyone hoping rates are going down have already played their cards and lost.

]]> By: Terry https://betterdwelling.com/canadian-mortgage-borrowers-have-rate-cut-fomo-snub-5-year-terms/#comment-91752 Thu, 24 Aug 2023 12:54:54 +0000 https://betterdwelling.com/?p=23853#comment-91752 “Canadians are hoping for rate cuts” wrong wrong and more wrong. Stop speaking for us. Real-estate agents and the landlord parasite class want rate cuts to keep their ponzi scheme going. We want low prices and high rates so we can finally buy our 1st house

]]> By: Teddy Zamir https://betterdwelling.com/canadian-mortgage-borrowers-have-rate-cut-fomo-snub-5-year-terms/#comment-91750 Wed, 23 Aug 2023 23:19:23 +0000 https://betterdwelling.com/?p=23853#comment-91750 I bet rates will be cut VERY soon to pump up housing prices.

]]> By: JB https://betterdwelling.com/canadian-mortgage-borrowers-have-rate-cut-fomo-snub-5-year-terms/#comment-91749 Wed, 23 Aug 2023 21:01:59 +0000 https://betterdwelling.com/?p=23853#comment-91749 I happily locked in a great 5 year fixed rate in 2021 (to help deal with a peak-priced home), but I’m not looking forward to renewing in 2.5 years. Looking at rates, though, I am really curious as to why there’s such a difference between Canadian and US mortgage terms. I haven’t been able to get a clear answer as to why Canada has basically a maximum of 10 year fixed terms (which hardly anyone takes) and the US has these 25/30 year terms. I’d have loved to lock in that low rate for longer than just 5 years. I also feel like that could be an interesting policy for the government to explore with banks in the event that they don’t lower rates much and we hit a crisis of people not being able to afford their homes once they have to renew mortgages at double the rate they acquired it with… imagine being able to negotiate some type of rate extension… (hey, we can dream, right?)

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