Everywhere you look in the mortgage business, records were broken in 2021. Be it record-low mortgage rates, record average mortgage amounts, record mortgage volumes, record-low mortgage arrears, a record percentage of overleveraged borrowers, record amounts of home equity or the mortgage industry’s record share of GDP, you could go on and on.
Next year’s mortgage market will also be action-packed, but for very different reasons – many of them not so pleasant, depending on your perspective. On that topic, here are four mortgage predictions for 2022.This one doesn’t take much of a crystal ball. All you need to do is gaze at Canada’s three-decade highs in core inflation, a Bank of Canada that’s signalling rate hikes in the “” of 2022 and a bond market that’s pricing in four or more rate hikes in the next 12 months.
Why, then, are they shutting out these competitive brokers? It seems the site owners want to direct more leads to their in-house mortgage brokers, which is more profitable. But consumers aren’t stupid. In 2022, I think we’ll see mortgage shoppers push back on websites that don’t show the best deals from competing discount brokers. That could spawn new entrants into the rate comparison space and drive mortgage shoppers toward sites that are fully transparent.
Robert McLister is an interest rate analyst, mortgage planner and contributing writer for The Globe and Mail. You can follow him on Twitter at
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