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Top related persons:
Hanif Bayat - 2 Wowa - 2 Nivedita Balu - 2 Denny Thomas - 2 you've - 1 Macklem - 1 Sophie Tremblay - 1 Carolyn Rogers - 1
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Canada Toronto Niagara Huntsville Ottawa , Ontario U.S
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Bank of Canada - 2 Bank of - 2 Thomson - 2 TORONTO - 1 Bank - 1 Montreal - 1 NEW - 1 National Bank analysts - 1

Search resuls for: "Hanif Bayat"


2 mentions found


☆ Canadian homeowners eye fixed-rate loans in 'higher-for-longer' era
  + stars: | 2023-11-24 | by ( Nivedita Balu | Thomson Reuters | Nivedita Balu Is A Correspondent For Reuters Based In Toronto | ) www.reuters.com   time to read: +5 min
With the Canadian economy showing signs of a slowdown, money markets are pricing in the first interest rate cuts since March 2020 as soon as April, which would bring down mortgage costs. Still, more home buyers took out fixed-rate mortgages in September compared with a year ago, eschewing variable rate mortgages where the interest rate varies based on current market rates. Since then, the central bank has raised the key interest rate to a 22-year high of 5% in July. The share of fixed rate loans among five-year and three-year mortgages rose to 68% in August compared with 32% a year ago. In the first three weeks of November, 79% of mortgage seekers in Canada opted for a fixed mortgage, said Hanif Bayat, CEO of financial data firm Wowa Leads.
Persons: you've, Macklem, Sophie Tremblay, Hanif Bayat, Wowa, Carolyn Rogers, Rogers, Ryan Sims, William Coyle, Nivedita Balu, Denny Thomas, Deepa Babington Organizations: TORONTO, Bank, Bank of Canada, Montreal, NEW, National Bank analysts, BoC, The Mortgage Group Inc, Bank of, Thomson Locations: Canada, Niagara, Huntsville, Toronto
☆ Surging bond yields add to Canadian homeowners' mortgage pain as renewals loom
  + stars: | 2023-10-07 | by ( Nivedita Balu | Thomson Reuters | Nivedita Balu Is A Correspondent For Reuters Based In Toronto | ) www.reuters.com   time to read: +4 min
In Canada, homeowners can take out five-year mortgages, unlike in the U.S. where customers can snag a 30-year mortgage. In some cases, renewed home loan rates could reach 7%, which would push up the average Canadian mortgage by at least a few hundred dollars per month, mortgage brokers estimate. Canadians are already struggling to repay their debts amid high costs of living and rising interest rates. "This dramatic rise in bond yields means that when the computer chugs along and sets up the rates for next week, they will be using higher rates based on these high bond yields," Toronto-based mortgage broker Ron Butler said. He suggests that the spike in bond yields over the past month could on average add C$600 in monthly payments.
Persons: Lars Hagberg, Daniel Vyner, Wowa, Ron Butler, Justin Trudeau's, Hanif Bayat, Butler, Nivedita Balu, Fergal Smith, Denny Thomas, Josie Kao Organizations: REUTERS, Rights, Capital, Bank of, Canada Mortgage, Housing Corp, Bank of Canada, Mortgage Professionals Canada, Thomson Locations: Ottawa , Ontario, Canada, U.S, Toronto
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