Larock said this is because for a while, clients looking to refinance were breaking a mortgage with a higher rate than the refinance rate, offering a tailwind — particularly as the pandemic brought ultra-low rates to the market. This business, he said, has been hit hard now that rates are rising aggressively.Article content
On the purchase side, Larock noted it was a challenge to determine whether the slowdown in new residential mortgage originations stems from a typical summer season lull, or if more clients are in wait-and-see mode to see if prices could go lower.Leah Zlatkin, LowestRates.ca expert and licensed mortgage broker, said she is seeing a shake-up in the types of clients she sees.
“I think that what that sort of lends itself to is that we’ve experienced a giant wave,” Zlatkin said. “The last year has been a huge wave — a tsunami even — of mortgages and files coming through our desks, and right now we’re sort of at the place in the wave where the big wave has hit and we’re sort of in the foam. So, the foamy deals are always a little bit more choppy, a little bit more unconventional.
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