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Here's some interesting insights into the minds of Canadian mortgage shoppers, courtesy of RBC's 2007 Homebuyers Survey.
- 66% of Canadians say it's difficult to choose between fixed and variable rate mortgages.
- Despite the potential interest savings, only 12% of fixed-rate shoppers would choose a variable rate mortgage instead.
- The biggest reason people don't choose variable rate mortgages is fear of changing monthly payments. The truth is, fixed monthly payments and variable rate mortgages are not necessarily mutually exclusive.
- Most popular mortgage term: 5-year (46% choose it)
- Average mortgage balance: $105,557 (up 10% since last year!)
- Percentage of Canadians with home equity loans: 39%