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%
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