Canada Considers 30-Year Mortgages

This is a Canada news story, published by Global News, that relates primarily to Fannie Mae news.

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Canada Mortgage

Global News

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A 30-year mortgage with no rate hikes: Can the U.S. model work in Canada? - National | Globalnews.ca

Summary

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74% Informative

The federal government is looking at bringing long-term mortgages to Canada .

The U.S. market offers a 30-year fixed mortgage with one rate of interest for the entirety of the loan.

Experts say bringing such a product to Canada would be no easy task.

Some say it might not make the housing market any more affordable to would-be buyers.

The typical mortgage rate on offer in the U.S. was around 6.6 per cent , while Canadian fixed-rate products are floating around the mid-to-low-four-per cent range.

The typical Canadian mortgage rate is around 4.4 per cent .

A government-sponsored system like Fannie Mae and Freddie Mac makes it viable to offer affordable 30-year mortgages.

Canada does not have a system like this that offers liquidity to banks making mortgage loans.

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informal

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English

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