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Interesting Mortgage Stats

CAAMP (Canadian Ass. of Accredited Mortgage Professionals) has released its annual mortgage report and it's chock full of mortgage stats. Here's a rundown on the more notable ones: • 5,250,000: The number of Canadian home owners with mortgages. • 29%: The percentage of Canadian homeowners who got a new mortgage in the last 12 months. • 86%: The percentage of people renewing or refinancing that stayed with their existing lender. • $136,000: The average mortgagor's equity. This equity equals 51.7% of their home value on average. • 22%: The percentage of mortgagors who took equity out of their homes in the past 12 months. People are spending more because last year it was 17%. • $41,000: The average equity that borrowers took out of their homes this year. That's up 16% from last year. The most common reason for borrowing this equity? Debt consolidation. • 50%: The ratio of new mortgages taken out in the last year with amortizations greater than 25 years. • 5.41%: The average Canadian's mortgage rate. Last year it was 5.56%. • 0.40%: The average interest rate improvement realized by people who refinanced in the past year. • 1.59%: The average discount off of bank-posted rates. • 1.96: The average number of quotes people get when shopping for a mortgage. • 0.28%: The percentage of Canadians who are 90 days or more past due on their mortgage. That's up just slightly from last year. • 10%: The approximate decline in mortgage approvals that CAAMP foresees in 2009. • 36%: The percentage of Canadians who are aware that insured 40-year and 100% LTV mortgages have disappeared. Peoples' favorite mortgage terms: • 1-3 years: 29% of borrowers • 4-5 year: 61% of borrowers • Over 5 years: 10% of borrowers CAAMP says there's a noticeable trend in borrowers taking shorter terms when compared to last year. There's also a big trend towards variable rates. 40% of mortgages were variable in the past year. In CAAMP's 2007 report the number was just 21%. CAAMP says that's because "consumers may be expecting interest rate reductions." We'd also like to think they're becoming more educated about the long-term advantage of variable rates. Where did people get their new mortgages this year? • Major banks: 47% • Mortgage brokers: 35% • Credit Unions: 11% • Other: 6%