On 6/4/2014 10:27 AM, CRNG wrote:
On Wed, 4 Jun 2014 13:00:03 -0400, "dadiOH" wrote
in

"HomeGuy" Home@Guy.com wrote in message

So what exactly are your american residential mortgage rates these days?

Here in Canada, the typical home mortgage is between 1.99% and 2.99%.

That sounds really good. Trouble is, you have to go to Canada to get it.

And most people would rather pay twice that rate to be able to live
in the U.S.

In the U.S. the mortgage lending business is collapsing because such a
high percentage of homeowners refinanced when rates were extremely low
and are out of the refi market, probably forever. I.e. I refinanced at
2.625%/2.625%. No points, no fees, they even paid for the appraisal. So
2.99% is not an abnormally low rate, it's only about 0.5% less than the
present rate that someone with good credit can get in the U.S. if they
shop around for a loan. If they just walk into their bank and apply the
rate will be higher and there are people like that.

The other problem for mortgage companies in the U.S. is that so many
houses are being sold to cash buyers so there isn't any loan. This is
also a problem for non-cash buyers because sellers will accept a cash
offer if the offer is the same amount as an offer where the buyer is
getting a loan.