Mortgage
Over half of mortgages in Russia have terms exceeding 25 years.
– The share of mortgages for a period of more than 25 years in Russia increased by 10 percentage points year-on-year to 57% in the second half of 2023.
– 15% of mortgage loans were issued for a period of more than 30 years.
– The age of the borrower at the time of loan repayment is increasing, with 42% of mortgages being repaid when the borrower is over 65 years old.
– The share of mortgages where borrowers could make an initial payment at the expense of a consumer loan remained at 6.3%.
– The number of citizens with at least one more consumer loan in addition to mortgages increased by 1.1 million people in 2023.
– Macroprudential allowances were increased by the Bank of Russia since March 1, 2024 to limit risks of debt burden in mortgages.
– The number of borrowers on cash loans stabilized at 24 million people, with the average loan size decreasing.
– The number of credit card users increased by 6.6 million people in 2023, exceeding 27 million people and surpassing cash loan users for the first time.
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Mortgage
CENTUM Canada has revolutionized client engagement with the introduction of Mortgage Monitor™.
Centum Financial Group has launched Mortgage Monitor™, a platform designed to empower homeowners and prospective buyers to make informed financial decisions and build wealth. This platform automatically enrolls clients into a communication system, providing monthly home value updates, personalized product and rate analysis, and mortgage protection support. It also serves as a lead generation tool for brokers. Centum Financial Group is a leading Canadian mortgage broker network with over 200 offices and 2200 agents nationwide. Mortgage Monitor™ is currently in pilot with a full release planned for later in Q2 2024.
– Centum Financial Group launches Mortgage Monitor™ to empower homeowners and prospective buyers
– Platform provides monthly home value updates, personalized product and rate analysis, and mortgage protection support
– Serves as a lead generation tool for brokers
– Centum Financial Group is a leading Canadian mortgage broker network with over 200 offices and 2200 agents nationwide
– Mortgage Monitor™ currently in pilot with full release planned for later in Q2 2024
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Mortgage
Mortgage applications experienced a slight decline last week, even with a decrease in rates.
In the week ending March 29, mortgage application volume decreased by 0.6%, with the average rate for a 30-year fixed-rate mortgage dropping to 6.91%. Refinance applications decreased by 2% compared to the previous week and were down 5% from the same week last year. Purchase applications also decreased by 0.1% compared to the previous week and were down 13% from the same week last year. The refinance share of mortgage activity decreased to 30.3% of total applications, while the adjustable-rate mortgage share remained unchanged at 7.0%. Overall, mortgage rates decreased slightly, but did not significantly impact overall application activity.
– Mortgage application volume decreased by 0.6%
– Average rate for a 30-year fixed-rate mortgage was 6.91%
– Refinance applications decreased by 2%
– Purchase applications decreased by 0.1%
– Refinance share of mortgage activity decreased to 30.3%
– Adjustable-rate mortgage share remained unchanged at 7.0%
– Mortgage rates decreased slightly but did not significantly impact application activity.
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– Mortgage rates declined slightly last week, with the 30-year fixed rate at 6.91% and the 15-year fixed rate at 6.35%
– Refinance share of total applications decreased to 30.3%
– ARM share remained steady at 7% of total applications
– FHA share of total applications decreased to 11.7%
– VA share increased to 12.1%
– USDA share remained unchanged at 0.5%
– Purchase applications were unchanged overall, with FHA purchases increasing slightly
– Refinance applications fell 5% below last year’s pace
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