Did you know these FACTS about Canadian mortgage holders:

·          An average 69 per cent have fixed rate mortgages;

·          Their average mortgage rate is lower - 3.52 per cent compared to 3.64 per cent last year

·          Some 18 per cent of mortgage holders increased their mortgage payments in the past year. An additional 16 per cent made lump sum payments on their mortgages during the past year;

·          About 8 per cent of all homeowners took out equity, averaging $48,000, similar to 2012;

·         80 per cent of mortgages have an original amortization of no more than 25 years;

·         Most borrowers plan to repay early – the expected average is 21.6 years;

·         85 per cent of mortgages taken out in the last year were fixed rate

SOURCE: Canadian Association of Accredited Mortgage Professionals (CAAMP)

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