October 2020 nesto-meter Report
October 14th 2020 – presented by: Chase Belair, Co-Founder and Principal Broker at nesto
You can download the report below for easy browsing!
- Overall, with only 4 rate changes per month for both August and September 2020, lenders have landed on their desired spread between cost of funds and profit margins.
- In September 2020, for the fourth month in a row, mortgage rates decreased, reaching record-lows once again.
- Fixed and variable rates for the same category (insured or insurable) are trending closer and closer to each other every month, with only a 0.04% difference between them today.
- In September 2020, there is much more interest in purchase than renewal amongst our users.
- In September 2020, nesto users target houses instead of condos for their next property.
- Remote work, economic uncertainty and people returning to the market have a major impact on approval delays in Quebec.