In recent times, there has been a lot of uncertainty, and this has caused some notable changes in the attitudes of people who are looking to buy homes or get mortgages. Two recent reports have highlighted that rising interest rates and affordability are the main factors contributing to these changes.

According to a survey conducted by the Angus Reid Institute, a significant number of Canadian homeowners are worried about how higher interest rates might affect their future mortgage renewals. In fact, 77% of the respondents expressed concerns about the potential additional costs they may face.

These concerns are shared by both fixed and variable rate borrowers, and they are present across the board, ranging from those who are in the early stages of their mortgage to those who are close to paying off their loans. The survey found that 91% of homeowners with 25 or more years left on their mortgage were worried, while even 44% of those with five years or less expressed concerns.

Given the high percentage of people who are worried about higher costs, it is not surprising that attitudes toward mortgage brokers and lenders have declined. According to the annual Consumer Survey conducted by Canada Mortgage and Housing Corporation (CMHC), satisfaction with brokers has dropped from 86% in the previous year's survey to 71% in the current survey. Similarly, satisfaction with lenders decreased from 88% to 75%.

The CMHC survey also revealed that a lack of follow-up from brokers was one of the main reasons for the decline in satisfaction. Only 49% of borrowers reported being contacted by their broker after the mortgage transaction.

Additionally, the survey indicated that borrowers often have difficulty keeping track of economic developments. Almost a quarter of the respondents said they only became aware of interest rate hikes when they noticed an increase in their mortgage payments, while only 23% reported being informed about these changes by their broker.

Overall, the reports show that many homeowners are concerned about rising interest rates and the associated costs. They also highlight a decline in satisfaction with mortgage brokers and lenders, with a lack of follow-up being a key factor. The survey suggests that better communication and support from brokers could help address these issues and improve overall customer satisfaction.

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