Internet is a great resource if used properly. We do most of our research online. An average Canadian spends more than 40 hours a month on-line. About 35% among 20 million mobile phone users own a smart phone. That is a significant on-line horsepower.
Mortgage search volume:
We cannot predict the exact figure but some indirect means may help. Let us tell you some secret tools Google offers to help resource challenged bloggers like us.
If you are an on-line person you may already know about Google Trends. You may have also noticed that Google does not give you the search volume. In its adwords it does give you a volume but you won’t get there if you do not have an adwords account.
Let’s see what we know:
A quick search will tell you that Globe and Mail has about 700,000 daily visitor. A big chunk of those will be regular visitors, but still some will get there using search engine. The following chart shows the search volume of “The Globe and Mail” vs “Mortgage” vs “RBC”. That gives us a rough idea where the on-line mortgage industry stands in overall Canadian perspective.
Where does a mortgage broker stand?
The following chart shows the correlation between mortgage rate and mortgage broker search term. The spread between those two suggests that popularity of mortgage brokers changes over time. Recently borrowers are showing more interest on-line about mortgage brokers. In past they did not.
How did BMO DO?
If you look at the search trend of BMO mortgage then you shall see the spike early this year. Usually TD and RBC are the most searched banks in Canada but BMO came very close to those two when they launched their 2.99% earlier this year.
BMO is a rising star in on-line mortgage rate search.
Fixed or Variable?
Historically variable searches were more than fixed rate searches, until recently search volume on fixed rate surpassed variable rate search. This suggests that people are taking more fixed now.
Difference between virtual and real world:
Keep in mind that even after doing their on-line research people mostly decided to take fixed rate, so on-line search volume may not be a correct indicator of the reality.
A number of people do their research on-line and then go to the bank to match the rate. A rate site gets a lot of hits but the conversion rate isn’t impressive. It takes time and efforts to develop trust and loyal customers.
Searches on Mortgage blog:
We intentionally did not compare search volume of on-line rate sites – let them do their due diligence but the post would be incomplete if we do not compare the search term “mortgage blog”. See for yourself where we stand.