\u0027Borrowers are undergoing a rate shock, that of which we’ve never witnessed before\u0027
Scotiabank announced last week that it was raising its five-year fixed-rate by 25 basis points to 5.69 per cent for 25-year amortization, and 5.79 per cent for a 30-year, according to Ratesdotca.
“Rates have never mounted such a disproportionate comeback in such a limited time,” he wrote in his weekly newsletter. “Given the decline in future sales, we can see that businesses are seeing a fairly quick drop in overall demand. This is passing through to expectations for future inflation, which have declined across all time horizons,” he wrote in a note.
“If the BoC hikes the overnight rate by 50 basis points, which it’s expected to do, many investors and those renewing mortgages in 2022 and 2023 will be hit hard,” he said.Article content
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