\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.
In 1981, Canada’s policy rate rose by 3.7 times, but McLister calculates the rise this time will be “17x by next year if implied rates in the bond market are right.” Meanwhile, economists are going over the latest bit of data in efforts to predict how big a hike we can expect from the Bank of Canada next week., released Monday, which suggest rate hikes earlier this year have had an impact.Article content
For every 50 basis-point hike, a homeowner with a variable rate mortgage can expect to pay about $28 more a month for every $100,000 of mortgage, said Victor Tran, a mortgage and real estate expect for Ratesdotca.
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Posthaste: Mortgage rates are already rising ahead of another hike by the Bank of Canada\u0027Borrowers are undergoing a rate shock, that of which we’ve never witnessed before\u0027
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Posthaste: Mortgage rates are already rising ahead of another hike by the Bank of Canada\u0027Borrowers are undergoing a rate shock, that of which we’ve never witnessed before\u0027
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