The latest Bank of Canada interest rate hike could leave some Canadians looking to adjust their mortgages, according to one mortgage broker.
rate by 50 basis points Wednesday, bringing the overnight rate to 4.25 per cent. The move marks the seventh consecutive interest rate hike from the central bank in its campaign to bring inflation closer to its two per cent target. is reached when a homeowner’s mortgage payment no longer covers interest accrued since the previous payment.
As such, a mortgage owner with a variable rate could see their payments rise by around $176 per month, to $3,716 from $3,540, according to Zlatkin. This assumes a home priced around $700,000 with a 15 per cent down payment and a 25-year amortization. “You’re going to need to pay a little bit more per month, [or] you're going to need to put a lump sum in or you're going to need to switch to a different product,” Zlatkin said.
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.
Posthaste: What the Bank of Canada hike will mean for mortgage borrowersIf the Bank of Canada raises its rate by 50 bps, prime rates are expected to rise to 6.45 per cent. Read more
اقرأ أكثر »
Bank of Canada look ahead: Economists expect seventh straight rate hike - BNN BloombergEconomists are forecasting the Bank of Canada will hike interest rates for the seventh-straight time on Wednesday.
اقرأ أكثر »
Bank of Canada hikes key interest rate half a percentage point to 4.25% - BNN BloombergBREAKING: The Bank of Canada raised its key policy rate half a point to 4.25 per cent on Wednesday, in line with most economist estimates.
اقرأ أكثر »
Bank of Canada raises interest rates: Read the official statementThe Bank of Canada raised its key interest rate by 50 basis points on Wednesday to 4.25%. Read the central bank\u0027s official statement here.
اقرأ أكثر »
Bank of Canada raises interest rates: Read the official statementThe Bank of Canada raised its key interest rate by 50 basis points on Wednesday to 4.25%. Read the central bank\u0027s official statement here.
اقرأ أكثر »
Bank of Canada hikes interest rate by 50 basis points to 4.25%The Bank of Canada raised its key interest rate by 50 basis points to 4.25 per cent Wednesday. Read on
اقرأ أكثر »