The Bank of Canada’s latest interest rate hikes will continue to impact some Canadians looking to pay off their mortgage, according to one expert.
its policy rate by half a point to 3.75 per cent, marking its sixth consecutive interest rate increase. In the central bank’s most recent Monetary Policy Report, it said individuals renewing a mortgage are seeing some of the largest increases in borrowing costs over any tightening cycle of the past 30 years., the central bank noted that a homeowner looking to renew a five-year fixed-rate mortgage, obtained in October of 2017, would now face a mortgage rate around 1.
Many individuals with a variable rate mortgage, where the payment is fixed, may experience their trigger rate being hit, according to McLister. Thewhen a mortgage owner's regular payment no longer covers the interest accrued since the previous payment. Currently, McLister said there has been a 25-basis-point dip in the five-year bond yield after the central bank’s announcement.
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
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