Updated information on Interest Rates

Updated information on Interest Rates

Saturday, July 02, 2022Hot topic of discussion Interest rates are a hot topic of discussion at the moment. Many people may be unsure how the change in interests will affect them or what it means for them as homeowners or home buyers. If you are looking for more information about this popular topic of discussion, read the next page!

A Better Understanding: Why does the Bank of Canada raise interest rates? A major reason is, the bank tries to ensure inflation stays low, there are different tools to do this and manage this but a major one is the ability to set interest rates.

What does a rate increase mean to you? An increase in interest rates will affect your monthly mortgage payment and consequently your overall monthly budget in a variable rate mortgage. If this affects you, Please do not hesitate to contact me!

How much more will interest rates rise?Interest rates are expected to rise, but it is unsure by how much. There are speculations that they may rise multiple times, but untill the Bank of Canada makes another announcement it is not confirmed.

There is speculation that they may rise again. I have included a couple links for your review to familiarize yourself with what is happening currently. This topic is of great importance for many, if you have any questions or concerns regarding this or any other mortgage needs, please do not hesitate to contact me!613-298-1522lburns@martelmortgages.ca