INTEREST RATES CONTINUE TO SOAR
Today the Bank of Canada decided yet again to increase the overnight lending rate. Prime rate with the lenders has risen from 4.70% to 5.45%, which is a significant increase. An increase of 0.75%. Prime rate has not been this high since 2008.
With the recent change, it is fair to assume that the average Variable Rate is now sitting at approximately 5%, which is now pretty close to what you can expect for fixed rates currently.
There is further speculation that the Prime lending rate will remain unchanged for the foreseeable future. That said, only time will tell. The next meeting date is scheduled for October 26, 2022.
If your Mortgage is coming up for renewal in the next 12 months, or you want to take advantage of current home values, or if you just want a quick Mortgage check-up, give me a call now!! I would be happy to off free advice as to what your options might be.
Did you know, if you have a variable rate, more often than not you can break the mortgage with a simple 3 months interest penalty?
Some conditions may apply. Rates are subject to change. Subject to lender / insurer approval.