ICYMI: The rate hikes cometh: How to get your mortgage ahead of a rising rate environment — via financialpost ratehikes mortgage housingmarket
So, mortgage holders are now keeping a keen eye on the path of rate hikes and what they mean for growing monthly costs. The benchmark rate was 1.75 per cent in February 2020, before the Bank of Canada slashed borrowing costs to nearly zero to fight the COVID recession. It’s reasonable to expect Macklem will aim to return his target rate to at least that level to cool inflation, and maybe even a little higher.
Mortgage broker Ratehub.ca crunched some numbers following the Bank of Canada’s announcement. Ratehub’s model was based on a homeowner who had put a 10-per-cent down payment on a $700,000 home, and had chosen a five-year, variable-rate mortgage with a starting rate of 0.9 per cent, amortized over 25 years.Article content
Homeowners should assess how rate hikes would impact their monthly carrying costs using a mortgage calculator.It’s still unclear how quickly the Bank of Canada will raise interest rates. That will depend on inflation and the extent to which Russia’s war with Ukraine hurts the global economy. Some analysts predict as many as six rate hikes before the end of 2022. Economists at Bank of Nova Scotia predict the Bank of Canada will raise its benchmark rate to two per cent.
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