How will higher interest rates impact my mortgage? It’s a question more homebuyers and homeowners are asking, in the wake of the Bank of Canada’s recent interest rate hikes. We consider many variables in life before making any big decision, and one of the most important ones to think about when buying a home is the current state of interest rates. While a low interest rate is desirable for a prospective buyer, as it means they have more purchasing power, lower rates may not be all they are cracked up to be.
Interest rates fluctuate. They rise and fall in response to the economy and world events, and can significantly impact the amount you pay for your home over the lifespan of your mortgage.
Typically, mortgage loans are…
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