Bank Rate & Your Variable Rate
With the increase to the Bank of Canada interest rate, people may be feeling anxious about their variable rate debt.
With the increase to the Bank of Canada interest rate, people may be feeling anxious about their variable rate debt.
Over the last 12 months, the Prime rate has increased by 1%. Historically over the last several years, variable rates have been outperforming the fixed rates even as the rates creep higher. In times of rate increases, people may consider locking into a fixed rate mortgage or choosing fixed rate products over variable. If you are looking to lock in your mortgage, always shop around for the best rate and product as it may be worthwhile to pay the 3 months interest penalty.
For more information, contact your Mortgage Broker.