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Mortgage Rates Are Moving (Up)
Royal Bank of Canada and Toronto-Dominion Bank lead the way on the expected increase in mortgage rates
3 days ago I posted that “The Days Of Rock Bottom Mortgage Rates Could Be Numbered.” No fantastic insight on my part; firstly rock bottom rates can only go one way and secondly the Bank of Canada governor had announced they would be at some point.
Today the Royal Bank of Canada and Toronto-Dominion Bank announced that they were raising interest rates on some fixed-rate mortgages. Small increases but still an upward move; about $70 a month on a $200,000.
BUT if the 5 year rate starts hitting 7% in 12 months time then a $200,000 fixed rate mortgage would cost two thousand dollars more a year than it does now.
How high will interest rates rise? I have no idea. Nor do the experts.
What I do know is is that if you are buying home in Wasaga Beach then now is a great time to secure a 5 year fixed loan.
Finally and fortunately Canada is unlikely to suffer a U.S.-style housing collapse:
- Borrowers in most provinces can’t simply walk away from their debts as many U.S. homeowners are doing.
- High-risk mortgages are insured through Canada Mortgage and Housing Corporation (CHMC.)
- The strong recovery looks as if it will create jobs that will help people make their mortgage payments.
How Do First Time Home Buyers Work Out What Home They Can Afford?
Top Tips To Pay Down Your Mortgage Faster
Canadian Banking System Is The “Best In The World” & “Remains Solid”
