Mortgage rates are already rising ahead of another hike by the Bank of Canada

By Pamela Heaven
The Financial Post
October 18, 2022
Category: Finance & Economics
Region: Canada

While homeowners with variable-rate mortgages brace for another expected hike next week from the Bank of Canada, fixed-rates are rising too, according to rate insiders. …Scotiabank announced last week that it was raising its five-year fixed-rate by 25 basis points to 5.69 per cent for 25-year amortization, and 5.79 per cent for a 30-year, according to Ratesdotca. TD also announced a 20-basis point increase in fixed-rate mortgages, bringing the five-year fixed to 5.59 per cent. Mortgage rate analyst Robert McLister says “borrowers are undergoing a rate shock, that of which we’ve never witnessed before.” …Meanwhile, economists are going over the latest bit of data in efforts to predict how big a hike we can expect from the Bank of Canada next week.

Read More