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How will rising interest rates affect me?

Author: Staff
Publication date:
March 21, 2022
Article Summary: 

In this article, Sean Miller discusses how rising interest rates may affect homeowners and potential homebuyers in Canada. He explains that the recent 0.25% increase in interest rates will lead to a minimal increase in monthly payments, but the impact depends on the type of mortgage chosen. Miller suggests going for a variable rate mortgage rather than a fixed rate mortgage, as the latter carries a significant premium and can lead to massive penalties if broken. He advises increasing payments to 1.5% towards the mortgage principal instead of locking into a fixed rate product. Overall, Miller recommends seeking advice from a knowledgeable mortgage professional to understand the best mortgage options.


interest rates, mortgages, variable rate, fixed rate, penalty, and mortgage professional.

Source Citation: Staff
How will rising interest rates affect me?
March 21, 2022
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