How will rising interest rates affect me?

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.