Play Video
“Every $100,000 in mortgage balance will see an increase of approximately $14 per month due to the 0.25 per cent hike,” Alex Leduc, chief executive of mortgage website MyPerch.io, said of those with adjustable-rate mortgages.While this may not seem like a substantial amount, it comes amid high inflation and after a series of interest rate hikes over the past 18 months have already taken a bite out of household budgets.
“As borrowers hit their trigger rate, their amortization will reset upon renewal, leading to higher monthly payments,” Leduc said. “For instance, an average borrower with a $500,000 mortgage can expect an increase of $1,000 to $1,150 in their monthly payments. For every $100,000 in mortgage balance, we estimate that payments will increase by $225 per month, assuming a two per cent original mortgage rate.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank of Canada hikes interest rate to 5% as expectedThe Bank of Canada (BoC) is widely expected to announce another 25 basis points (bps) rate hike at its July monetary policy meeting due this Wednesday
Source: FXStreetNews - 🏆 14. / 72 Read more »
Bank of Canada hikes interest rate to 5%The Bank of Canada raised its key interest rate by 25 basis points to 5 per cent, the highest in 22 years. Read more
Source: TheStarPhoenix - 🏆 253. / 63 Read more »
Fed closing in on end of rate hiking cycle, central bank officials sayThe Federal Reserve will likely need to raise interest rates further to bring down inflation that is still too high, but the end to its current monetary policy tightening cycle is getting close, several U.S. central bank officials said on Monday.
Source: Reuters - 🏆 2. / 97 Read more »
Financial pressure building on several fronts for Canadians as Bank of Canada decision looms, poll findsMore Canadians are likely to declare bankruptcy and saving for retirement has been pushed firmly to the back burner. Find out more.
Source: TheStarPhoenix - 🏆 253. / 63 Read more »
Bank of Canada will hike interest rates one more time: CIBCAndrew Grantham of CIBC Capital Markets talks about how interest rate hikes are affecting the economy and what to expect next. Watch here.
Source: TheStarPhoenix - 🏆 253. / 63 Read more »
Bank of Canada set to raise interest rates by 25 bps, market eyes future projectionsBoC Interest Rate Decision: 25 bps hike expected, economic projections and Macklem speech eyed – by FXstreetNews BOC SEO CentralBanks Macroeconomics USDCAD
Source: FXStreetNews - 🏆 14. / 72 Read more »