Are Big Banks jumping the gun?
Filed Under Main Content · Tagged: Bank Canada, Bank Of Canada, Banks, Decade, Fixed Mortgage Rate, Fixed Rate Mortgages, Globe And Mail, Globe Mail, Hasn, Interest Rates, Jumping The Gun, Overnight Rate, Percentage Point, Trend, Year Fixed Mortgage
The Globe and Mail- Interest rates are rising – we all get that – but it looks like the Big Banks are pushing things a bit with mortgages.
After a pair of increases in the past two weeks, the posted Big Bank five-year fixed mortgage rate now stands at 6.25 per cent. Does that seem high? In fact, it’s just half a percentage point below the average level for the past decade.
We’re supposed to be in the early phase of what could be a long cycle of rate increases. The Bank of Canada hasn’t even started raising its overnight rate, which sets the trend for borrowing costs other than fixed-rate mortgages. The overnight rate could very well start rising June 1 (that’s the central bank’s next rate-setting date), but even then it’s not dead certain that rates will move…
Are Big Banks jumping the gun? – The Globe and Mail
Your line of credit just got jacked
Filed Under Main Content · Tagged: Bank Canada, Bank Of Canada, Benchmark Rate, Canadians, Chagrin, Percentage Point, Rate Percentage, Times Colonist Victoria, Times Colonist Victoria Bc
Times Colonist, Victoria, BC – What’s going on with your line of credit? It is most likely rising, much to the chagrin of many Canadians who thought it would continue to track the Bank of Canada’s key benchmark rate, percentage point for point…
