Wednesday, 21 June 2023
By Leahs Mortgages
Leah Zlatkin interviewed by BNN Bloomberg: “What mortgage owners need to know about the Bank of Canada’s rate hike”
The Bank of Canada’s surprise decision to raise interest rates will bring about higher mortgage costs, according to experts.
Leah Zlatkin, a mortgage broker and expert with LowestRates.ca, said in an interview with BNNBloomgerg.ca Wednesday, the recent policy announcement will likely drive fixed rates higher due to the “effect on the Canada five-year government bond,” she said.
According to Zlatkin, the five-year bond is often a leading indicator of what will happen to fixed rates.
Additionally, she said many people with variable rate products were “holding on to hope that by December, rates would start coming down.” Zlatkin said many individuals with a variable product are now electing to switch to a fixed product.
