Homeowners with adjustable-rate mortgages will feel today's increase in their monthly payments. Some of my clients were drawn to variable because of the lower rates, but we need to be ready for more hikes. Many are choosing three-year fixed terms, which give predictable payments without committing to a five-year term.
Bank of Canada raises interest rate to 2.5% — What the 1st rate hike in 3 years means for your mortgage
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