If you’re a homeowner, and you’ve taken even a cursory glance at the news lately, chances are you’ve thought about what a rise in interest rates could mean for your mortgage.
Growing inflation and rising interest rates are generating headlines at an accelerating rate. As inflation hits historical highs, the Bank of Canada has hiked benchmark rates to help prevent high inflation from becoming entrenched. Additionally, the Bank of Canada’s benchmark rate serves as a reference point for the interest rates that financial institutions charge to their customers.
For homeowners, it’s critical to understand the potential impact that rising interest rates could have on their mortgage or other loans, and corresponding payments.
Yet, according to a recent TD survey, many Canadians surveyed are confused about how changing rates could affect them, with one-in-three Canadians surveyed saying…
