HomeMortgageKingston Mortgage Solutions explains current changes to interest rates

Kingston Mortgage Solutions explains current changes to interest rates

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Photo by Joshua Mayo.

It seems that rising interest rates are on everyone’s mind these days. With rates rising rapidly during this pandemic recovery phase, those shopping for a mortgage are wondering how this will impact their futures.

If you have revolving consumer debt, such as a Line of Credit or Home Equity Line of Credit (HELOC), or perhaps a variable rate loan or mortgage, you’ve already felt the effects of the recent Bank of Canada announcements, which have translated into prime rate increases by all lenders.

Currently, prime rate is 4.70 per cent, up 1 per cent from mid-June. Seem high? Here’s some perspective: In July 2015, prime rate was 2.70 per cent, which increased three years later to 3.70 per cent in July 2018. Then in October 2018, it rose to 3.95 per cent. Typically, changes to the prime interest rate are made rarely and in small (usually…

Read more at www.kingstonist.com

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