AgentBas- Mortgage Agent

Another .50% rate hike from the Bank of Canada today.

Key points:

- Another "double hike" since the average hike is typically 0.25%

- Rate increase was made to combat increasing inflation

- More hikes are likely throughout the rest of 2022

- This will increase most variable rate mortgage payments by about $25/ $100,000 mortgage

- Fixed rates are unaffected

- The benchmark interest rate is still 0.25% lower than it was pre-covid

Read the article below to learn more:

Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening The Bank of Canada today increased its target for the overnight rate to 1½%, with the Bank Rate at 1¾% and the deposit rate at 1½%.