Bank of Canada expected to announce 8th consecutive interest rate hike
Economists and the central bank want to see a further easing of inflation, which is why interest rates have been rising so quickly in the hope of cooling consumer spending patterns.
When Canadians buy homes there are two kinds of mortgages they can select _ fixed rate or variable. Fixed-rate mortgages allow borrowers to lock in the interest rate they will pay for a set amount of time, while variable-rate mortgages can fluctuate.If the bank enacts a 25-basis-point hike Wednesday, prime rates can be expected to rise to 6.7 per cent and variable rates will be set at about 5.75 per cent and above, said Leah Zlatkin, a mortgage broker with LowestRates.ca.
“This will put greater pressure on an already struggling housing market,” Zlatkin said in a news release.
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