Buckle up, borrowers: interestrates are set for their largest one-time surge since 1979. Here's what you need to know. mortgagerates realestatenews cdnpoli
largest one-time surge since 1979
That’s because as the impact of pandemic lockdowns recede, it’s left an unprecedented mix of economic challenges; soaring inflation, the likes of which not seen since the ’80s, combined with a labour market operating at tight capacity, are forcing monetary policymakers’ hands around the globe, resulting in some of the steepest rate hiking cycles in recent memory.
This was last seen in October 2008 — but a key difference between now and then, is that the bank was in rate cutting mode at that time, bringing the OLR down from a high of 4.5% in July 2007.
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