Mortgage Rates on the Rise…Again
Here we go again and I can’t believe so soon: The Bank of Montreal is the latest in a string of banks to raise mortgage rates. BMO has raised the five-year fixed-rate another 25 points to 6.1 per cent. This matches rate hikes already made by:
- Canadian Imperial Bank of Commerce
- Toronto-Dominion
- Royal Bank of Canada
- Bank of Nova Scotia
- Laurentian Bank of Canada
- National Bank of Canada
In the past couple of weeks, mortgage rates, particularly the popular five-year fixed-rate has moved upwards quite quickly, and we’re still anticipating the Bank of Canada to officially raise interest rates in June or July. The good times are over for mortgage rates, but at least the Canadian dollar is (depending on the day) near or at parity. Of course, that’s a good thing if you’re planning on going on a trip where you can forget the rising interest rates.
Bon voyage!
