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Janice James

Janice James

RE/MAX Escarpment

Profile
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Listings
http://www.janicejames.com

Languages

  • English

Specialties

Buyers, Condominiums, Residential, Sellers

Locations

Ancaster, Burlington, Dundas, Hamilton, Stoney Creek, Waterdown

Are Higher Fixed Mortgage Rates are here to Stay?

One question many Canadians are asking is are higher fixed mortgage rates here to stay?

May 25, 2022


Although the Canadian annual inflation rate has eased from its 30-year high of 8.1 per cent in August, officials conceded that this was driven mainly by gasoline prices. The national economy endured “a further broadening of price pressures, particularly in services.” As a result, “the policy interest rate will need to rise further,” and additional tightening was on the horizon to ensure price stability.

“Given the outlook for inflation, the Governing Council still judges that the policy interest rate will need to rise further,” the BoC said in a statement. “Quantitative tightening is complementing increases in the policy rate. As the effects of tighter monetary policy work through the economy, we will be assessing how much higher interest rates need to go to return inflation to target. The Governing Council remains resolute in its commitment to price stability and will continue to take action as required to achieve the two-per-cent inflation target.”

Now that rates are normalizing from their pandemic-era lows, borrowing costs are increasing for credit products and services. Of course, this also means higher returns on bank deposits.

But many buyers and homeowners have a major question: What about mortgage rates?


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