Short term Canada mortgage rates move up sharply

Jessica

Hi,

It's disappointing news for home seekers in Canada.

Some of the biggest banks all over the globe have boosted up the borrowing cost by one-fifth of a percentage point. This has affected short term mortgage rates in Canada.

The Royal Bank of Canada has raised 6 month open mortgage rates by 0.2 percentage point to 7.85%. But the 3 year closed mortgage rates have gone up by 0.1% to 6.2%.

The sudden rise in short term rates is likely to create an inflation pressure thereby pushing up the interest rates in the bond market.

Let's hope that buyers and others don't come across much trouble with the rates moving upward.

Regards,

Jessica.


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