Update to clients with variable rate mortgages
All our variable rate holder clients will be impacted by the prime rate increases.
All our variable rate holder clients will be impacted by the prime rate increases.
The trigger rate for a variable rate mortgage occurs when the prime rate goes up so much that your fixed payment does not cover the interest you owe each month.
So the Bank of Canada threw us a curveball this morning and raised it’s overnight rate AGAIN which directly impacts the Canada Prime rate.
The latest Bank of Canada Interest Rate Announcement
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