The Bank of Canada announces a new interest rate hike! The recent dollar gain of the Canadian dollar may not have been the worst thing for the Canadian economy or the best either. As the dollar hit a 30 year record high, closing just short of .94 cents USD, it has become bad news for home owners and also for the rapidly changing mortgage industry.
Is there justice left in our economy, when the Bank of Canada reacts pre-empt by raising interest rates in order to fight and minimize inflation? This is the same justice that provides us with a mortgage and gives us the accessibility for more people to become home owners. Lets look at some recent figures:
The interest rate hike should not come as a shock for Canadians, as a pattern of increase could be seen in the last 4 weeks, amounting up to a rate increase of 7.44 percent, for a 5-year closed mortgage that will take effect June 15, 2007 at all major banks.
The new posted interest rate of 7.44 percent is a rapid jump from 6.59 percent, which was as of last May 17, 2007. Thats an interest rate jump of 0.85 percent, in only 30 days.
Interest rates could be seen rising since last month especially in the...
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