Edmonton Mortgage Blog
Your Edmonton Mortgage Broker: Natalie Wellings
50 basis point increase to the prime lending rate!
June 1, 2022 | Posted by: Natalie Wellings
In today’s announcement, the Bank of Canada increased its key lending rate by 0.50%. This move was widely predicted. If you have a $400,000 mortgage this would mean an increase of about $100/month if you have a mortgage of $400,000. This latest rate increase affects those with variable or home equity line of credit mortgages. This latest announcement shows that the central bank is serious about trying to control inflation and it has stated that they are prepared to act more forcefully, if needed, to try to rein it in.The next interest rate announcement is scheduled for Wednesday, July 13th 2022.
