Posted On Oct 12, 2022

There's an estimated 0.50% increase to the Prime Rate expected on October 26 and likely another estimated 0.50% in January 2023. 
These projections are not guaranteed but based on mortgage and economic industry buzzword, this is the expectation. 
 
Inflation has caused interest rates to rise rapidly and there's no sign yet it's going to cool off. Variable rates have already increased by 3% this year, which caught my industry and mortgage borrowers by surprise. Fixed rates have also increased.
 
If the increase in payments is impacting you, here's my recommendations: 
  1. Call your lender's Customer Service to ask what fixed rate options you can convert/lock in to.
  2. Call me and I can help review your options to switch your mortgage to another lender in hopes of getting a better rate than your current lender is offering. 
 
I'm here to talk through things so feel free to call me for more insight!


Danny Bell, AMP
Mortgage Broker | Lic.#M13001996
Direct: 289-200-9061 | Office: 905-426-4200
The Mortgage Centre 
Durhammortgage.com Ltd. | Reg.#10231
 
 
Check out my free mortgage app (https://www.mccapp.ca/danny-bell)

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