Quote:
Originally Posted by T@T
I saw it happen in 80-81, I think rates jumped about 5% in 2 years, I remember the Herald had a page of forecloser sales.
With the size of some Calgary morgages it would spell "doom"
25 year term morgage for 300k at 6% is $1920.00
25 year term morgage for 300k at 11% is $2940.00
I guess there would be a few less "beemers" in the driveways.  |
Well I'm just giving my opinion here...its not that I don't recall history. I don't foresee that interest rates will go from 4% to 15-20%.
There is no question that there will be a lot of people hurting if rates go up 5% in a couple of years though.