Quote:
Originally Posted by Mike Oxlong
As expected the Bank of Canada raised the key overnight rate today. However the increase was minimal at only .25%. There was specualtion that they could have raised it by .5%.
Minimal increase but we all knew it was coming. Look for further increases throughout the rest of the year. The next announcement is July 20.
What this increase means is that for those of you in a variable rate mortgage your payments are about to go up slightly.
http://www.calgaryherald.com/busines...928/story.html |
Unless I misunderstand things with variable mortgages... Your payments stay the same but the ratio of Principal vs Interest changes?