Rates increased slightly from 4.3% to 4.4% with the release of the latest Consumer Price Index (CPI) numbers on May 16. What does this mean for home owners? 

First, it indicates that inflation continues to be a factor in the mortgage industry, and that rates could potentially go up once more on June 7th with the next Bank of Canada meeting.

Second, it means more pressure is being put on lenders and their bond yields, leading to higher rates across the board, with most lenders having already increased rates in the past five days.

The takeaway: Don’t wait for rates to continue to go up. Contact Personal Choice Mortgage Services now to discuss your options. 

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