As someone with a renewal coming up in November, I guess Iβm interested to see just how much danger Iβm in. How exciting?
this post was submitted on 23 Jun 2023
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I had to go back and check. We are only 1 year into interest rate hikes. The maximum effect is probably going to be around year 3 or 4 when the majority of low interest mortgages have renewed into high interest.
Good luck for yours. Things are going to get expensive!
I'd be very surprised if rates went down in the next year or so and the bond market look to agree.
I am very lucky that I got only 25% to pay left on my GTA suburb detached house - got it 12 years ago just before prices went cuckoo for cocoa puffs - but even then the variable payments are getting outta hand. Already thinking of doing some drastic changes to our lifestyle in order not to deplete our rainy day fund.