Increase in Canadian Mortgage Rates

1It’s in news, according to some mortgage professionals, mortgage rates will increase up to 5.25% in coming days for the Canadians real estate holders. canadian mortgage rates

Although nearly 375,000 mortgage-holders are already paying the high interest rate and official are preparing to impose 5.25 per cent mortgage rate to rest of 475,000 mortgage-holders. According to Canadian Association of Accredited Mortgage Professionals real estate market and residential mortgage market is now going down upon increase in interest rate.

With spread of news about mortgage rate increase many Canadian are much concerned about the mortgage payment. Although home equity also increase with the increase of mortgage interest rate but amortization of mortgage is decreasing as well and it put a person in problem for mortgage payments. But still there are many who have the opinion that it’s the best time to buy a home.