Mortgage interest is rising - Bank of Canada Increasing Rates
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- čas přidán 2. 08. 2024
- Warning: Mortgage interest is rising - Bank of Canada Increasing Rates multiple times during 2022. Is the Fixed rate or variable rate mortgage the best way to save mortgage interest when signing a new mortgage? I will share my thoughts on how to pay down the mortgage interest fastest by choosing either 15 or 30 year mortgage, fixed or variable and what I have done to become independently wealthy. The interest rate rose by 0.5% earlier this year and the expectation is that it will continue to rise in the next announcement in April of 2022.
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▬ CONTENTS ▬▬▬▬▬▬▬▬▬▬
0:00 Intro: Bank Rates are increasing
0:59 Weekly Options trades results
1:27 My other popular mortgage videos
2:45 Sharon Kozicki Deputy Governor of Bank of Canada
4:10 Historical Interest Rates USA and Canada
6:52 Mortgage Repayment Calculator Spreadsheets
7:54 Fixed or Variable pay down a mortgage faster
10:13 15 year vs 30 year mortgage Fixed Rate
12:15 Variable Rate Mortgages
▬ Link to Original Video ▬▬▬▬▬▬▬▬▬
► Bank of Canada: Sharon Kozicki: • Speech by Deputy Gover...
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#mortgage #housingmarketbubble #LetsGetRichTogether
Another Question about Variable rates. For someone with a Discount Variable Mortgage of prime(2.7%) - 1.46% do you think locking it at a fixed rate of 3.6% is a better deal? All the Fixed mortgages I see around already priced in the 2% from Bank of Canada.
In the states the increase could be around 2.5% in 2022. I would expect Canada to be somewhere close to this increase as well.
Question about variable rates. I'm renewing soon and have a little more than 5 yrs left on my mortgage. Variable rates are less than 2% and fixed just under 4% for 5 yrs terms. I'm seeing projections in the next 5yrs the rate will go up by 2-4%. So I'm thinking it's better to go with variable and have it rise over time instead of locking in now at a higher rate even if it goes over 4% for the last year or so. That make sense or am I missing something?
My expectation is that rates will increase around 1% a year for the next 2 years and then slow down but still increase until inflation is down to the 2% target. I locked in a 5 year term on a fixed rate. This is difficult to predict overall.
Did you really say it will stay at 0.50% ? LMAO
Nope. I said it would go up by 0.5% in April.
Both this Canadian official and the American Fed officials have been talking about Quantitative Tightening and pulling back inflation yesterday and today. It's not going to happen. The Central Banks need inflation to de-magnify the debt. To have an effect, the Fed rates would have to be at least the current rate of inflation, about 8 to 15%. 2.6% 10 year yield is not keeping up with inflation. 6 or 7% wouldn't either. The blabber crashed the markets yesterday and today.
Do you think there will be some effect if they raise 2.5% this year?
Amazing, also just started trading with Mr Kennedy Williams, with an initial investment of $1,500 and I've made up to $9,600 in just 4 days of trading with him, his strategies are mind blowing.
Wow! Nice meeting people who also trade with Mr Kennedy Williams, he’s the only one I trust with my money and for months now, no disappointment, he really deserves all this accolades
I stopped worrying about bitcoin price ever since i started using Kennedy strategy, it gives me gain daily even with the downtrend.
I'll agree with you because I've used his strategy in the past and was able to raise a total profit of 10.5 BTC in 6 weeks.
You mean your largest liability?👀
Yes. Houses (that we live in) and mortgages are definitely liabilities.
Suggested Books Question... My wife and I are starting our financial planning way too late in life. Looking at the Smart Couples Finish Rich book on your list. The Canadian version is from 2003. Should I just buy the latest 2018 version, even though it's not the Canadian version? Love the channel and looking to get into your patreon when I build up some savings. Thank you.
my brother lives in the 🇺🇸. They refinanced a $139k mortgage at a lower rate but it still costs them about $5k in fees. They may not be called a penalty but definitely expect paperwork etc.
Thanks for that info.