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Industry News

 The Bank of Canada exudes credibility. It’s an internationally respected central bank, it operates with minimal political interference and it has contained inflation for 22 years.

 

So when a Bank Governor gets surprisingly hawkish, we immediately see headlines like “Interest rates expected to increase.” Thousands of mortgagors key off those headlines and scramble to lock in fixed rates.

 

That very thing started happening in April 2012. But, as this Yahoo! Finance story points out, Canadians paid a price if they heeded Mark Carney’s 2012 warnings and locked in.

 

Take a homeowner with a $300,000 variable mortgage at prime – 0.50, for example. By acting on the BoC’s 2012 rate guidance and converting to a 3.25% five-year fixed (a typical rate back then), it would have cost over $3,800 of extra interest… and counting.

 

If economists are right and rates don’t rise for another year, that person will have paid $6,000 of extra interest by abandoning his/her variable rate.

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