The Bank of Canada raised the prime interest rate again last week and it didn’t take long for my mortgage company to send me a notice that my mortgage payments are increasing yet again.

I didn’t even read the notice in full. I knew exactly why they were sending me a message. I really regret not locking in a fixed rate sometime in 2020 but I’m a moron that doesn’t know how the economy works. Now I’m wondering if I should lock in right now to insulate against further hikes but who knows if it’ll continue to go up. Knowing my luck if I do lock in, the rates will just slide in the next year or so. Also, though, if I don’t lock in, it’s almost guaranteed we’ll be looking at 15% mortgages in a year.

I say all of this with the context that I know some people can’t even be in a situation where owning a home is possible, so this might be a first-world but nonetheless, a valid problem.

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