Interest rates rise again

MONTREAL, June 01, 2022 (GLOBE NEWSWIRE) — With the announcement of another Bank of Canada interest rate hike this morning, many are wondering what this means for current homeowners in Canada. nesto has an answer: renew or refinance. The online mortgage company announced this week that it will now offer the longest rate hold period available in Canada at 150 days.

Interest rate volatility is at an all-time high – the average changes documented in nesto proprietary data report landing at 11 per month compared to only 2 per month on average in 2021. It is clear that the rate changes will continue until the summer of 2022.

“With the average payment for a $500,000 fixed rate mortgage having increased by $375 and $213 for a $500,000 variable rate mortgage over the past 6 months, now is more than ever the time for owners to lock in their lowest rate available today to avoid paying for any further increases,” said nesto CEO Malik Yacoubi. “That’s exactly why we’re offering a lock-in period of 150 This gives everyone peace of mind with the current market and enough time to consider debt consolidation to improve cash flow, among other savings opportunities.

To limit the impact of rate hikes and inflation, locking in refinance and renewal rates will allow consumers to find a path to long-term savings.

About Nesto: nesto is on a mission to provide a positive, empowering and transparent real estate financing experience that’s streamlined from start to finish. The company provides Canadians with the tools, guidance and, most importantly, the confidence to make an informed decision for the most important financial commitment of their lives. Using technology, nesto seamlessly offers the best-fit mortgage options so Canadians can get the best mortgage and save thousands in interest – no negotiation necessary. nesto’s mortgage experts provide unparalleled support throughout the process. For more information, visit nesto website.

Stephen V. Lee