Have you locked in interest rates?

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After a few years’ pause, the Bank of Canada increased the overnight rate March 2, 2022. Analysts suggests it’s the first of at leasts two or more increases for this calendar year alone, to try and cool inflation (that is sitting just below 6 per cent at last report).

For lines of credit, variable rate mortgages, or new borrowing, the impact is nearly immediate. It also is an indication that interest rates are set to climb — perhaps quickly.

That brings us to this week’s question: have you locked in interest rates?

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