The Rise of Interest Rates

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Hi there, my name is Ashley Crowhurst and I am a local Mortgage Broker here in the Fraser
Valley. I am here to help give insight on what’s going on in the current mortgage market as well
as provide helpful information in obtaining mortgage financing.

Interest Rates on The Rise

Today I want to talk about one of the hottest topics right now, increasing interest rates. As I’m
sure most of you are aware, on Wednesday September 7th, 2022 the Bank of Canada
increased its prime rate to 5.45% in an attempt to curb inflation. This increase will affect people
who are trying to qualify for a mortgage as well as those who are in variable rate terms.
For those trying to qualify for a mortgage the “stress test” which determines if you’ll be able to
pay off your mortgage should interest rates rise now surpasses 7%, thus this rate increase will
affect your borrowing power.

What You Can Do

It is more important now than ever, to make sure you have a
pre-approval in place as well as a rate hold to protect against further increases as a buyer.
For those currently in a variable-rate mortgage this will affect your interest cost and may also
require a payment adjustment to allow for the increased cost. There is still talk of seeing even
further interest rate increases this year.
If you or anyone you know would like more information on interest rates and/ or looking to obtain
Mortgage Financing, please reach out by phone or email at any time, I would love to help.

For some insightful reads please see attached:
Bank of Canada hikes interest rate to 3.25%, triggering higher payments for more borrowers |
CBC News
With rising interest rates, homebuyers should shop around for the mortgage that best suits their
The Globe and Mail

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Ashley Crowhurst #MB600232 Mortgage Broker 6321 King George Blvd P (604)-845-3340 E Ashley@sf-g.ca W https://velocity.newton.ca/sso/public.php?sc=1oaikgxa3h5pp Mortgage Architects – A Better Way