Mortgage calculator: Here's how rising interest rates affect the cost of your mortgage

Over the past year-and-a-half, the Bank of Canada has raised interest rates rapidly to combat runaway inflation. That’s increased interest rates on mortgages and pushed up monthly expenses for many homeowners.

In July, the central bank raised its key interest rate by a quarter percentage point to 5 per cent and pushed out the timeline for getting price pressures under control.

The impact on homeowners has varied, depending on the type of loan they signed up for: fixed or variable.

Resd the rull article by CARYS MILLS AND MATHILDE AUGUSTIN published September 7, 2022 on the globeandmail.com