The impact of higher interest rates on mortgage payments

Maria teNyenhuis and Adam Su

No 2023-19, Staff Analytical Notes from Bank of Canada

Abstract: We investigate how the increase in interest rates since early 2022 is affecting mortgage payments. By November 2023, less than half of mortgage holders had faced higher payments. Many borrowers will see a sizable increase in payments at renewal, although income growth could help mitigate the impact.

Keywords: Credit and credit aggregates; Financial institutions; Interest rates; Recent economic and financial developments (search for similar items in EconPapers)
JEL-codes: D D1 E E4 E5 G G2 G21 (search for similar items in EconPapers)
Date: 2023-12
New Economics Papers: this item is included in nep-ban and nep-ure
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.bankofcanada.ca/2023/12/staff-analytical-note-2023-19/ Abstract (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bca:bocsan:23-19

Access Statistics for this paper

More papers in Staff Analytical Notes from Bank of Canada 234 Wellington Street, Ottawa, Ontario, K1A 0G9, Canada. Contact information at EDIRC.
Bibliographic data for series maintained by ().