CanWise president says mortgage rates will rise

The almost-certain increase in US interest rates this month will exacerbate a rise in mortgage rates in Canada, the president of mortgage brokers CanWise Financial says.

Speaking to CTV, James Laird is urging homeowners to lock in rates now or face higher costs as the Fed increases its interest rates several times this year.

“The party line has been three rate hikes, and some people on the street are saying it could even be four,” Laird said.

The CanWise president, who also co-founded RateHub, said that “mortgage rates should only be going up in 2017.”

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