Jennifer and Jeff Madigan have more questions than answers when it comes to their mortgage, especially now that seven banks have announced increases in their interest rates this week.
The specifics of the increases vary from bank to bank, but on average, borrowers are looking at a basis point hike of 60.
In dollars and cents, that means an increase of about $600 a year in interest on every $100,000 loan.
For the Madigans, that means deciding whether to lock in on their mortgage before the rates go up or risk the uncertainty of a variable rate.
"We've been looking at everything for about two weeks, and then yesterday on the news it kept coming up, so we started getting a little bit scared," Jennifer Madigan told CTV News.
"We still haven't made a decision, so it's still kind of up in the air right now."
The rate changes mean that the phone's been ringing off the hook for mortgage brokers like Rein Weber of The Mortgage Group.
"I think it caught a lot of people off guard. I think we were expecting it, but not as quickly as it came," Weber told CTV News.
The main question from clients is the same -- should they lock in or go variable?
According to experts, the answer depends on your specific situation.
"The mortgage has to be part of your life. Everybody's life circumstances are different," Weber said.
But for the Madigans and everybody else, there is one piece of advice that does apply universally: Don't do nothing.
Letting the hikes take effect without looking at their impact could be a costly mistake.
With a report from CTV British Columbia's Stephen Smart
