A recent report from the Real Estate and Mortgage Institute of Canada (REMIC) revealed that 58% of Canadians can't recall their monthly mortgage payments without looking them up, and 68% are unsure what their payments would be if the Bank of Canada raised its policy rate to 5%. Experts suggest that this may be due to the unusual level of volatility in mortgage rates since March. It is recommended that borrowers coming up for renewal in the coming months shop around with different lenders and consider locking in a rate preemptively.
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