Interest Rates: Understanding the Basics 🏦💡 Ever wonder how the Bank of Canada's overnight rates impact your mortgage? 🤔💼 Let's break it down! #MortgageBasics #BankOfCanada #InterestRates Fixed vs. Variable: Know that fixed-rate mortgages stay the same regardless of rate changes, while variable rates will fluctuate. 🔄 Rate Hikes Mean More $$$: When the Bank of Canada raises rates, expect variable mortgage payments to increase. 📈 Lock in or Float: Consider your risk tolerance. Fixed rates offer stability, while variable rates offer potential savings. 🔒🎈 #MortgageTips #FinancialLiteracy #HomeBuying #InterestRateImpact #FixedVsVariable #CanadianRealEstate