Bank of Canada increases overnight rate target to 1 per cent

Re:Bank of Canada increases overnight rate target to 1 per cent by dzdt on Wednesday September 06, 2017 @01:10PM (#15185291)

In the US, the most standard "fixed rate" mortgage has the rate fixed for 30 years. A mortgage where the rate changes before loan maturity would be called an "adjustable rate mortgage" ("arm" for short).

[ Parent | on HN ]

Re:Bank of Canada increases overnight rate target to 1 per cent by peeters on Wednesday September 06, 2017 @01:16PM (#15185335)

Aren't we only talking about a difference in term length then? i.e. it's more common for the term length to equal the amortization length in the U.S.? In Canada even the amortization/maturity can't be greater than 25 years. And terms are commonly 5 years.

[ Parent | on HN ]

Re:Bank of Canada increases overnight rate target to 1 per cent by emodendroket on Wednesday September 06, 2017 @01:44PM (#15185609)

We can quibble about terminology but it sounds like a system wildly different from the US one, where most people have 30-year, fixed-rate mortgages.

[ Parent | on HN ]