Revolutionary Moderation

As Bear604 always liked to write, "For those of you scoring at home"

Two weeks after banks bumped mortgage rates 6/10s of a percent, here comes another quarter.  This will be a wilder ride than even I thought.

On a four hundred thousand dollar mortgage (not an unreasonable amount of loan to buy a pretty boring run-of-the-mill single family detached house in Edmonton), in two weeks your debt servicing costs just went up by $3400 a year - almost $300 a month.  If there are two more fortnights like this before your mortgage renewal date comes up,  you'll need to come up with an extra $850 a month, so I hope your family income has gone up by $30,000 a year since your last renewal so you can convince the bank you can afford that.

Update, April 27: here's another 0.15%, rounding the increase to a full percentage point in a month.  It's possible that even the bears don't know how far this can go.