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In the below article, a couple who bought a house in Barrie in 2022 is squeezed due to spike in variable rates. Pretty amazing all the boomers flooding the comments with how they bought when rates were 18%, and all that’s needed is fiscal discipline.
OK Boomer. Houses then were 3.5x avg income. Now they’re 18x. No amount of cutting back on avocado toast can make up for that.
Better question: everyone - politicians, economists, bankers, real estate agents, the general Canadian public - knew in 2022 that #interest rates were going to rise significantly. In fact, they'd already started going up.
So why did they take out a variable-rate #mortgage? Sure, it chopped a few dollars off their payments as long as rates stayed low, but not a huge amount, and doing so exposed to them to the large #risk of rising #rates.
#Russia says it's destroyed three #Ukrainian unmanned boats that were trying to attack two Russian #naval ships in the #BlackSea. The defence ministry said it happened in the early hours, three-hundred and forty kilometres south-west of #Sevastopol in #Crimea
Ukrainian #marine#drones were said to have been behind an attack two weeks ago on the bridge linking occupied Crimea with Russia. (cont.)
The banking giant #HSBC says its #profits have more than #doubled as it benefited from rising #interest#rates around the world. Europe's largest bank reported profits before tax of almost $22 billion - up nearly13 billion dollars on the same time a year earlier. The lender also saw its profits further boosted from its purchase of the UK arm of the now-defunct Silicon Valley Bank, which it bought in March for just over a dollar. #BBCWorldService news
#FederalReserve officials signaled they are increasingly likely to hold #rates steady at their June meeting, before preparing to raise them again later this summer
The coming months are likely to see another surge of infections and risks of Long COVID. Only 17% of the US had received a bivalent booster. If this includes you, now's a great time to fix that oversight. (A new study shows that with new variants, the viral load of infected people is reduced with a booster but isn't with the original vaccination series. Your choice to avoid a booster could become someone else's problem in the months ahead.) https://covid.cdc.gov/covid-data-tracker/#rates-by-vaccine-status