Homeowners Brace for Mortgage Payment Shock Amid Higher for Longer Rate Outlook

Homeowners Brace for Mortgage Payment Shock Amid Higher for Longer Rate Outlook
In this photo taken using a drone, homes under construction are seen in a new suburb in Ottawa on Oct. 15, 2021. The Canadian Press/Adrian Wyld
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From ultra-low interest rates that led to a huge spike in real estate demand to the speed with which interest rates shot up to levels not seen in a generation, it’s been hard to keep up with the shifting landscape for mortgage holders.

Now, with interest rates increasingly expected to stay higher for longer, many of the homeowners who locked in low rates years ago are likely bracing themselves for financial pain as their mortgage comes up for renewal.