Talk of rising interest rates no reason for homeowners to panic

For those hoping to buy a house, renew a mortgage or refinance in 2014, the future of interest rates is likely to be at the forefront of their concerns. Mortgage rates are in the news weekly, sometimes daily, and it is difficult to predict what the norm will look like in a year, or five.

For those locked into a fixed rate mortgage, any increases won't make a difference to their mortgage payments within the five or ten year term, but those with variable rate mortgages would be affected by an increase in the prime lending rate.

While headlines are quick to predict increases in mortgage rates, it is important to note that any increases will be modest,and widely spread out over a longer period of time.

Click here for the full article from the Globe and Mail.