Mortgage Renewals: a Financial Freddy Krueger?

Some of the payment increases borrowers are seeing on renewal are a Nightmare on Mortgage Street—especially for folks without offsetting income gains.

But some of these predictions of renewal payment shock are getting a little dramatic.

The latest report to spawn worrisome headlines comes from RBC, who warns us to expect a "weighted average payment shock of 32-33%" for 2024 and 2025 mortgage renewals and "48%" for 2026. The barrage of similar studies this year has almost been desensitizing.

But is it time to start sweating bullets?

We'll grab a calculator and crunch some numbers before plunging into full-blown panic mode.

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