Interest rates are rising, which is a concern for many who carry a mortgage.

It’s expected that the Bank of Canada is likely to raise interest rates by as much as 2 per cent over the next two years.

Senior Investment Advisor with Short Financial, a branch of IA Private Wealth in St. John’s, Larry Short says at greatest risk of rising interest rates are those who carry a variable rate and home equity lines of credit.

He says for those carrying somewhere around $250,000 dollars in debt through their mortgage and home equity line of credit, a 2 per cent increase will result in an extra $5,000 dollars that has to be paid over the course of a year.

He suggests that mortgage holders look at their mortgage rates and consider what needs to be done now, rather than wait and be caught when everyone else is trying to lock in to three or five year terms.

When that rush happens, the various banks tend to raise their three to five year rates significantly says Short. That means it may become painful to lock in. He suggests having those conversations now before rates start to pick up.