Central banks are losing control of interest rates

The market dictates lending. Not central banks. If the market feels the reward is too small for the risk, lenders will demand a higher rate of interest or simply not lend. This is exactly what is occurring in both the Canadian and US markets which so far is foreshadowing a 0.50-0.75 percentage point increase.

Climbing interest rates push stock markets, home prices, and existing bonds down to levels where the return from dividends, rental yields, and existing bonds are competitive with the existing risk-free rate. Tread carefully, investors. Things are slowly but surely unwinding.

Infaltion is moving to the high side again which also demands higher interest rates. 

Canadian Mortgage Rates Set To Rise As Lender Margins Collapse - Better Dwelling