The Bank of Jamaica announces its next policy rate decision on 18 November, with inflation above target and the rate already raised once this year. Here is what borrowers and buyers may want to watch.
KINGSTON, Jamaica, 5 November 2026 Homeowners with variable rate mortgages and people hoping to buy a home will be watching the Bank of Jamaica (BOJ) closely this month, as the central bank prepares its next monetary policy announcement on 18 November.
Where rates stand now
The BOJ’s policy interest rate is 6.00 per cent, according to the bank’s website, which lists 28 September 2026 as the date of the last decision and 18 November 2026 as the next. In its press release of 28 September, the BOJ said its Monetary Policy Committee had unanimously decided to increase the policy rate by 50 basis points to 6.0 per cent, effective 29 September 2026.
The BOJ’s inflation target is 4.0 to 6.0 per cent. Annual consumer price inflation stood at 8.6 per cent in September 2026, the bank’s website shows, well above the top of that range.
Why inflation matters to the rate decision
When inflation runs above target, a central bank may keep rates higher, or raise them further, to cool price increases. If inflation shows signs of easing, the bank may choose to hold. The decision on 18 November is likely to depend on how the BOJ reads recent price data, including the effect of post hurricane rebuilding costs on food and building materials.
What it may mean for your mortgage
The policy rate does not set mortgage rates directly, but it influences what banks and building societies pay for money, which can feed through to lending rates over time.
Borrowers on variable or adjustable rate loans are usually the first to feel any change, since their rate can be reset according to the lender’s terms. Those on fixed rate loans would not normally see their payment change until the fixed period ends.
Borrowers with the National Housing Trust may be less exposed, as NHT lending rates are set by the Trust rather than by the market. It is still worth checking your own loan terms.
Buyers weighing their timing
For people in the middle of a mortgage application, a rate change between approval and signing may affect the final rate offered, depending on the lender. Asking whether a quoted rate is locked, and for how long, may help avoid surprises.
Higher borrowing costs can also reduce how much a buyer qualifies for, because lenders test whether monthly payments fit within a share of income.
The exchange rate and the diaspora
The BOJ’s website showed a US dollar selling rate of J$159.598 on 4 November 2026. For Jamaicans overseas sending money home for mortgages, building or land purchases, the exchange rate is often just as important as the interest rate.
What to do before 18 November
Check whether your mortgage rate is fixed or variable and when it can next be reset. If you are close to signing a loan, ask your lender how a policy rate change would be handled. Keep an eye on the BOJ’s announcement on 18 November and on any notices from your lender afterwards.
Disclaimer: This article is for general information only and is not financial advice. Speak with your lender or a licensed financial adviser about your own situation.
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