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| Variable Rate Mortgages http://www.hawthornevillager.com/phpbb/viewtopic.php?f=3&t=57584 |
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| Author: | Milton Mortgage Man [ Mon Dec 09, 2013 2:09 pm ] |
| Post subject: | Variable Rate Mortgages |
Long-term mortgage rates have so far not followed recent reductions in bonds yields, making the variable rate look all the more attractive. He says the lowest variable rate mortgages on a five-year term is now 2.4% which compares with 3.34% for a five-year fixed closed mortgage. The major banks are still offering 3.89% for a five-year fixed rate closed mortgage. “The rule of thumb is people start looking at variable when there is a one percentage point spread between five-year variable and five-year fixed,” said Mr. Mangaroo. “We might have more people looking variable with the latest Bank of Canada news.” Most of the banks and Ottawa have taken great pains to get people to lock in the mortgage rate so they won’t be vulnerable to a spike in interest rates. Changes to mortgage rules even allow you to borrow more, as long as you lock in for five years or longer. If you would like to discuss further and find out if a variable rate is good for you, give me a call or text. We can chat over a coffee! Mike Barbosa Mortgage Agent Buyingblock.com 4165683851 |
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