Quote:
Originally Posted by MillerTime GFG
With it looking like prime may change in late 2015 to early 2016, there would be significant savings in the meantime.
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Nobody knows when rates will go up. But they will go up and possibly significantly by the end of a 5 year term. I just can't see how you'd recommend someone to get a variable mortgage when rates are at rock bottom. Seems like the kind of thing someone would look back on when they're in year 4 of their 5 year term and wonder what they were thinking.
It costs 50-75bps to lock in a rate at 2.89% for the next five years....yes please. Just seems short sighted not to do so.
But then again I'm not a mortgage professional. Do mortgage brokers get paid differently whether they sell fixed vs. variable?