Quote:
Originally Posted by hulkrogan
So am I completely screwed if my variable Prime less 0.6 or 0.7 or whatever it was is up in January? Is my interest rate going to go up 0.7?
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It could go up even more than that.
A lender I commonly use used to offer Prime less .6. Right now their best variable rate is Prime plus 1. That works out to 5.5% right now. That's likely 1.7% higher than what you are currently paying.
Things may changes by January when it is time for you to renew but right now a 5 year variable rate is almost as expensive as a 5 year fixed rate.
I'll keep an eye out for anyone that is at least offering Prime on their variable rates but they are few and far between right now.