When I looked at our renewal two years ago, prime was at 0.25%.
Empirically, floating rate mortgages outperform fixed rate mortgages (from a home owner perspective) over a long enough time period. However in medium term scenarios, you can find timing windows to optimize between the two.
It seemed clear at the time that the only direction rates could go was up, and that locking in a fixed rate was the optimal 5 year strategy.
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Pylon on the Edmonton Oilers:
"I am actually more excited for the Oilers game tomorrow than the Flames game. I am praying for multiple jersey tosses. The Oilers are my new favourite team for all the wrong reasons. I hate them so much I love them."
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