What are some thoughts on mortgage rates for upcoming renewals? I have to renew my mortgage next month and was offered 5 years fixed at 5.69% or 5 year variable at prime minus 1 (6.2% currently.) Essentially two rate decreases of a quarter percent brings the variable inline with the fixed and it might be conceivable that the prime rate starts dropping at some point next year. I also asked about shorter fixed but 2 years is 7.14% and three years at 6.59% which don't seem very attractive.
|