Quote:
Originally Posted by calgarygeologist
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.
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I'm in the same shoes. Have those 2 exact options but also throwing in a 3 year fixed rate at 6.14% into play and reevaluating in 3 years.
The payments themselves differ marginally, but over the course of the term, it's definitely noticeable.