Quote:
Originally Posted by Azure
Well yeah, now you would go variable, but in 2-3 years it is likely that rates are going to be at another low period, so if there a chance to renew for max length at that time wouldn't you do it?
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I went fixed with my last two mortgages, as things were really low. Only for 5 years. After having lived through this latest experience, I'd definitely go for a 10 year fixed if things ever got to around 2.5% on a 10 year again.
You have to weigh the value of certainty in your bill payments.
Right now though, I'd go variable. My current mortgage holder, CIBC, has a .8% spread between variable and fixed. I see rates going below .8% of where they are now.