Quote:
Originally Posted by Hot_Flatus
As we are renewing our mortgage in August, I think it is very likely that fixed rates are in the 3.0-3.5% range provided nothing goes bonkers. This would still double our current rate, but is much more in line with and even below historical averages.
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What makes you think that? Most of what I'm seeing says we are already close to where fixed will bottom out at. Between now and February is more or less when that should happen and they'll be around 4% give or take. Even if The overnight policy rate was to fall to 2%, bank prime will still be 4.35 and for a lot of us the low end variable will still be 3.35 until they start going up.
I'm not sure we will be seeing fixed rates in that range for quite some time.