Homeowners needing to renew or refinance and first time home buyers stand to enjoy the lowest mortgage rates in Canadian history. It’s no secret that Canadians love their fixed rates. Borrowers typically choose a fixed rate mortgage for the security of knowing what their mortgage payment will be over the entire term, they couldn’t qualify for a Variable and now since the discounts on variables have all but disappeared.
An overlooked term in the past which I think will start to gain some more attention from borrowers who are concerned about the possibility of rising rates and looking for even more security is the 10 year fixed rate.
This past week as some lenders were lowering their 5 year rates others were announcing historically low 10 year fixed rates.
If the security of knowing what your mortgage payment will be for the next ten years is appealing to you, it might be worth sitting down and having a discussion. You can contact me anytime and I’d be more than happy to go over all your options.