Each day I wake up and I check my email…and it seems like every day I am getting new notices about lower and lower rates. Last April I thought that rates were extremely low, and after fixed rates quickly went back up 1% I thought that we had seen the bottom…but it appears we are hitting a new all time low in fixed rate mortgages!
Further, I would still consider variable rate mortgages to be very attractive, and as you may have read several times on my website, I still think that they are the better option at this point in time, and will continue to be for the long term.
Almost 2 years ago, many people did their mortgages at variable rates of prime +1% or so. It has worked well for them with such low rates, but refinancing now would save people in that position at least 1.5% on their mortgage rates.
It also is a relatively inexpensive mortgage to break, with just a 3 month penalty to finance another mortgage that will save you that much in just 1 year.
With a low Bank of Canada prime rate and slumping US and European economies, its a great time to refinance. Fill out the form below and I will be in touch with you shortly.