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March 2015

Found 1 blog entry for March 2015.

 




 

One year ago, the 5 year fixed mortgage rate was 3.59% and the 5 year variable rate was 2.60%. Easy to choose a mortgage, right ?!


Today the 5 year fixed is 2.79% and the variable is 2.30%....the decision is tougher.

Variable: Carries a lower rate, but riskier as Prime ‘will likely’ change periodically.

Fixed: Same rate for the next 5 years, so you can sleep at night without the worry of a rate hike.

Honestly, both are good choices.

Important...Years ago, if you had chosen variable, your payment actually ‘changed’ with a change in rates. Today, most variable rate mortgages “Do Not” increase or decrease your payment. The ‘change’ in rates simply lengthens or shortens the time

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