Interest rates took a fairly sizeable jump this week, most lenders increasing their fixed rates by 25 basis points (.25%). The good news is, however, that prime is still at 3% and I’m offering a special rate of prime -.85% for a limited period of time to get the spring market rolling.
Now that there is almost a 2% spread between a 5 year fixed and variable rates, I would expect many people to lean towards the variable side when choosing a mortgage. Another good option is to “split” your mortgage into two components, one fixed and one variable. This way you’ll have the best of both worlds.
PLEASE NOTE, if you currently have a variable rate mortgage that is “over” prime, call me and I’ll show you how to save some money.
So, if you’re afraid you’ve missed the good rates, call or email me and find out what I can do for you.
Brian Mill, B.A., CFP, AMP
519 379 3003