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12
jul
0

Fixed vs. Variable

Posted by Welch & Co, Mortgage ProfessionalsMortgage News!, Real Goods, Understand MortgagesNo Comments

The Bank of Canada has increased the overnight rate by a quarter point, as of yesterday’s meeting.

 

What does this mean to you if you have a variable rate mortgage?

 

It means that the Bank of Canada Prime rate, which most lenders adopt as their Prime rate, has increased from 3.45% to 3.70%. With 5 year terms offering anywhere from Prime -.75 % (currently 2.95%) to Prime minus 1.00% (currently 2.70%) this still represents a far wiser option than the fixed rate mortgages for a 5 year term. This video is fantastic in explaining the risks/ benefits of taking a variable rate versus a fixed rate mortgage.

 

If you have a variable rate mortgage, or are considering one: YOU SHOULD WATCH THIS!

 

Image retrieved from Yahoo Canada.

Bank of Canada Canada Canadian Mortgages Fixed rates Increase Interest rate Interest rates Kingston Mortgages mortgages Overnight rate Prime rates Rates risk Variable Rates

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