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A Day In The Life - Real Estate |
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Wednesday, 12 May 2010, 03:06:16 PM | There was an article a few weeks back suggesting that banks had maybe jumped the gun by increasing their "fixed" rate terms. The thought was that Canada's banks have increased these rates (although the Bank of Canada rate is unchanged) to encourage people to "lock in" to these fixed rates, as opposed to going the "variable rate" route.
Maybe the writer of the article was correct, as this week the banks have reduced these rates, due to a strong Canadian dollar and the crisis in Greece. Our sources are still stating that variable rate mortgages are so much lower than fixed rates, that they still feel it better to go with the variable rate.
What does the public think? If you have an opinion, or just for the sake of information, let us know what you are thinking of doing or have already done!
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