With the rapid increase in 5 Year fixed mortgage rates, other choices have become interesting to the consumer.
Since this weeks hike, 5 year terms run between 3.49% and 3.79% depending on the Lender.
The Variable mortgage seems to have come back into favour. Bank Prime of 3.00% less a discount of .40 give the client a rate of 2.60% and no Bank of Canada hike in sight and the client can lock in at anytime.
7 Year terms at 3.89% and 4 year terms at 3.24% are interesting alternatives as well.
As always, I spend time with my clients explaining the different terms and the Pro and cons for each.
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