Under 5 would be good. Hopefully by May we see this.
5 year fixed at 5.59%
3 or 4 year fixed at 6.19% / 6.34%
Variable at prime minus 1.1 (6.1% at current prime rate)
Ugh not another mortgage thread. Don’t overthink it
Under 5 would be good. Hopefully by May we see this.
This. The world and country are in a state of flux. When interest rates rose, they did so really quickly. Naturally, they drop much slower - but I could see it going either way.This quote is hidden because you are ignoring this member. Show Quote
Didn't inflation number did not look good from Dec?This quote is hidden because you are ignoring this member. Show Quote
It wasn't great but also feels like people overreacted. Last Dec we had -0.6% monthly inflation, this year we had -0.3%. So prices still dropped they just didn't drop as much as last year which most people expected.This quote is hidden because you are ignoring this member. Show Quote
Nearly all of the inflation last year was Jan-May (2.5%) while the last 7 months only amounted to 0.9%. So we'll see quickly in the next couple months as those higher months fall off.
My bank called last week for early renewal and offered the same number. I said "No, it's too early and it looks like rates might come down a little more". The guy didn't push AT ALL, just said "Ok", and that didn't leave me feeling great. If he thought rates were going down more he would have pushed a little harder, but if they thought rates are going up...This quote is hidden because you are ignoring this member. Show Quote
BoC interest rate announcement tomorrow though, so we'll see.
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That first call guy has no authority to do anything. Also, call your broker to at least price-check your bank.
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Oh always. Not calling around is foolhardy.This quote is hidden because you are ignoring this member. Show Quote
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Why does the renewals guy care what rates are doing? His commission is most likely based on how profitable the spread is between current “floor” or cost of funds and the rate you accept. Probably some sort of performance bonus on his overall success ratio too. They also usually have some discretion in the form of how many bps they can discount, they would also fully decide if it was worthwhile to escalate to management for a further discount.