May 31, 2011 was the day anyone holding a variable rate mortgage was waiting for with bated breath. Mortgage rates looked like they were going up but now it looks like we may have a reprieve from rate increase for the short term due to global unrest.
“The Fed is not even dreaming of raising rates in the next 12 months,” Benjamin Tal
We've got a rate lock on a mortgage for September 2011, the big dilema, wheter to go variable at great cashflow and higher stress or lock in at a great steady rate for 3 years. We've chosen to lock in on this property. There were many factors but sometimes you get sick of the ups and downs of variable rates even though they do better in the long run. In the end it's all up to you.
VIDEO : Peter Kinch on the Bank of Canada's decision to not increase mortgage rates on May 31, 2011.
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