3.75% 3 years - 4.1% 5 years - 3.45% variable

[fugee]

Hey guys...just wanted to post a quick update of where the rates where at.

The 3 and 5 year fix are for closing within 45 days and the variable is for 90 days.

Our best 5 year rate for 90 days rate hold is 4.3%.

If some are concerned with breaking the mortgage and having to pay the penalty, we have one of our lenders who will give up to 2% cash back on closing with a rate between 4.65%-4.89% depending on the cash back taken.

To be honest i am not a huge fan of those offers as i find that most of the time you save more over the term with the lower rate but some people prefer to have the penalty covered right away and still get a better rate that they currently have

cheers!

[gagnon777]

Folks... we just locked in our rate with TD.

3.8% Variable
Our monthly payments stay the same and while the variable rate will change every month, our payment will adjust accordingly against interest vs. principal (ie: if the rate goes down, more of our monthly payment will be applied against the principal and vice versa). And we have the flexibility to lock into a Fixed Rate anytime if the market goes crazy!

But 3.8% is awesome!
I also wanted to share out this link/chart and it's interesting to see that over a span of nearly 10yrs, there's only 2 points in time (extended timeframe) where the Variable rate was higher than the Fixed Rate. Interesting read.
http://www.canequity.com/mortgage_rate_history.stm

[K.C.]

I also wanted to share out this link/chart and it's interesting to see that over a span of nearly 10yrs, there's only 2 points in time (extended timeframe) where the Variable rate was higher than the Fixed Rate. Interesting read.

Yeah but we're in uncharted territory right now. I'd be looking to lock into a fixed rate as soon as possible. If we get anywhere close to 4%, we're locking into a 5 year closed.

I feel like we're in a sharp V pattern and the panic isn't going to last very long. The variable rate may seem like a good idea but in 6 months it might suddenly seem like a bad idea. Nothing that is happening right now can be compared to what's happened before. It's like we're in some strange twilight zone.