gibsons
Active VIP Member
Still a couple months away from renewal, but the wife was talking to the bank today, and they are holding 2.56% fixed, 3 years for us for a few days. Thinking about waiting a few more weeks.
Negative interest rates ?
- Thread starter pfi572
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Mine is end of July, RBC offering me 2.69% for 3 year fixed, 2.84% for 5 year. Think i'm sticking with 5 year. Going to wait also, I think rates are going to drop more.
tiger666
Active VIP Member
Mine is due june 1st,I've been waiting and watching.I ended up getting 2.77% for 5 years yesterday through TD.It's so hard to know what the future will bring(my crystal ball's broken).
Stompin Tom
Active VIP Member
1982 my parents had to renew, 23.5%. After that my dad always said if you can lock in below 10%, do it as long as possible. Times are different now, but 2.77 for 5 years is damn fine in my books
I got 1.65% from ATB. 5 year variable.
I’ve heard there is private broker offering 1.3% same terms
chickenman
Active VIP Member
We got 2.54 from ATB on a 5 year draw mortgage
It is very rare for a variable mortgage to do poorly over a fixed rate over the term. It is possible, so if you are worried or have less tolerance for risk, go fixed. I went fixed when I was younger, but now only variable. Current on a TD prime -0.90. So at a 1.7% right now.
Dragonalain
Active VIP Member
I’m on the same type of td mortgage possible -0.97 can’t exactly remember. Cheapest money I ever borrowed. Like hell I’m going to defer those payments.
rsaruk
Active VIP Member
Current mortgage at 2.79 was a 5 year fixed. Renews in December but last time bank let me renew it 6 months early, think it will continue to drop in next 6 months or should I renew early again? Haven't got new rates yet as it's still a month away. Only reason I renewed early last time was the new rate was much lower than my previous one so I was able to start saving right away.
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Bogger
Bogger of the GBCA
I'm currently at 2.69% with renewal in December as well. I'm going to wait until September and see if my bank will do 2.48% or better, if not I will likely go to a broker to try and get me my rate. It would be a pain to move banks but 0.3% on my balance equates to about $1100 per year and over $12k by the time I'm paid off so ultimately it's worth the pain in the azz - even if just on principal alone.
Can-Wise (apparently a rate hub company is offering 5yr fixed with up to 15% lump sum and 15% bump up @ 2.29%. I'd have to do a little research on them but 2.29% sounds good to me.
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NoBrakes!
Active VIP Member
anyone play the variable game? I'm well below 2% and can lock in one time for no penalty if I see a crazy rise on the horizon.
Just looked, 1.35% on the variable, 2.24 on my fixed one until Jan 2022....
Just looked, 1.35% on the variable, 2.24 on my fixed one until Jan 2022....
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- #134
Bogger
Bogger of the GBCA
What scares me about that is not having time to react to an increase. For example if there is signs of recovery and the BOC increases overnight lending rates by .75% and in turn the bank increases rates to suit... likelihood is low and history has proven that variable rates typically outperform locked rates but I take enough risk in the markets I want to know that my mortgage rate is locked..... You may be below 2% on the variable but they won't lock you in at your current rate, they will lock you in at the market rate.
NoBrakes!
Active VIP Member
even if they rise overnight, I call in and get the market rate, I was still way low for LOOOOONG time. I did both renewals at the same time, 2.24 fixed on one and variable on the other. Ask we which worked better in another year.
Just renewed with RBC 5 year variable at 1.99%, can't complain about that, no haggling for it even. Fixed would have been 2.30% for 5 years. Figure with everything going on got at least 1-2 years before rates have any chance of going up, and maybe still drop lower yet.
snopro
Active VIP Member
Was just offered 2.19% at IG Securities for a 5yr fixed. They are coming down.
Yea that's what i've noticed. I held out as long as I could, my renewal was today and I renewed today. At least I still benefit if they keep dropping.
firstdoo
Active VIP Member
I just renewed my mortgage with Scotiabank. Signed a 5yr fixed 1.96%. Was paying prime -.55% variable (1.90%). Mortgage wasn’t due for renewal until September. Not sure if I jumped the gun or not. Wasn’t sure if they would come thru with a lower offer and no one with Scotia would negotiate with me other than the branch (branch offer was 2.65/5 yr fix) Principal vs interest payments are now $1495 vs $487 Per month. Way better than the 2.99 original mortgage 9 years ago. Some decent offers should be coming out.
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