Mortgage rates haven’t moved much this week, and 2.99% for a 4 year fixed term is still available on owner-occupied properties (including owner occupied rentals if you happen to have a du, tri, or fourplex and live in one of the units). Five year fixed are hovering around 3.29% – 3.49% depending on the lender (and whether or not you want a full service mortgage – so ‘no frills’ offers are lower), and the variable 5 year is anywhere from 2.60% (for a full service mortgage) and up.
The fall is a great time of year to look at your mortgage, if you haven’t had a review lately, and make sure you are on track to reach your goal. Don’t have a mortgage plan? I’d be happy to do a review with you and set up up customized plan – because a mortgage needs to be managed, much like an investment portfolio. Don’t just take a 5 year fixed rate because that’s what everyone tells you to do. Your plan needs to suit your personal financial circumstances and goals.
