Hello,
Looking for some advice here. I bought a condo in downtown Toronto back in January with 1.2% variable open payment, now the rate I pay is 3.45% due to the recent rate hikes. I'm on a 5 year term. When I first bought the condo my monthly mortgage payment was $2180.00 and now it's $2723.00. At the time my mortgage broker suggested I go variable, in retrospect I regret not locking in a 3% 5 year fixed, lesson learned.
I called my mortgage agent at MCAN and they said their 5 year fixed rate is 4.84% if I were to switch today.
Should I stay variable or switch over to 4.84% 5 year fixed?
How much more will interest rates rise until the rate hikes end?
When will interest rates start to come back down?
Thanks in advance.
Looking for some advice here. I bought a condo in downtown Toronto back in January with 1.2% variable open payment, now the rate I pay is 3.45% due to the recent rate hikes. I'm on a 5 year term. When I first bought the condo my monthly mortgage payment was $2180.00 and now it's $2723.00. At the time my mortgage broker suggested I go variable, in retrospect I regret not locking in a 3% 5 year fixed, lesson learned.
I called my mortgage agent at MCAN and they said their 5 year fixed rate is 4.84% if I were to switch today.
Should I stay variable or switch over to 4.84% 5 year fixed?
How much more will interest rates rise until the rate hikes end?
When will interest rates start to come back down?
Thanks in advance.