Switch from variable rate to fixed rate mortgage?
 

Hello,
I purchase my first home (200k) earlier this summer, I took a 5 year
variable rate mortgage at .75% below prime,. I have option to lock in at
anytime for a rate of 1% below my banks posted rate. I check my banks web
site today and their posted 5 year rate is 5.9%. Moneys tight and I'm a bit
worried about the future.

Any suggested reading that would help in my decision?
Please and thanks

Switch from variable rate to fixed rate mortgage?
 

I forgot to include, I'm Canadian, possibly relevant.
"Areeyeseekay" wrote in message
...
Hello,
I purchase my first home (200k) earlier this summer, I took a 5 year
variable rate mortgage at .75% below prime,. I have option to lock in at
anytime for a rate of 1% below my banks posted rate. I check my banks web
site today and their posted 5 year rate is 5.9%. Moneys tight and I'm a
bit
worried about the future.

Any suggested reading that would help in my decision?
Please and thanks

Switch from variable rate to fixed rate mortgage?
 

"Areeyeseekay" writes:
Hello,
I purchase my first home (200k) earlier this summer, I took a 5 year
variable rate mortgage at .75% below prime,. I have option to lock in at
anytime for a rate of 1% below my banks posted rate. I check my banks web
site today and their posted 5 year rate is 5.9%. Moneys tight and I'm a bit
worried about the future.

Any suggested reading that would help in my decision?

If you have a crystal ball, use it.

But historically speaking, rates are still historically low, and with
new inflation concerns, energy prices, home heating prices, and ll
that jazz, I'm personally betting on on higher rates before we see
lower ones.

Best Regards,
--
Todd H.
http://www.toddh.net/

Switch from variable rate to fixed rate mortgage?
 

"Areeyeseekay" wrote...
I purchase my first home (200k) earlier this summer, I took a 5 year
variable rate mortgage at .75% below prime,. I have option to lock in at
anytime for a rate of 1% below my banks posted rate. I check my banks web
site today and their posted 5 year rate is 5.9%. Moneys tight and I'm a
bit
worried about the future.

Any suggested reading that would help in my decision?
Please and thanks

If you can lock it in at 4.9%, DO IT! Interest rates are not going down in
the short term.