Tuesday, May 11, 2010

Short term mortgage rates may be the way to go for now

After the banks increased their fixed rates twice, it appears that variable
rates look more attractive.

See the following for best rates.

3-year fixed rate: 3.75%
5-year fixed rate: 4.18%
3-year variable rate: P-0.60% (1.65%)
5-year variable rate: p-0.50% (1.75%)

The spread between fixed rates and variable rates has widened.

If you have not locked into any fixed rates, you may be better off to go
for the variable for now.

If you need any help with your mortgage options , please feel free to
contact me.
Mark

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