Hope all is well.
I have been on variable rate since I spoke with you last. I have an opportunity to lock in my mortgages at 2.99% for 4 years. Is it a wise move under today's conditions?
Thanks in advance.
Yes, I saw this rate and blogged about it last week! Not sure if you saw it or not:
Long term mortgage rates
It's a judgment call on your part, there are some severe restrictions that you must be aware of. There are discounts on these 'posted' rates, so ask for a discount.
We may find that the variable rates drop again to prime minus, maybe they will go to prime minus .9% again and that's 2.1% and you may regret the 2.99%
Funny thing is, when rates were 10 to 14% for about 15 years in the late 80's to early 2000's you would have jumped at 2.99% and thought you won the lottery.
Our mortgages are all variable, prime minus, so I'm still staying where we are for at least the next 6 to 12 months or most likely longer.
Again, it's how much risk you are willing to take.
I wish you the best and let me know what you decide!