If you are in the market for a new home. Or if you have a mortgage with a remaining amortisation that is 5 years or more, you should be super happy this week.
Last week Bank of Montreal announced that they had lowered their 5 year rate to 2.99%. That is really incredible considering that a lot of people don't have variable rates as low as that.
And now ING Direct is offering a 10 year mortgage at 3.99%. Wow!
We have no idea where mortgage and interest rates will be over that long a term. So to be able to lock in your mortgage for a 10 year period at that low rate is just too good a deal.
I remember with envy that in the early 2000s I started off my mortgage at a 5 year rate north of 7%.