Many clients ask what is the best 5 year rate or what is the best variable rate?
I am starting to see clients split mortgages again some 5 year for security and some 1 year for potential savings.
Many prople are thinking rates will stay low ( see below todays Bank of Canada announcement ) so - 1 yr @ 2.75 may be a place to save some $$.
"OTTAWA"
- The Bank of Canada has brightened its outlook for the Canadian economy, saying Tuesday it now thinks this year's downturn won't be as deep as previously forecast and 2010 growth will be stronger.
The bank did as expected in keeping its key policy rate at the historic 0.25-per-cent low and repeating a pledge to keep it there until the spring of 2010.
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