Posted by: Nick Ametrano
Funny how RBC and some of the other big banks were hard selling fixed rate mortgages for the past couple of months striking fear in consumers that mortgage rates would continue to climb and that if you didn’t lock in now you would find yourself having to pay more to pay off your home loan. Funny thing happened last week, RBC dropped their fixed rate mortgage slightly although they didn’t come close to matching the decrease in the bond market. What does this mean to you? Well, if you didn’t get scared by RBC and some of the other big banks into trying to get you to lock into a five year fixed rate mortgage you will be able to keep more money in your pockets and pay down your mortgage faster.