4-year Fixed Mortgage Specials

mortgage-rates4-year rate specials have started coming down the pipe recently.  For those looking for a 5-year fixed mortgage, you may find some value by giving up a year of “security.”

Most 5-year fixed mortgages are in the neighbourhood of 5.65% to 5.79% at the moment.  However, if you’re open to a 4-year term there are a few lenders below 5.40%.  Assuming a 1/4% interest rate difference, the interest savings is roughly $1900 after 4 years–based on a $200,000 mortgage with a 25-year amortization.

Is that worth giving up a year of rate assurance?  Quite possibly.

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