Will the mortgage interest in Quebec Canada go up in 2010?
As of 19/09/2009 the variable rate is 2.35 % and the fixed 3.99 for 5 years.
I am planning to by a house on 01/11/2009 but since it’s the beginning of winter the heating costs would be high, I was thinking of taking the variable rate for 5-6 month from now which will reduce my payments by around $ 150 a month to offset the heating costs and then switch to fixed mortgage.
Would this be a smart or risky move?
Are the interest rates expected to jump in the beginning of 2010?
NO ONE can say what WILL happen. What we CAN say is the rates you list are at or near historical lows and there is not much room to go down. An increase is significantly more likely than a decrease. A fixed rate is ALWAYS smarter than a variable rate. If rates drop, you can refinance at the lower rate. If they go up, you many not be able to.
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