I’ve just updated our mortgage interest rates with a 3 year fixed rate at 3.29%. It is a “quick close” so I believe it has to fund within thirty days of the application and some conditions apply, but it’s a substantially better 3 year rate than some of the others out there.
In fact, the difference between that rate and the five-year fixed rate might justify a second look now.
On another note, Royal Bank has increased their posted mortgage rate by .25% to 6.10%. Considering the usual discounts you’re likely to see “street” rates of about 4.7% if you walk into a branch and beg…OR you could contact a friendly mortgage broker at First Foundation and probably get a 5 year fixed in the 4.19-4.39% range depending on the lender and the terms you’re looking for.
Of course, saving money can be overrated, right? I’m sure your bank really values your loyalty – especially when it earns them a few thousand dollars more in interest every year.