5 yr Fixed, 10 yr Fixed or Variable? What is the Best Rate?

With the recent changes to mortgage rates, I did a Google+ Hangout with Darren Quilley and Jenn Huynh to discuss what we think about our clients current rate options. We discussed the 5 yr fixed at 3.19%, the 10 yr fixed at 3.64% and the Variable rate at Prime -.5%.

"I think there is good value in the current 10 year fixed rate of 3.64%, in 5 years if rates are above 4.21% or greater you win with the 10 year rate". Darren Quilley

"Typically we like to see a 1% spread between the fixed and variable rate before we reccomend our clients go with a variable rate product". Jenn Huynh

As mentioned in the Video - here is a link to Gord McCallums blog on:

Why Fixed Mortgage Rates Are Going Up [List]