Re: Interest Rates gamble - 30 yr. fixed vs. 5-year ARM\'s
In Canada here.
I just bought two homes which I plan to keep for the next 5-7 years. As such I locked in to a 5 year mortgage (@ 4.39%) - betting that rates will go up (I could have chosen a variable rate of Prime + half). One thing my accountant told me was to try and have your mortgage opening time coincide with the presidential election in the US, as historically rates have been kept low during this period.
Good luck with the purchase of your new home.
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