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10-year Mortgage Term Worth A Look?


Is going with a 10-year mortgage term really worth considering now? Ratehub.ca’s Kerri-Lynn McAllister thinks so. More than 90 per cent of Canadians with a mortgage take out a term of five years or less, and just 1 per cent opt for a term that is 10 years or more, according to the Canadian Association of Accredited Mortgage Professionals.

But with 10-year mortgage rates at a record low of 3.79 per cent, it might be time to reconsider the long-term mortgage and buck the national trend. It offers security, peace of mind and a gap between five-year rates that makes it particularly attractive…

Given that rates are at historic lows, they have nowhere to go but up, though how far and when is unknown. What is certain is that mortgage rates would have to remain below long-term averages for two consecutive five-year terms to win out.
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Source moneyville.ca

 

Would you consider a 10 year term?

Category: Blog & News

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