Rates are going down; what now

The Bank of Canada lower it's prime rate by 0.25% Wednesday. The major banks quickly followed. So what does this mean to you...nothing!

The decisions you made yesterday are still the same as you would make today. The possible exception is that choosing a variable rate mortgage looks like a SLIGHTLY better bet today.

If you can afford the higher payments of today's variable rates compared with the somewhat lower current payments for a 3 to 5 year fixed rates, chances are you will be rewarded over the next 12 months.

But there are no guarantees.

So I go back to my first point. Don't do anything different this week than you would have done last week.

I'm Steve Willson, a Mortgage Agent Level 1 with Mortgage Alliance in Toronto. These are my opinions only.

You can reach me via my website stevewillson.ca