If I see a dramatic change with a higher interest rate posted by banks should I immediately lock into a fixed rate BC mortgage?
A Absolutely not. Do not chase newspaper headlines but do ask yourself why a change is occurring and whether or not it appears to be a long-term trend or a short term ‘blip’. For example, it is not uncommon to see a dramatic interest rate jump due to a constitutional referendum or a fear of a heated economy. But it is short lived. Ask your BC mortgage broker or another advisor such as certified financial planner for an opinion on this matter.
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