this post was submitted on 26 Aug 2026
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I don't know how it works in the US but here you remortgage every 5 years with a new interest rate, and as we head into a bad recession, those rates are going to get insanely cheap
Re financing comes with fees and doesn't make sense to do often. They hide the fees into the new mortgage. Banks don't lower your costs for funsies.
I'm on floating mortgage so I don't think I'm affected - floating just follows the prime interest rate of the BoC + 1.5% or something
Gambling to go with floating but to me its a no brainer that rates will get cheaper
There are many options that make the whole thing more complicated. For demonstration a 30 year fixed is easiest.