Here is a cool article on The Globe and Mail Regarding our times and these historic low mortgage rates.
“Just 60 short months ago, mortgage rates were double what they are now. That means payments on a 25-year mortgage of equal size were 36% higher than today. Since then, the amortization gods have slashed mortgage rates and payments. Compared to interest costs in 2007, today’s rates would save you $101,700 if projected out over 25 years on a $200,000 mortgage. If you look at the payments on a mortgage that size, they’ve tumbled from $1,284 in 2007 to $945 today. (To put that in perspective, the payment at 0% interest would be $667.) It’s clear that the savings potential of today’s rates is phenomenal. The question is: are Canadians taking advantage of these record-low rates? “Globe