With all the turbulence in financial markets right now analysts are having a difficult time predicting where interest rates may be in 5-10 years. With all this uncertainty, today is a good time to look at locking into a 10 year term for three reasons.
Firstly the current 10 year rate is at an all time low right now.
Secondly payment certainty. Most people tend to budget their expenses around their mortgage and the 10 year rate allows the borrower to be able to budget for the long term.
Thirdly, a 10 year provides safety. The average mortgage holder with a $300,000 mortgage could face an increase of $300 - $400 per month when their current term matures, if rates do increase by 2% over the next 3-5 years.
Now is a great time to consider at 10 year fixed rate mortgage. If you would like your own report, click here.