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I decided to go for a variable interest rate a year ago (variable was around 2% while fixed was around 3.5-4%). During the year my variate rate went well above 5% increasing my monthly payments to be quite a bit higher.
I have been tracking the interest rate for the right to lock it in and am seeing decreases in the 5 and 10 year rates. There was a 0.5% reduction in less than 2 weeks. Currently 10% rate is as low as 3.7%.
Are there any particular drivers for this reduction? Housing are going up and inflation remains high- I would have expected interest rates to remain high.
Is this a temporary reduction or a long time reduction?
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- 1 year ago
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