So here we are extolling the virtues of variable and 3-year fixed rates, and along comes this 'bombshell' from the Globe and Mail:
Why two-year fixed-rate mortgages are now the best option for homebuyers
The author, a respectable long-time personal finance writer, states:
"The best time to have taken out a three-year mortgage was a year ago. Today, shorter is better, and flexibility is the name of the game. Two-year fixed-rate mortgages are the new ideal option for borrowers looking to take full advantage of incoming lower rates."
Oh snap!
Have we been championing variables and 3-year fixed rates for months in error?
Sweet Mother Mary, no.
Turns out, this story has some alternative facts. Luckily, math and history keep things real.
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