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Financing, Mortgages and Insurance What options are best for you and your situation?


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Old 2010-07-11, 07:44 PM
BCN BCN is offline
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Default Where will interest rates be over the next 5 years.

Just curious. Where do you see mortgage rates and the prime rate heading in say the next 5 years? Up, down, even?

I think/hope they stay the same for some time. I really can't see them going sky high. But who knows.

What do you think?
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Old 2010-07-11, 08:53 PM
PJD PJD is offline
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That's the equivalent of asking what do you think the weather will be like in 5 years. If any of us had a crystal ball we'd be rich. There are way too many factors at play in determining interest rates from one year to the next, let alone 5 years. We know now that they only have one way to go - up, but how quickly and whether or not it will fluctuate anything is possible. All it takes is for Greece or another European Country for example to go bankrupt and hell will break loose. God forbid you have another 9/11 or similar. No matter how well Canada recovers from the economy - and insiders say we're not recovering as fast as some like to portray - we are very dependent on the US economy and cannot ignore other world economies either. It's very hard to predict something like that. Even the best economists get it wrong all the time.
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