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CTV Morning Live: Mortgage Minute - July 22

Date Posted: July 22, 2014

On this week's episode of the Mortgage Minute, Mortgage Broker Frank Napolitano talks to Jeff Hopper about the difference between a variable rate and a fixed rate.

Currently a variable rate mortgage is the best rate available at prime less 0.65% (2.35%).  According to last week’s Bank of Canada announcement, it appears that prime rate will be sitting still at 3%.  September will mark 4 years straight where prime rate has not moved.  It is important to discuss what mortgage product is right for you based on your full financial picture and risk tolerance, contact a Mortgage Broker for advice. 

Click here for the full video.