I'm renewing my mortgage for the first time. I'm currently paying 5.59% on a 3 year fixed, uninsured, 25 year amortization, with Alterna credit union. The term matures on Aug 30 with 490K remaining, and I'm eligible for early renewal as of May 2. I spoke with Alterna yesterday and they gave me the following options:
5 year fixed: 4.79
3 year fixed: 4.74
5 year variable: prime - 0.3
3 year variable: prime -0.2
Needless to say, I'm not thrilled with these options, especially considering what the fixed rates were before the war started. I'm considering switching to 5 year variable on early renewal, and then jumping ship to fixed if it looks like BOC is going to raise rates (they held steady today). Or, I may shop around and switch lenders at maturity. I have a broker who is going to shop around for me.
Has anyone recently received any significantly better offers than this? Please only respond with rates you've been offered for UNinsured, closed, 25 year amortized mortgages.