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In Canada you have to refinance every 5 years (rarely you may be able to do 10)
Coming up pretty quick where there probably won't be any sub 5% plans anywhere.
That's insane. So if folks buy something they can afford, then the market goes to shit, inflation takes off, and the government uses interest rates to reign it in; it then victimizes all those folks who bought homes they could absolutely afford, but now can't because the rates of their loans changed underneath them!?
That's barbaric.
Yeah, we have something called a stress test where even if the rates are 3% you can only get a mortgage if they feel you can still be okay with the payments if the rates go up, but we passed that point awhile ago already. So even if people passed the stress test they may not be able to afford what the rates are now.
That's insane. We have fixed rates that are exactly that, fixed. And mine, and all of the US that's owned for more than 2 years, is fixed at around 3%. That's a big part of why these particular metrics are what they are; the number of houses being sold. Price aside, it makes no sense to get rid of that loan.