Are you in the market for a mortgage renewal this year? Then pull up your socks, grab a mortgage calculator, and get ready to start saving some serious cash! If you’re one of the many Canadians who settled for a fixed-rate five-year mortgage back in 2007, chances are you’ve been kicking yourself ever since. At the time, locking in a 5 percent or higher interest rate seemed like a bargain – the market was hot, housing prices were high, and interest rates were on a continued climb.

And then the bubble burst, the U.S. economy toppled, and interest rates dropped to historic lows. Five-year fixed mortgage holders were left with massive payments while the rest of the country took advantage of some of the best mortgage rates ever.

But the tides are about to turn. Continue reading →