Looking for some advice before I lock in.
Primary residence in Ontario
~$400K remaining
3 months left on current variable (3.24%)
Renewal offer from RBC:
3-year fixed @ 3.79%
$1,000 cashback + 55K Avion points
1100 Switch cost covered
Alternative option:
5-year variable @ Prime - 0.9
I’m trying to decide between locking in the 3.79% now vs staying variable and taking the risk on rates over the next few years.
Questions:
Is 3.79% for 3-year fixed considered strong right now?
Would you lock in or go variable given current rate outlook?
Are the cashback + Avion points actually meaningful vs rate differences?
Does the $1,100 switch cost coverage include all fees, or will I need to pay anything out of pocket?
Any thoughts or recent experiences would really help. Thanks!