I really enjoyed this informative article by Lea Jacobs urging home buyers to take advantage of the lower rate and I highly recommend it. Lea writes about the current rates favouring prospective buyers because it makes it substantially easier for them to qualify for a home loan and to afford the repayments. Read the full article here.
An excellent point is made in the conclusion of the article that many home owners are banking or assuming that interest rates will remain low for the foreseeable future – a dangerous conclusion! In 2014 interest rates are expected to start increasing. It is always your best investment to put extra cash into your bond and when interest rates are low you pay off that much more of your capital making it an even smarter decision.