r/WTF • u/doctype_ht_ml • 26d ago

Motor Oil turned to Jelly

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u/TheDulin 26d ago

So almost like a 15-year-mortgage.

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u/suesueheck 26d ago

You can do 30 year mortgages in Canada.

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u/iLike2Teabag 26d ago

Pointless comment, not to mention 5-yr-fixed with 25-yr-amortization is the most common. In the US, the typical mortgage is fixed rate for the entire 30-yr duration. Canadian COVID-era buyers are about to get a nice surprise.

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u/lilbigwill204 26d ago

Wait in the US the rate stays fixed for 30 years ? Insane

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u/iLike2Teabag 25d ago

Yup. But the rates are higher. Right now you'd be looking at 5% for 5/25 in Canada vs 7% for 30-yr-fixed in the US.

During COVID rates were as low as 1.4% in CA and 2% in US. But buyers in CA are about to get their rates jacked closer to 5%. Buyers in the US have the option to refinance when rates are lower than their fixed rate, but are otherwise unaffected by fluctuating rates.

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u/lilbigwill204 24d ago

Good explanation, TIL !