Interest rates across Canada are gradually creeping up, but they're still incredibly low compared to when I started my 5.79% fixed rate mortgage a few years ago. Several lenders still seem to be offering rates in the low-mid 3% range, which is almost 50% less than what I'm bleeding away today.
Of course, being a fixed-rate mortgage, my present loan is structured specifically so that I can't just roll it over to a new, lower-interest mortgage; penalties seem to be calculated using the IRD, which means that whatever I would be saving with the lower interest rate - that's exactly what I have to cough up in termination fees.
My bank is willing to "blend" the rates if I extend for another 5-year term, but having nearly 3 years left in the current term makes for a rather pathetic savings - the bank even admitted that it probably wouldn't be worth my while.
So my question is, is there anything I can do to take advantage of today's lower interest rates without going significantly deeper into debt? Any clever loopholes, low-risk investment strategies, that sort of thing?
Or do I basically just have to suck it up, and consider it a harsh lesson about the dangers of long-term, fixed-rate loans?