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Scotiabank has slashed their 10 year mortgage rate from 7.15% to 5.25%.  This changes everything? or not?  if you can get 5.25% for the next 10 years should you take it?  As always I think it depends on your circumstances.If you are thinking long term, and re-organizing your finances and investment goals then you may want to seriously consider this.  For certain if you are thinking of a five year mortgage, then you should seriously consider this rate.  Most if not all banks 10 year deals come with the provision that after the first five year term the IRD part of the penalty is dropped and you will only pay three months interest.

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