I hope that everyone enjoyed the Family Day long weekend. I used the holiday yesterday for its stated purpose, so today’s Monday Morning Interest Rate Update will be short and sweet.

Competition for mortgage business is intensifying as lenders prepare for the spring market. While many consumers focus solely on rates, the terms and conditions in their mortgage contract can also have a surprisingly significant impact on their overall borrowing cost.

For a recent and detailed example of why I say that, check out my recent post, which explains How Savvy Canadians Are Saving Thousands on Their Mortgages.