Rates have historically never been better, so the temptation to get out of an existing mortgage and into a new one is high. MORE...

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But as Jesse Kinos-Goodin finds out, it could actually save you money to keep your current rate

Kevin Suddaby, a mortgage broker in Calgary, saw a lot of his clients lock in their variable rates just over a year ago at 5.79 per cent, thinking they had hit rock bottom. But what a difference 17 months makes. Lately he's been seeing more of his clients coming back with four years left on their terms looking to close early and cash in on the even more tempting 3.79 per cent, but there is one major problem - the Interest Rate Differential (IRD) penalty.

Basically, the IRD comes into effect when interest rates drop as much as they have this summer and homeowners opt to renew early, switch lenders or even pay off their mortgage outside of regular pre-payment terms.

The average sale price of a Calgary existing home is forecast to rise by five per cent next year after falling by an estimated five per cent in 2009, according to a report released today by Re/Max.

The real estate firm's Housing Market Outlook for 2010 said the MLS sale price this year for Calgary, which includes all residential properties, is estimated to be $385,000 but it is forecast to rise to $403,000 next year.

Re/Max is estimating MLS sales to hit 26,000 this year in Calgary for a 12 per cent gain from 2008 and it is expecting sales to continue to rise by another eight per cent in 2010 to 28,000.

At the national level, the company says the average sale price across Canada will be up five per cent this year to $318,000 and increase by a further two per cent in 2010 to $325,000.