Bad reduction & mortgage rate contained by CANADA?

I will very soon renew my mortgage. My bank,the Royal Bank of Canada call to offer me 3.95% for 5 years. I currently pay 5.29%. Is their propose a good one, considering the economy is shitty? I LIVE IN CANADA. Thank you!
Answers:
I used to derive mortgages in the US for them and they had the best ARM rates contained by the Secondary Market.

Check into the 15 and 30 year fixed rate options too. Also compare no points to paying 1 to 2% in points.

Most of the time paying points can be worth the cost if you plan to stay contained by the home for 3-4 more years. Rather than using a break even calculation, dividing the cost by the monthly savings, I suggest re-investing the stipend savings toward your principle and calculating the number of payments you save over the occupancy by paying the loan off early.

It would expected be the last time you would refinance to lower your payments.

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