Almost daily I am asked where I expect interest rates to go. Are they going to increase soon? Will they hold steady and low? Almost always my response begins with “well, I still haven’t found that crystal ball….” 😜 The truth is I really have no idea!! Last year at this time I remember telling people “lock in now, they can’t get much lower”. Then we were faced with a global pandemic and one of the craziest years ever. Now we sit with rates well over a whole percentage lower. 🤷♀️
We have been re-writing SO many mortgages lately. We are finding that even with existing mortgage penalties, we are able to switch a client out and still save them thousands of dollars. Right now we even have some lenders offering to cover the penalties.😳 Again, I sure wish I had a crystal ball, however I did find the following National Post article interesting, stating that they expect rates to increase as soon as April.
So, some economists are in fact warning Canadians to brace themselves for higher borrowing costs. If you have a mortgage rate over 2.4% then it is certainly worth reviewing your early renewal options and seeing if a switch might make sense. It could save you some money upfront, put cash in your pocket, and also will set you up for security for the next 5 years.
I’m happy to run some numbers for you….just give me a call 403-865-8123, email with a copy of your mortgage statement attached. You don’t have anything to lose 😃
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