The news is dominated by predictions that the coronavirus will spread through our population in the coming months. As a result, bond yields have dropped below 0.40% this morning.
To view them in real time click here.
To avoid high penalties you must request a payout statement from your mortgage lender immediately!
When bond yield rates drop, this is a signal that mortgage rates will drop soon after. However, bank penalties will rise because they are based on current rates. If you ask your bank for a payout statement immediately, the penalty on that statement will be based on the current rates before rates drop.
For more information on how the penalties are calculated give us a call, 416.766.9000!
Break your Mortgage Now!
This incredible drop in bond yields will lead to even lower fixed rate mortgages and could save you tens of thousands of dollars when you break your mortgage.
Request a payout statement today and switch to a MorCan Variable Rate Mortgage. This product allows you to switch to a fixed rate mortgage at any time and ensures that the fixed rate you receive when you lock in is one of the lowest available in the market. This is a market leading product with its penalty being calculated at only 3 months interest, with no heavy-handed bank penalties.
There has never been a better time to switch to the perfect mortgage. In the short term, a variable rate mortgage will provide great savings for consumers. Expect the Bank of Canada to drop rates another 0.50%, at which point, fixed rates will reach their lowest and it will be time to lock into a fixed rate.
Do not wait this one out! The reason why interest rates rise and fall is to slow, or stimulate, the economy. Low rates allow you to weather economic storms. While this current situation is temporary it is an economic storm nonetheless.
Please get in touch with us at MorCan Direct today to discuss your options. We are extending our hours of operation to help as many of you weather this storm as possible. Give us a call at 416.766.9000.