NEW HISTORICAL LOW MORTGAGE RATE MILESTONE REACHED.
Last week, we saw a 5 year fixed rate mortgage at under 2.00%. That’s right… 1.99%. If you qualified, the rate applied to purchases where the mortgage is Canada Housing and Mortgage Corporation (CMHC) insured and paid for by the client. But that rate didn’t last long and that offer is over. I know, things move fast.
But let’s get back to current rate offers. We are in uncharted waters, again. 11 years ago, we were coming out of the US sub-prime mortgage crisis… does anyone remember that? Back then, the stock markets crashed, just like this year, they recovered, just like this year, but interest rates remained low for many years. In fact, they remained at or near 3.00% for the next 11 years.
The message here is this…. there will be small moments in time when interest rates will be extra low… this is one of those times. If you have a mortgage, get a review done! Find out if it makes sense to refinance or early renew or to break your current mortgage, pay a penalty and lock into today’s low rates. Speak with an UNBIASED PROFESSIONAL. Speak with an experienced mortgage broker. You have nothing to lose and everything to gain.
Hope this update finds you well. First, let’s make sure you are okay. We will get through this. I guarantee it! I’ve been through the 2008-09 US subprime mortgage crisis, the SARS 2002 crisis, and the 1990 real estate collapse. We recovered from all of those terrible times and we will recover from this. I am here to help you in any way possible. Don’t hesitate to call on me for assistance.
The government has been announcing new programs to provide financial assistance almost daily. And there have been just as many amendments to those programs as they work to fine tune the programs.
I want to make sure you are informed with accurate info. There’s been so much junk articles posted in the mainstream and social media outlets. Let’s block out that junk and focus on reality.
I participated in a Q & A with one of my good realtor friends, Jenelle Cameron of Remax. We had a chance to discuss the current impact of COVID-19 on mortgages and the real estate market in general. Find out the latest on mortgages, what’s happening with closings during this time, and more!