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Mortgage Matters-December 11, 2024
This one is early but we wanted to address the Bank of Canada update today!
Market Insights
The Bank of Canada delivered a 0.50% rate drop on Prime Lending rate today! This was mainly due to the job numbers that came out last week as well lower growth numbers than what was expected.
This brings more relief to clients that have a variable rate mortgage loan or line of credit!
This did not affect fixed interest rates. The mortgage rates are based on bond yields. If yields over time show a downward trajectory it will be reflected in the mortgage rates. You can watch bond yields daily here. If you see the bond yields trending downwards over time that is a good indicator that fixed rates will come down.
Is it time for a mortgage review?
Is it time to chat about your current mortgage and see if there is anything we need to change in order to help you save money down the road?
Here are some scenarios where it might be worth a mortgage review call.:
- You took a fixed rate mortgage in the last two years and want to see if it is worth it to break the mortgage term, pay the penalty and take a lower rate
- Your mortgage is coming up for renewal in 2025 and you want to discuss your options
- You may have accumulated debt want to consolidate it into your mortgage to lower payments as you have equity built up in your home
- You have spent money renovating your home to increase th value and want to recoup the savings you used to do so.
As your mortgage brokers, we are here to ensure that we provide you with the advice and guidance now and into the future so that your mortgage is meeting your needs!
Christmas Gratitude-Update
Katie and I were so moved by the entries we have received that we have decided to give away a total of 4 prizes! $150 for you and $150 for you to give away. So please make sure you enter by following these instructions:
We are running a contest for a $150 Gift Card to a local business of your choice (grocery store, gas station, restaurant, store). Plus, you get a second gift card for $150 to give to someone that is important to you in your life, OR donate it to your favorite charity or organization!
Here is how you enter:
- Reply back to this email with one thing you are grateful for plus the name and phone number of the person or charity you would like to give your second gift card to
- Answer the Poll below
The random draw will be made December 15, 2024 which means the deadline to enter is December 14, 2025.
Eek! So exciting!
We Love Referrals and Reviews from Happy Clients!
The greatest gift we can receive is a referral from a happy client. If someone in your circle is talking about a mortgage, please pass on our name! And if you can take a couple of minutes to leave a review we would love that?
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