On a positive note, borrowers who are currently in variable rate terms will enjoy some significant savings from the rate cut while fixed rate mortgage holders should review their current rate and consider renegotiating their contracts to seize the opportunity of long term savings from the historically low fixed rates we are experiencing. Most of our lenders took away deeply discounted variable rates last Friday due to the fast drop in the Prime Rate, however we still have a couple of lenders offering 1% off the Prime Rate for their variable products. I don’t think we will have them for too long before they are all gone.
Stay tuned for our more frequent rate updates during this volatile and challenging time and, please stay safe and healthy!