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Mortgage Update – St Patricks Day 2020

General Michael James 17 Mar

I have been waiting for things to stabilize before making any client facing communication but we aren’t there yet… firstly, these chaotic moments will pass. The mortgage rate market is sorting itself out as lenders figure out risk vs. hysteria. Prime Rate has come down a full 1% in March and further cuts expected. Bond yields are near or beyond historic lows – depending on the day of the week – and fixed rate pricings are changing due to liquidity reasons and risk assessments in the lending market. The economy is grinding to a halt as we face short-term lockdown/shut-in conditions and feel the global ramifications to this Covid 19 pandemic. This will pass. There will be some pain. The sun is going to shine again soon. We need to be resilient and weather the storm.
If you are in financial difficulty as a homeowner – please contact me directly to discuss.
If you wish to re-evaluate your mortgage position, there are some timely options to do so, depending on your financial profile.
Thinking big picture and long-term will help this difficult time pass.
Please contact me directly to help with any issues you may be facing.

Michael James