So much going on in mortgage news. A very brief snapshot over the last couple of days:
- Modification to the stress test for insured mortgages, that was to be implemented Apr 6, is on hold.
- Bank of Canada cut overnight rate by another 0.5%. Prime rate is 2.95%. Your existing variable rate mortgage and secured line of credit will benefit.
- US Federal Reserve made further cuts, highly probable Bank of Canada will follow suit.
- Banks and lenders offering mortgage payment assistance for hardship. More details to be rolled out.
- CMHC and other mortgage insurers also offering mortgage assistance for mortgages that are insured.
- Banks are challenged with liquidity and risk. So, at this point in time, don’t expect rates to be dropping significantly.
- Tax filing deadline move to Jun 1.
More to follows and details to come. Keep posted with my updates.