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.