Flexibility

Flexibility is the ability to bend easily without breaking or in the case of this post to adapt quickly to a changing environment. The changing environment in this case is the ever changing mortgage market. Just a year ago 5 year fixed mortgage rates were in the low 2% range and now they are above 5%. The variable rate as well has seen some changes too going from 2.3% for prime last year to now sitting at 3.7%.

One of the great things of the fixed mortgages, if you were lucky enough to get one when they were at their generation lowest point is that low payment that you have is set for the length of your term. The downside however is if you need to break your mortgage for whatever reason your new rate will be much higher if you chose to go back with another fixed rate.

Now with gas prices and the prices of other commodities starting to come back down, there is some hope that the sky high inflation that we are now experiencing will be starting to come to an end. If this is the case and rates start to come back down, both fixed and variable, then those who are on variable will have the flexibility to capitalize on those changes.

Today I am thankful for the change of pace that a rainy day brings, corny Dad jokes and mid week long runs.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app here