Should you Break your Mortgage for a Lower Rate?

It could be expensive, because the flip side to the lowest rates of all time is some of the largest penalties of all time

Vikram Barhat 19 October, 2020 | 1:47AM

Red Monopoly Houses

The relentless onslaught of the coronavirus pandemic has had serious consequences for the Canadian economy. In the initial days, the economic contraction prompted the Bank of Canada to cut its overnight rate to 0.25% to support the national economy. A by-product of this move has been the ultra-low mortgage rate environment, prompting the Big Six banks to slash their advertised five-year fixed mortgage rates, most of them are now close to or lower than 2%.

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About Author

Vikram Barhat

Vikram Barhat  Vikram Barhat is a Toronto-based financial writer specializing in investing, stock markets, personal finance and other areas of the financial services industry. He also writes for CNBC, BBC, The Globe and Mail, and Toronto Star.

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