Keep Calm and Carry On
A large percentage of the articles I’ve come across this week all have to do, more or less, with the “sky is falling” mentality. Should I lock into a fixed rate, should I switch to a variable rate, should I break my current contract to get something now?
We’ve hit the point of convergence where several of factors are coming together to create a large amount of confusion in the consumer market. In the past couple of weeks banks and lenders hiked interest rates, the Bank of Canada is no longer promising to hold the interest rate at 0.25 per cent, the new mortgage lending rules are now in effect, and the promise of the HST is still looming.
No kidding it feels like the sky is falling.
It’s probably time to break out the adult beverage of your choice, sit down in a quiet room and take a deep breath. Then let it out. If you really feel like you need to make a change, there’s still time to call your mortgage lender or professional mortgage broker. There are still options.
As the hipsters say, keep calm and carry on.
