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Back in November 2018, there was widespread rumors that the Prime rate would increase again, after some economists predicted that inflation was on its way up.  This prompted some, in an attempt to curb their possibly increasing mortgage payments, to lock their rates from Variable to Fixed before the announcement.

Fast forward 2 plus years, and the fixed rates have dropped from 3.69% to as low as 1.64%.  Which has a lot of homeowners with "lock-in remorse".  

Of course, those wishing to lower their rates, and consequently their payments, are now possibly looking at paying a higher than desired penalty to break out of their mortgage term.

There IS a free option available to those in this position.  It's called a "blend and extend".  This takes your current rate, and blends it with your current lenders lower rate, to combine the two into a lower rate.  Extending the mortgage for another term.  But, for free.  

It may not be the solution for everyone's rate "pain", but it certainly can save you money right now.  Be sure to talk to your broker to go over whether this is your best option, as we can take a look at the penalties verses savings with refinancing as well.