Yep exactly. I explain to my clients that if you're locking into a 5-year fixed now, you have to be comfortable staying at that rate for the entire 5 years, as it'll likely be far too expensive to break moving forward.
When rates dropped sharply during Covid, we were seeing this to some extent too. Many people looking at breaking their mortgage, but were facing stiff penalties. It wasn't as drastic as I anticipate it to be moving forward though.
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