“Mortgage shoppers looking to get a variable rate are in luck. The country’s biggest banks are currently slashing rates and clamouring for their business,” states a report by Canadian Mortgage Trends.
You can (and should) read the full article here.
So what does this mean?
With the 5-year rates increasing due to the Bond Yields strengthening, the banks have turned their sights on the Variable Rate Mortgages to compete for your business. They are now as low as 1.00% below prime, making them extremely desirable, even if prime moves up another .25% to .50% more to top out.
The Opportunity for our Clients Sitting at 0.10% – 0.45% Below Prime:
We have done the numbers and it “pays” to pay the three month interest penalty and break your mortgage NOW to drop your discount down to record discounts. When the prime rate moves up, you will still be well below the current fixed term rates and you remain in the most flexible mortgages we can get at continued low rates. This will take you over any uncertain periods ahead so you can sleep easy!
Give us a call today so we can crunch the numbers and see if this works for you!
Written by: Suzanne Boyce