Two major banks have cut their Variable rate discounts to Prime – 0.45%. The rest of the lenders may follow the suit shortly. If you are in the market for a Variable rate mortgage it makes sense to get a rate hold for 90 – 120 days ASAP. On the other hand fixed rates are just fantastic right now, so anyone leaning in that direction also should be getting a rate hold as well.
I work with several great mortgage brokers in town and we still have access to some great rates, so if you know someone who is considering a mortgage please have them contact me immediately so I can help them secure today’s rate for up to 120 days.