The media has been blowing up with news that many of the major lenders are locked in a variable rate battle to the bottom. Lenders are currently offering variable rate discounts that rival anything we have ever seen before with average rates is being offered as low as 2.45%!
If you are currently in a variable rate that has a smaller discount than 0.5% off Prime, now would be a great time to explore refinancing! We suspect these rates will be changing very soon so contact us right away if you are wishing to explore your options.
It is also notable that the benchmark qualifying rate has increased from 5.14% to 5.34%. This is significant because it is the interest rate used to qualify mortgages under the new B20 rules and a higher qualifying rate means less borrowing power for applicants.
If you think you may qualify to take advantage of this short term Rate War, be sure to call or email us right away and we will start working on your rate hold!