An update on mortgage interest rates from my colleague Pauline.
To learn more about Pauline please click on her picture:
Last week there was news that the banks had dropped their fixed rates. In fact they were simply reducing their rates to match those of non-bank lenders which have been in place since last fall.
5 year fixed rates now settling around 3.35% or a bit lower but some lenders still around 3.39% or higher. So there is a spread and different rates available depending on the client application. If we have business for self or rental income we can be competitive with options they may not be able to get with their current lender--- always good to have options for your clients.
On the variable rate side we have seen an increase on discounts to P-.55% and may see that go a bit lower still.
For clients who have trouble qualifying but have sufficient down payment--- we are seeing very solid rates on the B side lending around the mid 4% range which is really great.
As always, I am happy to talk to any clients who need to understand their financing options. Take care and have a great week!
Till next time ...