Market Update -The Rate Wars Are ON! But Hurry, They Won't Last Long

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!  These rates are being offered only until May 31st, so reach 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.

 The Bank of Canada will be meeting again on May 30th, we will be sure to update you of any changes.

If you think you may qualify to take advantage of this short term Rate War, be sure to call us right away, email me at Kristaklein@gmail.com and we will start working on your rate hold!