The Blog

Variable rate discounts

Over the past couple days a couple of the big banks (TD and RBC) have started to increase the discount they have on their variable rate mortgages. They are claiming that with how deep their current discounts are they are not profitable anymore for them. This is also in addition to the fact that none of the big 6 banks have moved their 5 year fixed rate to a reasonable number like almost all monoline (mortgage only) lenders have. We may see a move in the next few days by other lenders to raise their discount on variable as well so if you are currently in the market for a variable rate mortgage please contact me as there are still rate holds available for 90-120 days.

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