Lenders shorten discounts on Variable rate mortgages

Here is an email I though you would be interested in I just received from Bob. See below. Cheers!

Best regards

Dean Birks

Royal LePage Prince George

Phone (Direct): 250-612-1709

www.DeanBirks.com

 

Oh, by the way. I'm never too busy for your referrals!

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As interest rates continue to creep downward the majority of borrowers are choosing variable rate mortgages. The ones the banks make less money on but need to offer due to competition.
They hope you will lock in at some time... and you probably will. However, banks/lenders would prefer you to be in a fixed mortgage. Less risky for both borrower and lender.
Over the past few weeks lenders across the board have been tightening up these discounts:
1) make them more profitable... and
2) direct borrowers to the fixed rates.

Variable rate: August 18 @ 2.20%; October 7 @ 2.60% while the fixed rates have been dropping.

To save interest on your mortgage over the next while, look at the variable rate or stay on the variable rate. Pick the time that is right for you to lock in. In the meantime, have a great weekend.

thanks,

Bob Quinlan
office 250-564-9161
cell 250-565-8444
toll free: 1-866-964-9161
fax: 250-564-9132
www.pgmortgages.ca
Mortgage Alliance
#2 - 1810 Third Ave.
Prince George, BC V2M 1G4

Posted via email from Prince George Real Estate blog