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.
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