Oh, by the way. I'm never too busy for your referrals!
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.
toll free: 1-866-964-9161
#2 - 1810 Third Ave.
Prince George, BC V2M 1G4