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PostPosted: Fri Oct 30, 2015 10:09 am 
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Joined: Fri Feb 01, 2008 2:35 pm
Posts: 528
Scotiabank just announced they are increasing their variable rate mortgage by 10 points today by cutting their discount off prime rate. In other words, their variable just went from prime -0.50% to prime. This translates into rates moving from 2.20% to 2.30%.

Just over a month ago, Scotiabank lead the banks with an increase on their variable rate products. Other banks quickly matched the increase....followed then by most other mortgage lenders. I'd say there is a good chance this will happen again so if you are looking for a variable rate mortgage, then I would get a rate locked in ASAP. You can still get prime -0.80% (1.90%)... however this will very likely be increasing soon as well.

_________________
Paul Meredith
Mortgage Broker
CityCan Financial (est 1976)
416-409-8009
http://www.easy123mortgage.ca
paulm@citycan.com
Lic#10532

Follow me on Twitter! http://www.twitter.com/paulmeredith


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