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.
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Paul Meredith
Mortgage Broker
CityCan Financial (est 1976)
416-409-8009
http://www.easy123mortgage.capaulm@citycan.comLic#10532
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