It looks like the Variable Rate Mortgage market is getting competitive. In mid-2007, Variable Rate Mortgages seemed like they could become a thing of the past. Products went from Prime - 0.9% to Prime + 1.50% within 1 week, and many lenders discontinued the programs altogether. But now, as the market has regained some confidence, competition has returned to the world of the Variable Rate Mortgage. Over the past 45 days, Variable Rate Mortgage products have fallen as low as Prime + 0.25%, and this morning, out came news that Canadian homeowners now have access to a Variable Rate Mortgage with an interest rate of Prime + 0.15%.
If the trend continues, it is possible that we will see an at-Prime Variable Rate Mortgage before the end of 2010 --and possibly even a return to the days of Prime -. But for now, I'll take whats on the table.
To learn more about Variable Rate Mortgages, call Anuj Gupta, AMP, BComm of Alberta Mortgage @ 780-479-2222 ext 14 or visit http://www.albertamortgagecentre.com today.
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