Some interesting things are going on. First, we have private lenders going lower than the banks for the variable business. I now have a few lenders at bank prime plus 0.60%! That's 2.85%!
On the other side of the fence the rumblings are starting to surface about the bond yield, which recently touched 2.27% (up 40 basis points in a few weeks), driving the 5 year fixed rates up. I have had one lender increase their 5 year rate from 3.54% to 3.69 to 3.75%. What does this mean?
May be time to lock in if you're in a variable product? Definitely time to keep an eye on things.
Stay tuned!
www.peterlmckinnon.com
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