Mortgage Rates Become More Competitive Now

After almost a year of stability, the mortgage rates of the current market become more and more competitive even though the Canada Bonds Yield is increasing. In 2013, many banks still set a higher expectation of mortgage sales revenue based on the revenue of previous year, but the real estate market has been successfully controlled to cool down by the government, the requests of mortgage are going down evidently from the early stage of 2013. For fulfilling the targets of the banks, the sales teams from different lenders now start to promote their mortgage rates to try to get more business. So in 2013, it will be a mortgage competition year. From today, the variable rate starts to drop down to Prime-0.5% (CBMR offers Prime-0.6%) which is the lowest variable rate for the last 18 months.

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