Yesterday we had a major lender reduce the discount off of prime by .25%. We also had one other major lender say something similar is coming down the pipe and to be prepared.
In my career, which is 7 years, this is only the second time I've seen this. I'm curious to see if other lender will follow or if it's a blip with this particular lender.
There's too much competition out there that now they've put themselves out of the market.
The bank is claiming there profit margins are diminishing.
Lenders have always disliked variable mortgages for this very reason.
I'll keep you posted!
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