**Fixed rates have increased**
Variable rates are more attractive than ever as we are seeing a spread of over 1% between current fixed and variable rates.
Banks are more aggressive than ever with the discount clients are receiving off of prime for variable rates. With a few lenders offering Prime minus 1%. This is a great option for home owners and home buyers. Over the past 5 years we have experienced record low fixed rates which has led a lot of people into that territory but with the variable rate being so attractive again, people will pay far less interest in a variable rate mortgage than they will with a fixed in current market conditions.
If you would like some advice and direction on whether a variable rate may be good for you, please contact me directly and I will be happy to review your current situation.
The next Bank of Canada Rate announcement will take place Wednesday, October 24th! Stay tuned to see what they decide to do.