Quick update on rates. While fixed rates are still dropping and at an incredibly low level, the variable rates are increasing.
RBC led the charge by moving variable rate from Prime less .7 to prime less .55.
The Bank of Canada hasn't changed the overnight rate which is what variable rates are based on, the banks are just decreasing the discount on prime they are giving out.
As I said RBC started things and all the other banks are following suit. There are a few lenders that will hold off for a few days but pretty much everyone will be making the change soon.
The spread between variable and a 5 year fixed is even smaller now.
Fire away with any questions.
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