As expected, plenty of lenders have dropped their prime rates to 2.85%. Feel free to ask which lenders have done so, or how this will impact your payments/rate if your existing lender.
Great time to lock in a variable rate for 90-120 days if you're considering a purchase or looking to do a refinance/transfer!
I've been a huge advocate for variable rates even with the uncertainty of the market, and although I wasn't anticipating a drop in prime rates, I'm sure there are some clients of mine that are happy they went with a variable rate right now!
