BMO and HSBC have joined a slew of other lenders in raising their variable rates to prime + 1%. (This applies to new deals and renewals–not existing customers). There are still a few deals out there to be had, but the remaining below-prime lenders are disappearing quickly.
All of this may accelerate the trend toward fixed rates. When faced with a 5.75% variable or a 5.50% fixed, variables will be a very tough sell for most homeowners.
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