The Globe’s Rob Carrick wrote a good story yesterday summarizing the recent pressure on mortgage rates. As he notes, many lenders have moved to prime rate on variable mortgages with no discounts.
We’ll add, however, that as of this moment there are still a few lenders offering up to prime – .65% on variable-rate mortgages. This may change very soon.
In the story, Advent Mortgage’s Jim Tourloukis says, “If I’m the average Joe, I would be taking the five-year rate right now because I don’t know what’s going on out there and I don’t want to risk my house. I don’t think rates are going to go up, but I don’t want to worry about it.”
If you’ve got good equity and cash flow, however, a good discounted variable is still worth considering.
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