The typical discounted rate for a 5-year closed variable mortgage now seems to be prime + .60% (2.85% as of today).
Various discount lenders have gravitated to this number in the last week or so.
Most of the big banks, however, (besides Scotia) are still advertising prime + 0.80%. A capital markets consultant we spoke with finds that interesting because the big banks generally have the lowest cost of short-term capital right now.
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