ResMor Trust just announced prime rate on its 4-year variable mortgage. This is now the lowest, widely-available variable rate in the marketplace.
It’s been about 10 months since lenders last advertised prime rate on a variable.
Thanks to the credit crisis last fall, variable rates soared to prime + 1.50% or more—after being as low as prime – 1% in 2008.
Since the spring, however, rates have slowly drifted back towards prime as risk premiums in the money market have subsided.
ResMor’s offer is good until Sept. 30, and the mortgage must close within 45 days of approval.
Contact any ResMor-approved mortgage planner for complete details.