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CHIP Rates Drop

CHIP-Reverse-MortgageCHIP reverse mortgage rates are relatively “sticky.” They don’t change as often as regular mortgage rates.

That makes HOMEQ’s recent rate cuts all the more notable.

On Friday it slashed its 1-year CHIP rate by 75 basis points to 4.50%. This is a special promo meant to run until May 31.

Three- and five-year CHIP rates also fell, to 5.50% (down 0.15%) and 5.75% (down 0.20%) respectively.

These rate reductions were reportedly inspired by recent improvements in HOMEQ’s GIC funding costs and by competitive pressures from the conventional mortgage market.

Rob McLister, CMT