With extremely low lending rates, a competitive market environment, and market uncertainty it has become increasingly more important for you to understand the ‘ins-and-outs’ of the mortgage market. For a brief run-down check out Fred Langan’s piece at the Financial Post:
Why do mortgage rates move the way they do? Why don’t the rates march in lock step with other interest rates?
When the Bank of Canada lowers interest rates the big banks usually play chicken for several hours waiting to see who will drop rates first. At the last cut, the TD Bank was the first to lower prime. The others followed within the hour.
Please click HERE for the full article.
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