via/ www.financialpost.com
Banks have started shaving the discount available on variable rate mortgages, but that doesn’t mean it’s time to lock in your mortgage just yet.
Royal Bank of Canada raised rates across the board last week and part of the shift included a drop in the discounting of its variable mortgage tied to the prime lending rate, which generally tracks the Bank of Canada’s overnight rate.
What it means is that instead of rates as low as 2.2 per cent, based on a 50-basis-point discount that some banks were giving last year, new customers who opt for a floating-rate product will get a 10-basis-point discount off the current prime rate of 2.7 per cent, which translates to a 2.6 per cent rate.
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