Variable rate mortgage discounts disappearing...

The days of getting any sort of discount on a variable rate mortgage are over — again.

Those mortgages, tied to prime, have become a mainstay of the housing market. And, why not? While prime has stood at 3% at most major financial institutions, the discount has meant a rate as low as 2.1% at times this year.

However, in the last 10 days what was left of that discount — it had already been shrinking for weeks — has disappeared at all of the major banks.

Source: Financial Post
By: Garry Marr
Published: Dec 17, 2011 – 8:45 AM ET | Last Updated: Dec 16, 2011 3:22 PM ET

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