Merix is leading the way down with their 3 year variable rate mortgage. They announced yesterday evening that they are now offering Prime minus 0.50 which currently gives the borrower an effective rate of 1.75%! We are now back down to the same variable rate spreads that we saw pre-financial crisis fall 2008. The rate is good for 90 days, the rate is available for refinancing, purchases or switches at maturity of your existing mortgage. If you would like to explore if a 3 year variable is right for you, contact me.
Chris Molder – Son Of A Broker
March 17, 2010
