|Canadians don't deserve low interest rates|
Every spring, all the lenders offer their best rates in the hopes of building market share and getting a bigger piece of the mortgage market. Rates fluctuate over the spring as each lender tries to get more mortgages and then they back off and another lender will jump to the front.
This has happened every year that I have been a Calgary mortgage broker and I suppose it will in the future. The difference this year is government intervention. Last week was not the first time that Flaherty has interfered in bank operations.
A couple of weeks ago he told BMO (Bank of Montreal) to cease advertising a 2.99% fixed rate.
People in the finance world are so upset they have started calling the minister, Comrade Flaherty.
In response to the move towards creeping socialism and planned economies the Canadian finance industry is now offering for a limited time only, an unadvertised special of 2.89% for a 5 year fixed rate mortgage. If you feel that you should be able to decide whether you want to pay 2.89% or 3.09% because you are an adult then let me know. You can apply online at my website or email me from there. .
By the way, if you are in year 3 or 4 of a mortgage at 5% or so, it may be worthwhile to renew your mortgage now even with the penalties. Contact me and we can calculate your savings.
David Cooke is a Calgary mortgage broker with Dominion Lending Centres Westcor . He has been giving financial advice and processing mortgages since 1991.