From CBC News:
"All across the country, mortgage specialists and brokers are busy fielding calls from people who've just heard about this week's record low mortgage rates."Hmmm. The banks maintain it's only a "limited-time promo". But, as pointed out in the article, banks - Central or otherwise - don't control rates in the bigger picture:
"It is the bond market that is the bigger driver of longer-term fixed mortgage rates, not the Bank of Canada's overnight rate, which directly affects variable mortgage rates and other floating loan rates."
So which is it? The banks offer record low rates for a "limited time", or the banks have little control over rates in the bigger picture?
We'll go with the latter. Either way, "record levels" of anything don't last forever.
Read the whole article here, at CBC.ca
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