Mortgage rates: competition quietly disappeared

3.59% – the best rate?

Mortgage watchers know the drill – if RBC or TD Canada Trust move their rate, the other lenders will follow. Smaller lenders may hold on for a few days to enjoy a competitive advantage, but sooner or later, they will raise the rate too.

That’s exactly what is happening today. While 3.29% was still available to borrowers yesterday, as of March 30th most lenders are leveling the playing field by raising their best discounted rate to 3.59%.  Just a week ago the headlines were talking about “mortgage wars”. Where did the competition go?

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