COMPARISON OF POSTED AND PRIME RATES – OCTOBER 1973 – MAY 2017
Amazing how some things change.
A picture is worth a thousand words.
Fixed interest rate mortgages are based on the major banks posted rate, less any discounts the lender may offer (Monoline lender rates are not reflected in this graph as their posted rates are already discounted.).
Whereas variable interest rate mortgages are based on the prime rate, less any lender discounts.
Here’s a look at interest rates over the past 40+ years. Today’s interest rates are great! If you’d like to learn more or find out what you qualify for – give us a call. We’re here to help.