What is going on in the mortgage world?
Now Flaherty is personally calling up banks and asking them to raise their mortgage rates.
On Tuesday, Manulife Bank dropped its posted interest rate for a five-year fixed-rate mortgage to 2.89 per cent. That’s the lowest posted rate for that time frame the company has ever offered. But in an about-face later in the day, the company pulled the offering and reverted to its former rate above three per cent.
“After consulting with the Department of Finance, Manulife Bank has withdrawn the promotional campaign and reverted to our previous posted rate,” the company said in a statement.
Read the full article over at the CBC.
Are a few pips in mortgage rate really driving people to run out and overpay?