At the end of August, National Bank raised its fixed, three-year residential mortgage rate to 4.05%.
The move followed an upward trend that occurred throughout August, with several big banks having boosted their rates to that same level over the course of the month.
But, National Bank has now decided to lower its three-year rate by 0.2%, bringing it back down to 3.850%. The change is effective as of Friday, September 28, 2012.
Even so, the recent rate movement across all banks highlights the need for advisors to help clients find the best deals on the market. As housing markets continue to cool, an increasing number of Canadians may be looking to buy and sell, and perhaps, for better repayment options.
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