Banks aggressively cutting rates. $3500 refinance offer and 3.70% interest rates.
Is this a sign of the tide turning?
Are we seeing signs of a frenzy in rate cuts?
As a mortgage broker, I'm always eager to see what emails land in my inbox from lenders with new rates, special promotions and signs of banks chasing particular types of business.
Undoubtedly, we are seeing what some media outlets are calling a 'rate cut frenzy' as banks chase new customers. Three major banks so far are aggressively targeting refinances offering between $2000 and $35000 for customers to refinance to them.
So they are going to pay you to switch their loan to them? Right.
We are also seeing swagger of offers across the board with reductions on principle and interest loans be it variable or fixed for home owners together upfront fee waivers.
Interestingly, in a space where few have fixed in the banks there are various offers for investors to consider fixing their rates at interest rates starting with a 3%. A particular sweet spot is for investors who are happy to pay both principle and interest under a fixed contract to secure rates unheard of for investor loans.
The point to note is that there are offers out there that can you save you a lot of money upfront and each and every month. Whether you are an existing home owner or you are searching for an investment or new home, the time to act is now as many of these offer particular in cash back space only apply for loans lodged by June 30.
Please contact me to find out what money you can save right now.