Mortgage refinancing

[bedraggled]

I started this thread after seeing the mention of a "mortgage rates game" in General Corona Virus Discussion.

I checked with the bank, with whom I have the mortgage. and they quoted me a rate 1/2 per cent higher than my 2 year old mortgage. I visited the credit union where I have accounts and was told, when overwhelmed with applications, the rates are raised to counter the torrent.

The best ithe credit union could offer today is $100 saved each month. I cannot get a full per cent knocked off today from my 4 and 1/8% loan. I was told to check the site daily for rate updates.

Any thoughts?

Thanks.

[vnatale]

I started this thread after seeing the mention of a "mortgage rates game" in General Corona Virus Discussion.

I checked with the bank, with whom I have the mortgage. and they quoted me a rate 1/2 per cent higher than my 2 year old mortgage. I visited the credit union where I have accounts and was told, when overwhelmed with applications, the rates are raised to counter the torrent.

The best ithe credit union could offer today is $100 saved each month. I cannot get a full per cent knocked off today from my 4 and 1/8% loan. I was told to check the site daily for rate updates.

Any thoughts?

Thanks.

Not mortgage related but interest rate related.

Yesterday and today I interviewed five local banks regarding getting a Line of Credit for a business. The lowest quoted rates were Prime or Prime plus 1/4%.

Prime is currently at 4.25%, after a recent rate decrease of 0.5%. I was told by the banker I spoke to this morning that with all that is going on he couldn't see anything the Prime rate continuing to go down.

Vinny