Mortgage rates have come up a lot recently with the onset and continuation of the global credit crunch. This chart actually doesn't tell the entire story as the pre-August discount rate off posted rate was around the 1.5% area and now it is around the 1.2-1.3% area so you could even add 20-30 basis points to the renewal gap to reflect this new business reality at the big banks. I am not sure how smaller lenders are dealing with this now but I know all the big banks are discounting less off of the posted rate and being a little more stringent on their lending criteria.
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