—The Mortgage Report: Sept. 15— Never before has Canada seen an uninsured 5-year fixed nationally advertised for 1.84%. But on Tuesday we saw it, courtesy of Tangerine. At 1.84%, Tangerine’s rate is now just 4 basis points above the lowest nationally advertised uninsured variable rate. As usual, you’ll find even lower default-insured and insurable 5-year fixed offers if you shop...
—The Mortgage Report: Aug. 27— Closer to Free Money Never on record has a fixed-mortgage contract rate undershot 1.40% in Canada, until Thursday. This one-year fixed offer launched exclusively on RateSpy.com and it’s one more sign of the times. A sign that markets expect no significant boost in rates for as far as the eye can see. Just 18 months...
—The Mortgage Report: Aug 21— Boldly Going Where No 5-Year Fixed Rate Has Gone Before For the first time, pricing on Canada’s most in-demand term is now effectively as low as 1.59%. That’s for default-insured 5-year fixed mortgages in Ontario. Consider that just 18 months ago rates were double what we see today. On the uninsured side, we’re getting multiple...
—The Mortgage Report: July 29— Decade Rates at All-time Lows: In Ontario, folks can now enjoy borrowing cost certainty for a tenth of a century, at effective rates as low as 2.59% through brokers. 10-year fixed rates have literally never been lower. Most borrowers wouldn’t think of paying 50+ basis points more (on top of a 5-year fixed) to get...
—The Happy Canada Day Report: July 1— Fixed or Bust: Canada’s lowest nationally available conventional variable rate is just nine basis points cheaper than a comparable 5-year fixed rate. That minuscule “fixed-variable” spread is now 80% narrower than its 10-year average. In other words, the market is no longer compensating new borrowers for the risk of a floating-rate mortgage. And...
—The Mortgage Report: June 22— Just the Latest Head-Turning Rate: What would a week be without a new low in mortgage rates? The latest term to wear the low-rate crown is the 1-year fixed, thanks to a new promo available through deep-discount brokers. Priced at 1.69%, it’s the cheapest effective rate on a 12-month mortgage since 2016. It’s also officially...
The spring mortgage market just got another boost. HSBC has unveiled a brand new 1.99% 3-year fixed that is now the lowest mortgage rate in Canada. It’s for default-insured (“high-ratio”) mortgages only, but it’s spectacular nonetheless. The last time the bank had a rate this low was July 2017 on a 5-year variable. “We are responsive to the market, which...
Savings account rates are not usually our playground. But when a bank launches a savings rate that’s 43 basis points above the typical 5-year fixed mortgage rate, it’s worth a comment. Laurentian Bank of Canada (LBC) is the party in question. It has a new eye-catching3.30% high-interest savings account (HISA) rate with no regular fees or strings attached. Here are...
More than ever, your credit score affects your borrowing costs. The typical minimum for a decent deal is 650, but many lenders want 680 or 720 for their lowest mortgage rates, sometimes higher. As a general rule, big banks don’t discriminate as much on credit score as compared with other mortgage finance companies. Banks’ internal systems aren’t set up for...
It’s got the best 1-year rate in the country. It’s got the best conventional 2-year rate in the country. It’s got the best 3-year rate in the country. It’s got the best 4-year rate in the country. It’s got the best conventional 5-year fixed refinance rate in the country. It’s got the best variable rate at 80% loan-to-value in the...
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