HSBC Chops 5-Year Rates Canada’s biggest mortgage industry disrupter is at it again. HSBC dropped its bank-leading 5-year fixed rates today by another 10 basis points. Among its latest 5-year fixed offers: 2.49% for high-ratio mortgages The lowest nationally advertised insured rate available directly from a lender Rate Details 2.59% for uninsuredpurchases, switches and refinances (from another lender) Canada’s lowest...
motusbank just launched the lowest fixed rate in Canada for an uninsured mortgage: 2.49%. It’s the cheapest widely available 2-year fixed since September 2017. Compare that to the lowest nationally-available conventional variable (2.84% from HSBC) and it begs the question: Why bother floating your rate? For default insured borrowers in Ontario, this question is even more imperative. That’s because DUCA...
TD and CIBC just became the first Big 6 banks to advertise 5-year fixed rates below 3% since 2017. This morning, TD and CIBC chopped their advertised 5-year fixed specials by 32 basis points (to 2.97%) and 30 bps (to 2.99%), respectively. Banks seldom cut that much in one sitting. Albeit, sources tell us both banks have been selling 5-year...
Canada’s third-largest bank has an alluring new4-year fixed rate. It’s the nation’s lowest 4-year fixed since December 2017. But that’s not the most interesting part. This marks the first time in our recollection that a major bank has widely advertised an online-only special and the industry’s best-discounted rate. It’s somewhat of a milestone in rate transparency, one inspired by consumers’...
Sub-2% rates are here again. This time from Toronto-based DUCA Financial Services Credit Union — for default-insured 2-year fixed mortgages. This brand new offer is easily the lowest 2-year fixed rate out there. In fact, it’s the lowest mortgage rate in Canada period, and 57 basis points below the country’s next best offer. “This product is designed to help out...
Banks seldom offer HELOCs for less than prime rate, unless it’s a short-term teaser rate. But suddenly we have two online banks selling HELOCs at discounts to prime. The latest is Tangerine. On Friday,Tangerine lopped 75 basis points off its HELOC rate — cutting it from prime + 0.65% (where it’s been for years) to prime – 0.10%, or 3.85%....
This weekend, HSBC seemingly sweetened its 10-year fixed offer even more. It dropped the rate on its website for insured mortgages from the 2.99% announced in its press release Friday to 2.94%. It turns out that was a IT issue. “When they launched the rates, the rate were incorrect on the website,” a spokesperson said. “We have since corrected the...
If you were wondering what it’ll take to get more people interested in a 10-year fixed, here’s your answer: Arate below the psychologically pivotal 3% level. Today, HSBC has become the first lender in Canadian history to sell 10-year fixed mortgages as low as 2.94%. (Note: Our story has been updated as this rate dropped again on Saturday May 18,...
Can anyone remember the last time 3-year fixed rates were the lowest widely available conventional mortgage rates? We can’t. But that’s now the case if you’re putting 20% down. For most well-qualified borrowers with 20-29.99% equity, we’d venture to say there’s no better deal right now than the three-year. Not a 1-year fixed, not a 2-year fixed, not even a...
It’s been two and a half years since Ontario’s biggest credit union (Meridian) announced its new digital bank (motusbank), and now it’s here. motusbank brings mortgage shoppers one helluva good offering. For one thing, its process is super easy and fully online. That’s becoming mandatory for time-pressed, smartphone-addicted borrowers. More importantly, by eschewing bricks and mortars, the bank can trim...
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