Categories for Hot Rates

TD’s Variable Rate Goes on Sale

The variable-rate market just got a shade more interesting. TD has announced that, effective tomorrow, its 5-year variable rate drops from 2.90% to 2.75%. That’s equivalent to TD mortgage prime minus 1.10%. (In case anyone forgot, TD’s mortgage prime is 15 basis points higher than other banks’ prime rates.) “Canada’s housing market continues to fluctuate, and rates continue to rise,”...

RBC & CIBC Join the Variable Revelry

The big fella, RBC, has come to play with its very own prime – 1.00% offer. So has CIBC, according to our branch contacts. (CIBC’s official comment is that, “Our posted rates…have not changed,” but that says nothing about its discretionary rates, which are lower. Spokesperson Jason Wesley suggests people “speak to a financial advisor” to get a quote.) It’s been years...

More Banks Enter the Variable-rate Fray

“Rate war” is a cliché in this business. But that’s exactly what we’ve now got in the variable-rate mortgage market. BMO started it all with its record-setting prime – 1.00% offer. TD then promptly matched. Now we’re hearing from Scotiabank branch sources that it’s offering prime – 1.00% as well — but only for new client applications and not for refinances...

TD Matches BMO in Variable Rate Battle

One week ago BMO stunned competitors with a record variable-rate discount. Now, one of its juggernaut competitors—TD—is responding. TD has just matched BMO’s special with its own prime – 1.00% offer (“TD prime” – 1.15%, to be exact). That ties BMO for Canada’s lowest variable rate on an uninsured mortgage. Remember, uninsured rates are required if you’re refinancing, buying a home...

BMO’s Door Crasher Variable Rate

BMO has come out swinging with its latest spring promo. The country’s fourth largest bank is advertising a red-hot prime – 1.00% variable. At 2.45% currently, it’s now the best variable rate for refis in the country. This special is also the largest widely advertised big-bank variable discount we’ve ever seen. As of press time, we’re still getting details and...

BMO’s 10-Year Fixed: Not Too Shabby

If you look back over the last 40-odd years, there’s never been a time where a 10-year fixed rate has saved you more than a 5-year fixed. A 10-year term’s rate premium over a 5-year fixed, let alone over a variable, is simply too steep…most of the time. But this time might be different. According to our records, BMO’s 3.49%...

Meridian Credit Union’s 15-Month 1.50% Sale

People who live in Ontario are getting used to Meridian Credit Union’s quick-hit rate specials. Every few quarters the company seems to roll out a rate that undercuts just about everyone. This time, Ontario’s largest credit union is running a 1.50% special on a 15-month mortgage. At that rate, they’re almost giving money away. But should you bite? Here are a handful of points for...

GIC Rate Steal

We rarely comment on GIC deals but there’s an opportunity out there that can’t be ignored. GICs are not for most people, but for some conservative investors they have their place. For GIC lovers who crave extra yield (and who doesn’t), Oaken Financial’s current promo seems like a gift from the gods. Oaken Financial is owned by Home Capital, the mortgage company that was on the...

Another All-time Low

Mortgage competition is an exquisite thing, especially on days like this. Canada’s 5-year government bond yield sprang to a two-month high today. Normally that’s a clue that fixed mortgage rates are on the up escalator. Not this time. Instead, 5-year fixeds defied bonds (and logic) and actually dropped — at least the ones tracked by RateSpy.com. The nation’s leading 5-year fixed...

5-year Fixed Rates Break 2.00% Barrier

“Mortgage rates have bottomed.” That’s what some economists were proclaiming last year. The market then did what the market likes to do, confound and humble those who try to predict it. Earlier today, intelliMortgage (a brokerage related to this website) became the first mortgage provider in Canada, according to RateSpy.com records, with a five-year fixed rate under 2.00%. It’s a...