Categories for Hot Rates

Two Big Banks Slash 5-Year Fixed Rates. 2.99% is “Officially” Here Again (Updated)

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...

Scotiabank Introduces Lowest 4-year Fixed Rate Since 2017

Canada’s third-largest bank has an alluring new 4-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’...

1.99% Mortgage Rates are Back. This Time With DUCA

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...

Tangerine Slashes its HELOC Rate

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%....

10-year Fixed Rates Now As Low As 2.99%. More Things to Consider (Updated)

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...

HSBC 10-Year Fixed Rates Smash the 3% Barrier. First Time Ever (Updated)

If you were wondering what it’ll take to get more people interested in a 10-year fixed, here’s your answer: A rate 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,...

3-year Fixed Rates Are on Fire

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...

motusbank Mortgages Are Here

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...

TD’s Market-Moving Rate Cut

It turns out TD Canada Trust’s “market-moving rate cut” won’t be so market moving, at least not yet. On Sunday, TD slashed a number of fixed rates on its website. Today it un-slashed them, saying: “Changes to our posted rates on our website were made in error. We apologize for any misunderstanding and please refer to the rates currently posted.”—TD...

Rate Warfare: Meridian’s New 1.98% Fixed

Meridian Credit Union likes to shake things up every spring. For a few years now, it’s been releasing eye-popping mortgage specials during peak homebuying season, and this year is no different. The credit union, Ontario’s largest, just launched a 1.98% 2-year fixed that incinerates competing offers. How crazy is this rate? It is no less than 127 basis points below...