Mortgage Rate News

Mortgage Rate Curve – Nov. 17, 2014

The chart below shows the average best rates for each mortgage term on RateSpy.com. The graph provides a sense for how much of a rate premium you’ll pay for the security of a longer-term and/or fixed rate. Key Takeaways: The difference (spread) between 5-year fixed and variable rates remains tight by historical standards at roughly 0.55 percentage points. The long-term...

B2B Bank Now Leads HELOC Pricing

HELOCs (home equity lines of credit) used to be widely available at prime rate. That changed when the credit crisis inflated funding costs and drove up rates as high as prime + 1.50% and up. Now, five years after the financial system was seemingly on the verge of collapse, we’re finally seeing HELOC pricing near prime rate. Case in point is...

The Mortgage Rate Widget – New!

Mortgage rate widgets are no longer created equal. If you want to display mortgage rates on your website, do your visitors a service and display the best mortgage rates available. Only one mortgage rate widget in Canada makes that possible: RateSpy’s. Other rate widgets primarily show the lenders and brokers who pay to promote their rates. That does your visitors a...

Rate Espionage Pays!

Got a hot rate tip? The Spy buys rate Intel. The Top 2 rate tips of the month earn a crisp C-note! Here’s the fine print. The rate must be: A rate that is at least 5 basis points lower than the lowest rate currently advertised by RateSpy.com for that term A current rate offered by a lender (not a broker) and...

Investors Group Stuns Market with a 1.99% Variable

You never know where you’ll find a great mortgage deal. Today’s rate of the day (rate of the year, actually) comes from an investment firm, Investors Group. Investor’s Group (IG) has just launched a 1.99% three-year variable. That’s the lowest rate in Canada. In fact, it’s 25 basis points below the next closest competitor. Peter Veselinovich, Vice-President, Banking & Mortgage...

Mortgage Rate Curve – May 11, 2014

The chart below shows the average best rates for each common mortgage term. This graph provides a sense for how much of a rate premium you’ll pay for the security of a longer term and/or fixed rate. Key Takeaways: The difference (spread) between 5-year fixed and variable rates remains tight by historical standards at roughly 0.59 percentage points. The long-term...

CUs Are Bringing It

Credit unions are slowly and stealthily becoming a force in mortgage lending. We may not see any one credit union become consistently dominant, but CUs are certainly working together to promote their value. At any given time, you can expect one or more CUs to run an exceptional mortgage offer. A prime example was Meridian Credit Union’s 2.99% special that...

Custom Mortgage Rate Searches

Do you want to monitor specific types of mortgage rates? For example: Rates on 5-year fixed terms with 120-day rate holds? 10-year fixed rates from brokers in British Columbia? Variable rates, but only from banks and credit unions? RateSpy makes it easy to monitor specific rate groups like this. All you need to do is create a custom rate URL,...

BoC Qualifying Rate Hits Record Low

This week the Bank of Canada’s “benchmark rate,” a measure of 5-year posted mortgage rates, dropped to an all-time low of 4.99% (from 5.24%). The benchmark rate is an important number used by lenders to qualify you for a mortgage (i.e., calculate how big of a mortgage you can afford). It’s also used as the basis for: •   Cashback mortgage rates •   Rate guarantees –...

2.99% is Baaaaaack!

After a six-month hiatus, 2.99% five-year fixed rates are making a triumphant return. You’ll start seeing brokers quote them online by next week. It may take major banks a bit longer to catch up (assuming rates keep falling). For the time being, however, these 2.99% specials may come with restrictions like 30-day closes, no pre-approvals, etc. Some feared 2.99% five-year fixed...