The nation’s fifth-largest bank has just rolled out two juicy new rate specials: A 1.99% one-year fixed A 2.99% seven-year fixed Both rates are the lowest in the country for their respective terms, and the lowest in recent memory for a major bank. But one is far more enticing than the other—that is, CIBC’s new one-year promo. At 1.99%, it undercuts most heavily discounted variable rates. Moreover, the...

The chart below shows the average best rates for each mortgage term on RateSpy.com. This graph provides a sense of how much of a rate premium you’ll pay for the security of a longer-term and/or fixed rate. Key Takeaways from the last 30 days The most popular term in Canada is still (no surprise) the 5-year fixed. Those rates start...

The chart below shows the average best rates for each mortgage term on RateSpy.com. This graph provides a sense of 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 has shrunk in recent weeks to roughly 0.39 percentage points. That’s far less than...

One of the worst things a mortgage shopper can do is assume that a lender’s rates are competitive. For evidence of that, look no further than the latest data from our nation’s largest default insurer, CMHC. It reports that borrowers who closed insured 5-year fixed mortgages in the third quarter of 2014 paid an average rate of 3.37%. That’s somewhat remarkable when you realize that the...

We see great rates every day, but this deal made us utter “wow” out loud. Meridian’s 1.49% 18-month fixed special is the lowest lender-advertised rate in, well, forever. On a $250,000 mortgage it’ll save you about $4,000—over the first 18 months—versus a typical five-year fixed rate. No one’s got that kind of money to burn. Then again, this limited-time offer is...

Here we go. It’s starting. Amid cold-blooded rate competition, the banks are turning on the “feature charm” and touting their mortgage perks. The goal: to shift your attention from their higher rates. And why shouldn’t you? Features, advice and mortgage flexibility really do matter, as mortgage penalty victims routinely find out. But there’s more to it than that. The banks’...

It must be spring in the mortgage market. You can tell because BMO is making headlines again with a cut-rate mortgage. The bank announced today that it is slashing its Smart Fixed Mortgage rate to 2.79%. That’s the lowest advertised 5-year fixed rate of any big bank. Of course, most well-qualified borrowers know that banks routinely quote below their advertised rates....

The chart below shows the average best rates for each mortgage term on RateSpy.com. 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 0.44 percentage points. The long-term...

If you look at RateSpy’s lowest rates for the Big 6 banks you’ll generally notice three things: 1)  They refer to “discretionary rates” at the banks 2)  They are estimates 3)  They are usually the same for all six banks. Though it doesn’t seem obvious, there is method in this approach. The explanation starts with the mortgage pricing strategy used by major...

The 24% of us with variable-rate mortgages were starting to get nervous. Six days had passed since the Bank of Canada’s (BoC’s) rate cut and many feared the banks wouldn’t pass along that savings. Well, they did. Sort of. In not-so-generous fashion, the Big 6 banks all cut their prime rate by just 15/100ths of a percent. That’s instead of...