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,...
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%...
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