Tag Archive: fixed mortgage rates


Mortgage Stress Test Changes in 2019

“There’s no doubt that mortgage rate declines since the start of this year have contributed to stabilize Canada’s housing market,” said RBC economist Robert Hogue in a report last week. That might be news to some, given the rates used to qualify borrowers for approval have barely moved in 2019. We asked Mr. Hogue to share what he sees and he...

10-Year Fixed Rates Break Record. But Don’t Get One, Says Broker

Ever since decade-long mortgages slipped under 3% for the first time in May, those offering such rates have fielded more inquiries than ever before. And today, we saw another record breaker, with Sigma Mortgage offering the lowest 10-year fixed of all time: 2.89% (details below). But the more interesting aspect may be this: The company who just advertised that rate...

Two-year Fixed Rates Dive. Entail Less Prime Rate Risk

motusbank just launched the lowest fixed rate in Canada for an uninsured mortgage: 2.49%. It’s the cheapest widely available 2-year fixed since September 2017. Compare that to the lowest nationally-available conventional variable (2.84% from HSBC) and it begs the question: Why bother floating your rate? For default insured borrowers in Ontario, this question is even more imperative. That’s because DUCA...

Trump vs. Xi. Let’s Get Ready to Rumble

Not much going on this weekend. Only a little meeting between the world’s two most powerful leaders about 2019’s single most important economic issue. U.S. prez Trump and Chinese supreme head communist guy, Xi, collide over trade ahead of Saturday’s G-20 summit in Japan. And, batten down the hatches, because it has the potential to be a short-term tide changer...

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’...

Rate Nuggets: Yields Collapse, BMO Fined, Trump on Tilt

Quick takes from Mortgageland… Most 5-year Fixed Rates Now in the High 2’s If you’re out there mortgage shopping, you can thank Trump’s tariff madness for saving you some basis points. Trade uncertainty is pounding bond yields and fixed rates are slowly following (key word being “slowly”). Multiple big banks are now quoting sub-3% rates (non-publicly) for well-qualified borrowers. If yields...

5-Year Fixed Mortgage Rates Now Lowest Since 2017

This week, the lowest 5-year fixed rates dropped back to 2017 levels. It only took a year and a half. Canada’s cheapest 5-year fixed mortgage is now 2.67% for default-insured applicants, the lowest since December 20, 2017. And fixed rates could keep dipping near-term. What’s Behind It With global growth worries weighing on the market, 5-year bond yields can’t get any...

Could a U.S.-China Trade Pact Send Mortgage Rates Higher?

You’ve probably seen the U.S. and China wrangling over trade in the news lately. Hanging in the balance is a major trade agreement—if they settle their differences (and they eventually will). Such an agreement would be historic. It would finally end their trade war while chipping away at America’s $419+ billion trade deficit (on goods) with China. A deal could...

5-year Fixed Rates Back Under 3%

Canada’s spring mortgage market is officially underway. HSBC kicked it off today with a head-turning 2.99% 5-year fixed rate. It’s the first time since September 24, 2018, that Canadians have seen the best 5-year fixed rate start with a “2.” Much has changed in those five short months: Market expectations have gone from 100+ basis points of rate hikes in the next few...