RBC led the charge and cut its mortgages rates today.
It’s 5-year posted fixed rate fell 0.15% to 5.59%.
RBC’s 1-, 2-, and 3-year terms were down 0.20%.
Shortly after this announcement, BMO matched most of RBC’s posted rates. TD chose to match only RBC’s 5-year rate.
The other big 5 (CIBC and Scotiabank) will probably follow soon with their own rate announcements.
There was no change to the big 5’s variable rates. The advertised bank rate on a variable is still prime (2.25%)—a rate that is being significantly undercut by brokers.
So if I contact a broker, I might get prime minus .50? And it that on a CLOSED variable with one of the big 5?
NO that’s probably P-0.5 with RESMOR or some other no name trust co with no branches and very few options, and feeeees
How do you figure P – 50??
Are you saying Resmor is a no name company? Are you kidding? You must sell mortgages for the bank.
The facts are, there are never any more fees for lenders who are not banks. Not having a branch is meaningless if you’re getting a lower rate. Simply access your mortgage online or speak to someone on the phone if you ever need help.
who is trying to scare people with feeees, there are no fees for qualified people, please update your general knowledge.
TD just lowered their fixed rates again, 2nd day in a row. Guess they figured they better match the other banks on the 1-4 year terms
Doesn’t anyone find it funny that Firstline hasn’t lowered their rates yet? What the heck are they waiting for? CIBC owns FirstLine and they lowered yesterday!
Since this announcement was posted, bond yields have come down another 15 basis points. The 5-year yield is now 2.46%! We should hopefully see some more posted rate drops any day.
The two-year yield is at 1.19%, down from 1.80% just a few weeks ago. Huge drop.
If not, it’s margin padding by the banks.
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