This is my last mortgage rate note before we reset the calendar. It seems like only yesterday that we started last January with high hopes for further interest rate cuts.
What we saw was an industry-leading price drop:
- 50 basis points on popular three-year fixed terms;
- 30 basis points for the venerable five-year contract;
- 85 basis points for variable mortgages.
Every little bit counts, and despite the recent rise in bond yields, some fail-safe rates still start with a three. For example, reach out to national leaders such as:
- Nesto Inc. five-year variable at 3.45 percent;
- Citadel Mortgages' 3.89 percent five-year fixed rate;
- Alterna Banks 3.94 percent three-year fixed rate;
- True North Mortgage Inc.'s 3.79 percent two-year fixed rate.
Well-qualified, uninsured borrowers pay the usual premium of 10 to 30 basis points for the privilege of not having to purchase default insurance.
Not to be outdone, regional providers offer even greater discounts in some cases, including:
- BC's Coast Capital Savings Credit Union with 3.84 percent uninsured three-year fixed term;
- Coast Capital's 3.94% uninsured five-year fixed;
- Ontario's Ratebuzz with an insured five-year fixed rate of 3.69 percent;
- Ratebuzz's 3.39 percent insured five-year variable;
- Butler Mortgage Inc.'s 3.64 percent insured three-year fixed financing;
- Access Credit Union Ltd.'s 3.45% uninsured 5-year variable. from Manitoba.
As for the key interest rate, it remains in a long-term holding pattern and the Bank of Canada's next meeting on January 28 is unlikely to change that.
Robert McLister is a mortgage strategist, interest rate analyst and editor of MortgageLogic.news. You can follow him on X at @RobMcLister.
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