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The lowest advertised fixed rates nationwide fell again this week, just in time for the busy spring housing market.
For the first time since the Bank of Canada's rate hike last June, you can now get a five-year fixed rate for less than five percent if you're uninsured and just 4.64 percent if you are insured.
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For the savvy crowd, however, the three-year fix is just the ticket. You earn a hair more interest, but have the luxury of refinancing earlier – useful when there are rumors of interest rate cuts circulating.
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On the variable side, I hear many cases where large banks offer significantly lower discretionary variable interest rates to well-qualified, uninsured borrowers, particularly borrowers with other business at the bank. We're talking about a prime minus of minus 0.75 percent (6.45 percent) or better, while the lowest figure in the country is reported The uninsured variable interest rate at Scotiabank eHOME is 6.64 percent.
To get these discretionary interest rates, all you need to do is make a friendly inquiry with a bank or broker (it might take a little research), showcase your impeccable financial health, and be willing to enter into a new banking relationship.
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Currently the lowest nationwide mortgage rates in Canada
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Don't expect any mortgage fireworks after the interest rate decision
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A decline in inflation could herald falling mortgage rates
After the Bank of Canada's snooze rate meeting on Wednesday, bond market odds point to a one in four chance of a rate cut on April 10. However, the first rate cut will not be fully priced in until July.
Weary borrowers will believe it when they see it.
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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