The lowest advertised uninsured fixed rates in Canada mostly climbed this week, by four to eight basis points.Joe Raedle/Getty Images
The lowest advertised uninsured fixed mortgage rates in Canada mostly climbed this week, by four to eight basis points.
Popular two-year fixed rates, which attract people who want to lock in for a few years and refinance when the Bank of Canada cuts rates, jumped 22 bps.
As for the lowest insured fixed rates, they mainly held steady. The exception was one-year and two-year terms, where Quest Mortgage launched new market-leading offers of 4.99 per cent.
Variable rates didn’t move this week. They will remain steady until the central bank presumably increases interest rates again on Dec. 7 and pushes some borrowers closer to their trigger rate.
Last, but not least, are rates for home equity lines of credit, where Tangerine finally pulled its stellar offer of prime rate minus 0.1 per cent, which it has featured since 2019. The lowest-cost widely advertised HELOC now comes from HSBC, right at prime (5.95 per cent). It’ll cost you about $496 (interest-only) a month, per $100,000 borrowed.
As of Wednesday Nov. 9, these are the lowest nationally available mortgage rates in Canada, from providers that advertise rates online and lend in at least nine provinces.
Insured rates apply to those buying with less than a 20-per-cent down payment, or those switching a pre-existing insured mortgage to a new lender. Uninsured rates apply to refinances and purchases over $1-million and may include applicable lender rate premiums. For providers whose rates vary by province, their highest rate is shown.
Robert McLister is an interest rate analyst, mortgage strategist and editor of MortgageLogic.news. You can follow him on Twitter at @RobMcLister.