Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Aug 19th, 2017 10:15 pm
Member
May 1, 2017
302 posts
77 upvotes
Siralex wrote:
Aug 10th, 2017 1:47 pm
I phoned them this morning and they offered me 5 year at 2.94% and 3-year fixed at 2.74%. I told him no thanks but he said to book an appointment at the local branch and they might be able to offer a better rate. I will go with one of the people here.
You can certainly beat those rates with any of the brokers/agents in this forum. With your loan-to-value you should have top-tier rates available to you (assuming you qualify in all other aspects).

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Jr. Member
Aug 20, 2015
146 posts
62 upvotes
Toronto
valuemortgage wrote:
Aug 9th, 2017 11:27 pm
If you want to get the best rates, talk to one of the brokers here.. any real rates that exist out there can be matched or beat - period.

Also make sure you ask all details about what someone may offer you. Rates vary greatly these days due to several factors. I often see people intentionally publishing rates they know they cannot offer to clients in certain situations.
Are there currently any 5 year variable rates better than HSBC's 1.99%?
Newbie
Jan 21, 2015
49 posts
5 upvotes
Montreal, QC
Hello there ! Any brokers/agents in this forum for Quebec residents ?
Member
May 1, 2017
302 posts
77 upvotes
quebecoor wrote:
Aug 10th, 2017 3:57 pm
Hello there ! Any brokers/agents in this forum for Quebec residents ?
Hi there,

Mortgages brokers/agents can work inter-provincially, so yes, any broker/agent on this forum can work on your behalf!

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Deal Guru
Mar 23, 2009
13888 posts
2254 upvotes
Toronto
Siralex wrote:
Aug 10th, 2017 1:47 pm
I phoned them this morning and they offered me 5 year at 2.94% and 3-year fixed at 2.74%.
Hmm... That kinda sucks.
Deal Addict
Feb 2, 2014
3579 posts
611 upvotes
Toronto
zdpz wrote:
Aug 9th, 2017 10:15 pm
Where do you get 2.59? Credit unions? The best I see is 2.69 5-year fixed with $500 cash back
You can go as low as 2.54% 5-year fixed actually if the mortgage is insured.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Member
Nov 3, 2009
418 posts
100 upvotes
So, here we go again into the market.

It looks like, from a posted rate perspective, HSBC is the best in the market at 2.69% with 20%/20% prepay options on a 5-yr conventional charge fixed-rate mortgage. Can I do any better?

We're in Port Moody, $300k value of Condo, $150k value of mortgage, great credit score. Lemme know what you think by reply or PM.

Thanks!
Deal Addict
User avatar
Dec 1, 2015
1091 posts
647 upvotes
Etobicoke, ON
Depending on the specifics of your mortgage, yes.
tsingoo wrote:
Aug 10th, 2017 2:12 pm
Are there currently any 5 year variable rates better than HSBC's 1.99%?
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
.
BTW = I'm the former "Laptop-tech" member here. Just changed the username.
Jr. Member
Aug 20, 2015
146 posts
62 upvotes
Toronto
valuemortgage wrote:
Aug 10th, 2017 8:57 pm
Depending on the specifics of your mortgage, yes.
I'm putting 20% down, 476k mortgage.
Member
Mar 20, 2016
278 posts
92 upvotes
tsingoo wrote:
Aug 10th, 2017 2:12 pm
Are there currently any 5 year variable rates better than HSBC's 1.99%?
same question - just realized the meridian 1.5% 15 month is over... sad.
I only need a 1-year product.
Deal Addict
Sep 13, 2011
3144 posts
985 upvotes
Toronto
tsingoo wrote:
Aug 10th, 2017 2:12 pm
Are there currently any 5 year variable rates better than HSBC's 1.99%?
sneakerfan wrote:
Aug 11th, 2017 10:54 am
same question - just realized the meridian 1.5% 15 month is over... sad.
I only need a 1-year product.
There is as low as prime - 1.00% (1.95%) available, however this is only if you are purchasing with LESS than 20% down payment, or are switching a mortgage where the original purchase was done with less than 20% down (and therefore CMHC insured). Other than that, HSBC leads the industry on rate.
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
Jr. Member
Aug 20, 2015
146 posts
62 upvotes
Toronto
PaulMeredith wrote:
Aug 11th, 2017 11:03 am
There is as low as prime - 1.00% (1.95%) available, however this is only if you are purchasing with LESS than 20% down payment, or are switching a mortgage where the original purchase was done with less than 20% down (and therefore CMHC insured). Other than that, HSBC leads the industry on rate.
I'm putting 20% down, so I guess I'll stick with HSBC for now. i still have a couple weeks to wait on anything better though.
Newbie
Apr 13, 2015
8 posts
Toronto, ON
Hi guys ,

i have a question to all the pros here , i have to renew 570K mortgage in OCT 2nd week , i have 2 yr fixed rate locked in at 1.98 (after cashback ) actual rate is 2.19 . But do you guys
think i should go for 5 year fixed rate since rate might start to increase. please help guys.

thanks
Member
May 1, 2017
302 posts
77 upvotes
maverick6677 wrote:
Aug 11th, 2017 11:44 am
Hi guys ,

i have a question to all the pros here , i have to renew 570K mortgage in OCT 2nd week , i have 2 yr fixed rate locked in at 1.98 (after cashback ) actual rate is 2.19 . But do you guys
think i should go for 5 year fixed rate since rate might start to increase. please help guys.

thanks
Hi there,

If you're concerned that rates will move up significantly over the next couple years then it may be in your best interest to lock in for a longer period, which of course would limit your exposure for an additional 3 years. If you're concerned before your closing, it may give you additional peace of mind moving forward.

That said, a contract rate of 2.19% for two years is a very competitive rate right now.

It's tough to say whether you should change terms or not. It really comes down to your general market sentiment and your comfort level with short-term products. No one has a crystal ball - it's impossible to predict where rates will be in 3 years with any degree of certainty. Do some research, talk to your broker, and see what seems right to you.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Deal Addict
Sep 13, 2011
3144 posts
985 upvotes
Toronto
maverick6677 wrote:
Aug 11th, 2017 11:44 am
Hi guys ,

i have a question to all the pros here , i have to renew 570K mortgage in OCT 2nd week , i have 2 yr fixed rate locked in at 1.98 (after cashback ) actual rate is 2.19 . But do you guys
think i should go for 5 year fixed rate since rate might start to increase. please help guys.

thanks
The answer to this is similar to the answer you would get if you were asking about fixed vs. variable. It really depends on the borrower and there is no one size fits all answer here. It really all comes down to your risk tolerance . If you are worried that fixed mortgage rates will continue to increase, then you may want to consider locking into a 5 year fixed. Providing of course you feel pretty confident that you will be in this home for at least this long. If you think rates will remain at levels where they are right now or could go lower, then the two year fixed you have would be a good choice.

If you feel it's worth paying a higher rate for the peace of mind that you have a low rate locked in for for a longer period, then you may want to consider the longer term.

When comparing the 2 year fixed at 2.19% with today's lowest 5 year fixed rate of 2.64%, the break even rate is 2.99%. This means that if at the end of 2 years, if the 3 year fixed rate is lower than 2.99%, (3 year fixed to round out the 5 years), then the 2 year fixed would have been the right choice. If it's higher than 2.99%, then the 5 year fixed would have been the better choice. I'm not factoring in the cash back here since we have no way of knowing if the effective rate of 1.98% was even calculated property, which very often it is not.

Whatever ends up happening remains to be seen. I think chances are strong that rates will be higher in 2 years, but anything can happen. The best way to make this decision is not to try to predict the future, but to predict how you're going to feel should rates continue to increase. If the thought of paying a higher rate after two years creates anxiety or scares you, then a longer term might be a better option. If you are comfortable with this risk, then stick with the two years.
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)

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