Simplii dropped their prime rate to 2.95% today as well, and their 5-year variable are p-0.85% i.e. 2.10%. No mention if it's for insured or uninsured though.
The Official Mortgage Rates Thread
- Last Updated:
- Mar 28th, 2024 12:58 pm
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- SCORE+492
- snoshy
- Member
- Apr 19, 2009
- 304 posts
- 208 upvotes
- ahlaker
- Banned
- Sep 19, 2012
- 1253 posts
- 1867 upvotes
- Calgary
I tried to write a summary email but it's near impossible to distill everything that's been changing - there are so many lenders at so many different spots that it's hard to pin it down. Here is my view on mortgage life:
Good luck everyone! Stay safe (and sane). My son just shot a ball past my head and said with a chuckle: "I just missed your shnozzle".
- Rentals are probably still best at Tangerine (2.59% for a 5-year fixed).
- MCAP is super competitive on refinances or purchases over $1M (2.49% on a 5-year fixed fully bought down).
- Insurable fixed rates with XMC get really good post June 2nd. You can get 2.09% on an insured deal, 2.19% on a deal with 25%+ equity, and 2.24% for anything else. Add 0.05% (likely) for a switch as broker compensation changes!
- Insured deals can go as low as 2.03% still with B2B (at least according to some broker websites). This would be on a 60 day hold.
- Variable rate discounts have all but disappeared. Insured deals can still get some love at the p-1.2% range (for now) with a very limited group of lenders. I wouldn't pay more than p-1.01% (unless you want a readvanceable mortgage) on a variable, you can get that with HSBC on a 30-year amortization.
Good luck everyone! Stay safe (and sane). My son just shot a ball past my head and said with a chuckle: "I just missed your shnozzle".
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
- ryeguy252
- Newbie
- Aug 23, 2017
- 98 posts
- 22 upvotes
- Calgary
hi,
I have a rental requiring mortgage renewal in Alberta. What are rates out there for 5 year fixed and variable?
Sorry addtional information:
Property value approx $275K (amount owing ~180K).
did not pay CHMC, lender is National Bank, no LOC attached. Renewal rate Sept 30th.
Thanks
Thanks!
I have a rental requiring mortgage renewal in Alberta. What are rates out there for 5 year fixed and variable?
Sorry addtional information:
Property value approx $275K (amount owing ~180K).
did not pay CHMC, lender is National Bank, no LOC attached. Renewal rate Sept 30th.
Thanks
Thanks!
Last edited by ryeguy252 on Mar 17th, 2020 12:12 pm, edited 1 time in total.
- rateconnect
- Deal Fanatic
- Jan 31, 2018
- 6550 posts
- 1247 upvotes
From my CMLS rep
They would be put in a 6 month closed convertible mortgage. Customers would need to contact servicing directly (prior to maturity) to see if their scenario will allow for an open mortgage to be offered.
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
- deadsea
- Member
- Jun 7, 2010
- 317 posts
- 97 upvotes
Thanks Phil. Much appreciated.rateconnect wrote: ↑ From my CMLS rep
They would be put in a 6 month closed convertible mortgage. Customers would need to contact servicing directly (prior to maturity) to see if their scenario will allow for an open mortgage to be offered.
- cactus88
- Member
- Mar 13, 2004
- 293 posts
- 52 upvotes
I need advise here
Last Friday I reached a RBC agent to switch my current mortgage from fixed to variable with p-0.77. I agreed with the rate and suggested to switch to variable and kindly emailed the agent or go with the switch.( got email from agent said he was OOO)
However the agent has been off right after my 2nd email and only back to office Tuesday afternoon. Now today I got email from agent said I can no longer get the rate last week they said I could get
Any options do I have ? I thought I agreed on rate last Friday to proceed the switch and kind lock the rate for my applications
Can Rbc back off and not giving the rate?
Thanks
Last Friday I reached a RBC agent to switch my current mortgage from fixed to variable with p-0.77. I agreed with the rate and suggested to switch to variable and kindly emailed the agent or go with the switch.( got email from agent said he was OOO)
However the agent has been off right after my 2nd email and only back to office Tuesday afternoon. Now today I got email from agent said I can no longer get the rate last week they said I could get
Any options do I have ? I thought I agreed on rate last Friday to proceed the switch and kind lock the rate for my applications
Can Rbc back off and not giving the rate?
Thanks
- kingkangkong
- Newbie
- Aug 23, 2019
- 89 posts
- 16 upvotes
is there a better variable rate than the simplii 2.1%?
- snoshy
- Member
- Apr 19, 2009
- 304 posts
- 208 upvotes
If you can get pre-approved with HSBC for p-1.11% before they tighten their variable discount, and if they decide to cut their prime rate to 2.95% like the other banks have, then you could get 1.84% in today's environment.kingkangkong wrote: ↑ is there a better variable rate than the simplii 2.1%?
- rateconnect
- Deal Fanatic
- Jan 31, 2018
- 6550 posts
- 1247 upvotes
Please provide more infokingkangkong wrote: ↑ is there a better variable rate than the simplii 2.1%?
Purchase - renewal - refi
Value
down payment or mortgage owing
If a renewal current lender and do you have an loc
if a renewal was it previously insured
Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
- rateconnect
- Deal Fanatic
- Jan 31, 2018
- 6550 posts
- 1247 upvotes
Check back max rate hold is 120 daysryeguy252 wrote: ↑ hi,
I have a rental requiring mortgage renewal in Alberta. What are rates out there for 5 year fixed and variable?
Sorry addtional information:
Property value approx $275K (amount owing ~180K).
did not pay CHMC, lender is National Bank, no LOC attached. Renewal rate Sept 30th.
Thanks
Thanks!
Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
- Levj07
- Newbie
- Mar 16, 2020
- 1 posts
Hello guys, based on recent economics measures including recent rate cuts I would appreciate your thoughts on this regarding potential liquidity crisis affecting mortgage rates.
I was leaning towards a 5Y fixed rate. What is your opinion on the Fixed vs variable rates right now?
-What is the purchase price? 410 000$
-How much is the down payment? 20% (82000)
-Where it the property located? Montreal,QC
-When is the closing date? 1 JUNE 2020
-Will the property be owner-occupied or a rental? OWNER OCCUPIED
I was leaning towards a 5Y fixed rate. What is your opinion on the Fixed vs variable rates right now?
-What is the purchase price? 410 000$
-How much is the down payment? 20% (82000)
-Where it the property located? Montreal,QC
-When is the closing date? 1 JUNE 2020
-Will the property be owner-occupied or a rental? OWNER OCCUPIED
- harryarora
- Newbie
- Jul 24, 2019
- 14 posts
- 1 upvote
Hi, looking to get quote for new purchase:
Closing date: July 6th
Purchase price: $636,000
Down payment: 20%
Location: GTA
Looking for both fixed and variable option for 5 years period.
Thanks
Closing date: July 6th
Purchase price: $636,000
Down payment: 20%
Location: GTA
Looking for both fixed and variable option for 5 years period.
Thanks
- sidshock
- Deal Addict
- Mar 23, 2003
- 4676 posts
- 1285 upvotes
- Hamilton
- sidshock
- Deal Addict
- Mar 23, 2003
- 4676 posts
- 1285 upvotes
- Hamilton
Inquiring for a friend.
He's with cibc.
Current mortgage 90k insured in Hamilton on
He's on 10yr fixed. about 3 yrs left.
Wondering what he can do refinance wise for 5yr fixed and 10yr fixed?
Doesn't need a heloc. But wouldn't hurt to have one.
Thanks.
He's with cibc.
Current mortgage 90k insured in Hamilton on
He's on 10yr fixed. about 3 yrs left.
Wondering what he can do refinance wise for 5yr fixed and 10yr fixed?
Doesn't need a heloc. But wouldn't hurt to have one.
Thanks.
- GordonGartrelle
- Sr. Member
- Apr 26, 2019
- 580 posts
- 748 upvotes
RBC did the same thing to me last week - offered me 2.34% fixed 5yr via email. I accepted via email, and two days later they told me they made a mistake and can't offer it anymore.cactus88 wrote: ↑ I need advise here
Last Friday I reached a RBC agent to switch my current mortgage from fixed to variable with p-0.77. I agreed with the rate and suggested to switch to variable and kindly emailed the agent or go with the switch.( got email from agent said he was OOO)
However the agent has been off right after my 2nd email and only back to office Tuesday afternoon. Now today I got email from agent said I can no longer get the rate last week they said I could get
Any options do I have ? I thought I agreed on rate last Friday to proceed the switch and kind lock the rate for my applications
Can Rbc back off and not giving the rate?
Thanks
- highway11
- Newbie
- Aug 29, 2011
- 46 posts
- 13 upvotes
- TORONTO
Considering variable at p-1.10 or five year fixed at 2.4. I do wonder if after all the stimulus if the economy will roar back and the BOC will pop prime back up in a year or so. Any opinions?
- torontotim
- Deal Fanatic
- Nov 17, 2012
- 5381 posts
- 4995 upvotes
- Toronto
I got Scotiabank to hold a rate of their prime - 0.79% last week or 5 year fixed at 2.47%.
Just for a $78K renewal. I'll likely jump on the prime -0.79% offer which will net me 2.16% for the moment.
My other mortgage for $140K is prime -0.80% and renews in 3 years. I might be able to combine them in 3 years from now at the prime -0.79% rate or will renew depending on rates at the time.
Just for a $78K renewal. I'll likely jump on the prime -0.79% offer which will net me 2.16% for the moment.
My other mortgage for $140K is prime -0.80% and renews in 3 years. I might be able to combine them in 3 years from now at the prime -0.79% rate or will renew depending on rates at the time.
- yellowlight18
- Deal Addict
- Oct 12, 2014
- 1051 posts
- 201 upvotes
- Ajax
FYI - TNM is offering me 1.75% for 5 year variable.
- nickwa
- Deal Addict
- Nov 8, 2011
- 1876 posts
- 1154 upvotes
- Not NEPEAN
Impressive - insured? Amortization? And is it a renewal, switch, refinance, or new purchase?yellowlight18 wrote: ↑ FYI - TNM is offering me 1.75% for 5 year variable.
- AlbertIshnoo
- Member
- Jun 25, 2012
- 266 posts
- 380 upvotes
- Montreal
Interested about that too. Desjardins did the same thing to me. Even though I have multiple e-mails saying my rate will be Prime-0.95 and the demand is ready, they are trying to give me a different rate today.GordonGartrelle wrote: ↑ RBC did the same thing to me last week - offered me 2.34% fixed 5yr via email. I accepted via email, and two days later they told me they made a mistake and can't offer it anymore.
I understand you can't "lock" a variable rate, but you should be able to lock your prime+/- , or they should be clear that this won't be locked.
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