Real Estate

The Official Mortgage Rates Thread

Member
Apr 19, 2009
304 posts
208 upvotes
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.
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:
  • 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.
Phewf. Given the asset purchasing program (Ie: quantitative easing) that the government is undertaking right now I'd expect fixed rates to stabilize over the next wee while. I'd also expect variable rate discounts will shrink as lenders see upticks in those applications. I made a joke on twitter that lenders are just "mortgage brokers" for the government - I suppose I'm the 2nd derivative of a lender (corny math joke).

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
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!
Last edited by ryeguy252 on Mar 17th, 2020 12:12 pm, edited 1 time in total.
Deal Fanatic
User avatar
Jan 31, 2018
6550 posts
1247 upvotes
deadsea wrote: Hello All:

Does anyone who knows or works with CMLS via broker channel know what they will do if I am not able to transfer my mortgage out in time to another lender?

I have been trying to get in touch with them but have not been able to get a hold of anyone.

TIA.
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
Member
Jun 7, 2010
317 posts
97 upvotes
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.
Thanks Phil. Much appreciated.
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
Member
Apr 19, 2009
304 posts
208 upvotes
kingkangkong wrote: is there a better variable rate than the simplii 2.1%?
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.
Deal Fanatic
User avatar
Jan 31, 2018
6550 posts
1247 upvotes
kingkangkong wrote: is there a better variable rate than the simplii 2.1%?
Please provide more info

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
Deal Fanatic
User avatar
Jan 31, 2018
6550 posts
1247 upvotes
ryeguy252 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!
Check back max rate hold is 120 days

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
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
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
Deal Addict
User avatar
Mar 23, 2003
4676 posts
1285 upvotes
Hamilton
snoshy wrote: 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.
Does this apply to refinance an insured mortgage?
Deal Addict
User avatar
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.
Sr. Member
Apr 26, 2019
580 posts
748 upvotes
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
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.
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?
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.
Deal Addict
Nov 8, 2011
1876 posts
1154 upvotes
Not NEPEAN
yellowlight18 wrote: FYI - TNM is offering me 1.75% for 5 year variable.
Impressive - insured? Amortization? And is it a renewal, switch, refinance, or new purchase?
Member
Jun 25, 2012
266 posts
380 upvotes
Montreal
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.
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.
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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