Hot Deals

[Royal Bank] RBC new 3-4-5 year mortgage rates

  • Last Updated:
  • Oct 27th, 2020 11:44 pm
Jr. Member
Nov 7, 2013
181 posts
35 upvotes
Montreal
aaleemm wrote: How much was/is the last offer to you ?
Just asking if getting a 5 year fixed for 1.5% is doable?
Sr. Member
Jun 10, 2017
643 posts
843 upvotes
TheCraZyCloWn wrote: Just asking if getting a 5 year fixed for 1.5% is doable?
You ask a few months ago if sub 2% is possible and everyone will tell you no. Now that we get as low as 1.7%, asking if possible to hit 1.5%, no one is going to say no. The possibility is there.. It's whether you want to gamble.
Jr. Member
Nov 7, 2013
181 posts
35 upvotes
Montreal
GenericMember wrote: You ask a few months ago if sub 2% is possible and everyone will tell you no. Now that we get as low as 1.7%, asking if possible to hit 1.5%, no one is going to say no. The possibility is there.. It's whether you want to gamble.
I'm gonna hustle hard! Thanks for the motivation!!!
Newbie
Oct 4, 2019
14 posts
1 upvote
Just bought a new home, and looking around for the best rate. Posted on the official mortgage rate thread and was told that it was possible to get 1.84-1.89 5-year fixed but I was told by an RBC mortgage guy yesterday that he could offer me 1.9 for variable and 2.1 for fixed (its a large mortgage, with 20% down). And I'm reading on here that its possible to do in the 1.7s ... should I deal with another rep?
Deal Addict
User avatar
Jul 16, 2012
1259 posts
779 upvotes
Vancouver, BC Canada
diamondsRconfusing wrote: Just bought a new home, and looking around for the best rate. Posted on the official mortgage rate thread and was told that it was possible to get 1.84-1.89 5-year fixed but I was told by an RBC mortgage guy yesterday that he could offer me 1.9 for variable and 2.1 for fixed (its a large mortgage, with 20% down). And I'm reading on here that its possible to do in the 1.7s ... should I deal with another rep?
Not sure if another rep would make a difference they seem pretty unspectacular to me our new mortgage was 250K with 60% down offered 2.09% 5yr fixed.
Member
Jul 16, 2019
471 posts
259 upvotes
canucks4life wrote: Not sure if another rep would make a difference they seem pretty unspectacular to me our new mortgage was 250K with 60% down offered 2.09% 5yr fixed.
I got offered 1.95% 5 yr fixed closed and 1.85% variable closed. This is for on-line renewal today. I will be talking to a mtg specialist at RBC this week to push this lower.
You need to speak to RBC mtg specialist not the bank financial advisors.
Deal Addict
User avatar
Jul 16, 2012
1259 posts
779 upvotes
Vancouver, BC Canada
vernonco wrote: I got offered 1.95% 5 yr fixed closed and 1.85% variable closed. This is for on-line renewal today. I will be talking to a mtg specialist at RBC this week to push this lower.
You need to speak to RBC mtg specialist not the bank financial advisors.
That is who we've been dealing with a long time RBC mortgage specialist.

Anyways as long as our break penalty doesn't go crazy at that rate before closing we're okay with it.
Newbie
Jul 21, 2017
95 posts
22 upvotes
Experts - I am looking for my mortgage renewal and wondering whether to go with 'variable' or 'fixed' rate as the difference between two is only around 0.1 % . at the moment ?

If I look at the this difference ,answer is clear that I should go with 'fixed' rather than 'variable' however with 2nd wave of covid in the pipeline , wondering whether interest rate may fall further (policy rate and prime rate) and I may get even lower rate than today's rate?

Whats your take on this ?
Member
User avatar
Jul 6, 2008
418 posts
63 upvotes
Montreal
What does "Only through mortgage rep" mean ? In other words, I canNOT just call RBC and tell them I want to renew my mortgage ?

I have to find an agent where HE contacts RBC?
Member
User avatar
Jul 6, 2008
418 posts
63 upvotes
Montreal
aaleemm wrote: Experts - I am looking for my mortgage renewal and wondering whether to go with 'variable' or 'fixed' rate as the difference between two is only around 0.1 % . at the moment ?

If I look at the this difference ,answer is clear that I should go with 'fixed' rather than 'variable' however with 2nd wave of covid in the pipeline , wondering whether interest rate may fall further (policy rate and prime rate) and I may get even lower rate than today's rate?

Whats your take on this ?
If it was this easy to time to market, we'd all be rich.
Deal Addict
Aug 5, 2015
2073 posts
1361 upvotes
Montreal, QC
aaleemm wrote: Experts - I am looking for my mortgage renewal and wondering whether to go with 'variable' or 'fixed' rate as the difference between two is only around 0.1 % . at the moment ?

If I look at the this difference ,answer is clear that I should go with 'fixed' rather than 'variable' however with 2nd wave of covid in the pipeline , wondering whether interest rate may fall further (policy rate and prime rate) and I may get even lower rate than today's rate?

Whats your take on this ?
I'm not expert but the odds of the benchmark rate going to 0% from 0.25% are very low (but of course not impossible) but what's important here is the discount you'd get from Prime, a lower Prime rate doesn't always translate to lower variable rates for new mortgage terms. The only *almost* certain thing when Prime is lowered is that existing variable terms will get lowered (when banks pass the savings).

Also, in case of a second wave (very probable) you might get some credit crunch which would make financing for banks more expensive thus pushing fixed rates higher.

The market is highly complex and no one can really predict where rates will sit in the future. I think the only thing we can safely agree with is that rates will still be very low historically through the next 2-3 years at the minimum.
Happy Koodo Public Mobile customer :-)
Newbie
Sep 7, 2009
29 posts
21 upvotes
anyone has a good mortgage specialist from RBC Ottawa they can refer me to?

somehow when i set up call with them to renew my mortgage, 3 of them just ghosted me.. promise call back / email but never does.. :S
Member
Jul 16, 2019
471 posts
259 upvotes
Heard from a RBC rep that there is rumor of a impending RBC rate drop by the end of this month. Take it for what it's worth.
Newbie
Aug 12, 2018
40 posts
20 upvotes
vernonco wrote: Heard from a RBC rep that there is rumor of a impending RBC rate drop by the end of this month. Take it for what it's worth.
Really? did they mention any specific date or % drop?
Member
Jul 16, 2019
471 posts
259 upvotes
WaleedS4429 wrote: Really? did they mention any specific date or % drop?
No percentage but said end Sept. My renewal is first week of Oct, so negotiating. They do not want to match the rate I quoted and the comment about 'possible' rate drop was more along the lines of if I wait, matching might be easier if RBC drops the rates. They do not want to match HSBC but will match big 4 banks.

Top

Thread Information

There are currently 2 users viewing this thread. (1 member and 1 guest)

vinothans