There's a sale on fixed mortgage rates and the deals get better if you negotiate
Lenders are having a sale on fixed mortgages — and everyone’s invited.
This week marked fresh two-year lows for multiple nationally-advertised rates. Among them:
Well-qualified borrowers in some provinces can land even sweeter deals through a regional player (see the rate table below), as well as by playing big banks against each other. In some cases, banks are selling for 20 to 40 basis points below the rates they’re advertising.
Those three-year rates above are still your best fixed-mortgage values, assuming: (A) you don’t want to gamble on a floating rate, and (B) you need a mortgage for at least three years.
Three-year mortgages are especially enticing if you get a great deal from a lender offering cash rebates. In that case, the projected effective borrowing cost of a shorter 36-month term can easily outshine all other fixed-rate options.
Meanwhile, for folks who can stomach the chance that inflation rebounds and takes rates higher, variables remain the best bet on paper. That’s assuming interest rates go where bond traders think they’ll go. It would only take a string of unexpectedly inflationary economic reports to wildly change what bond traders “think.”
Robert McLister is a mortgage strategist, interest rate analyst and editor of MortgageLogic.news . You can follow him on X at @RobMcLister .
The rates displayed below are updated by the end of each day and are sourced from the Canadian Mortgage Rate Survey produced by MortgageLogic.news. Postmedia and Imaginative. Online Inc., parent of MortgageLogic.news, are compensated by certain mortgage providers when you click on their links in the charts.
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