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This is my last mortgage rate note before we reset the calendar. It seems like just yesterday that we entered last January with high hopes for more rate relief.
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What we saw was industry-leading pricing tumbling:
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- 50 basis points on popular three-year fixed terms;
- 30 basis points for the venerable five-year fixed;
- 85 basis points for variable mortgages.
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Every little bit counts, and despite the run-up in bond yields lately, a few default-insured rates still begin with a three. For example, look to national leaders such as:
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- Nesto Inc.’s five-year variable at 3.45 per cent;
- Citadel Mortgages’ 3.89 per cent five-year fixed;
- Alterna Bank’s 3.94 per cent three-year fixed;
- True North Mortgage Inc.’s 3.79 per cent two-year fixed.
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Well-qualified uninsured borrowers will pay the usual 10-to-30-basis-point premium for the privilege of not having to purchase default insurance.
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Not to be outdone, regional players have even bigger discounts in some cases, including:
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- B.C.’s Coast Capital Savings Credit Union with its 3.84 per cent uninsured three-year fixed;
- Coast Capital’s 3.94 per cent uninsured five-year fixed;
- Ontario’s Ratebuzz with a 3.69 per cent insured five-year fixed;
- Ratebuzz’s 3.39 per cent insured five-year variable;
- Butler Mortgage Inc.’s 3.64 per cent insured three-year fixed;
- Manitoba’s Access Credit Union Ltd.’s 3.45 per cent uninsured five-year variable.
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As for the prime rate, it remains parked in a long-term holding pattern, and the next Bank of Canada meeting on Jan. 28 likely won’t change that.
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Robert McLister is a mortgage strategist, interest rate analyst and editor of MortgageLogic.news. You can follow him on X at @RobMcLister.
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For the best national insured and uninsured mortgage rates, updated daily, please visit our mortgage rate page here.
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