Learn more about Canada’s top banks rates, rules and the latest news – read on!
Latest News
Controls on sales practices at Canadian banks ‘insufficient’: watchdog + MORE Mar 21st
Long-awaited report says ‘sharp focus on sales’ increases risk of misselling but finds no evidence of widespread misconduct
.... More »
Will GIC rates keep going up in 2024? Dec 23rd
As Canadians are painfully aware, Canada’s inflation has stubbornly persisted above the Bank of Canada’s (BoC) target rate of 2%. In response, the BoC has repeatedly raised the benchmark interest rate—which sets the pace for banks’ prime rates—since early 2022. While no one can predict wit.... More »
How do mortgage brokers get paid? Feb 18th
Q. Is it typical to pay a mortgage broker fee in advance, and before closing?
My broker is saying that I have to pay cash one week before closing, and that he will pay other persons who are involved. I am confused as to why brokers payment in advance and in cash.
–Adil
A. A mortgage broker can obt.... More »
Want to Switch to Low Interest Credit Cards? Use These Tips Jun 4th
Looking for low-interest credit cards? A credit card that has a high interest rate can quickly lead to higher debt if you’re not careful. But, with a few savvy tips, you can lower your interest rate or transfer to a card with lower interest.
Here’s how to get the best interest rate for your.... More »
United, Iberia airlines pull out of Nigeria; funds blocked Jun 8th
LAGOS, Nigeria – U.S. airline United and Spain’s Iberia are pulling out of Nigeria as the government is urged to release more than $600 million in air ticket sales blocked by the West African nation’s chronic foreign currency shortage.
The International Air Transport Association.... More »
BMO Drops Their 5-Year Fixed Mortgage Rate to 2.79%
– ratesupermarket.ca
Spring is traditionally the most competitive time for mortgage lenders; as warming temperatures tempt prospective buyers from hibernation and into open houses, brokers and banks alike up the ante on rate discounts. When it comes to Canada’s big federally regulated banks, Bank of Montreal has set the bar for the spring season with their headline-making 2.99% rate over the past few years. Now, they’ve done it again with an even better rate: a jaw-dropping 2.79%.
Rate Details
Type: Fixed Closed
Term: 5 Years
Prepayment Privileges: Yes – You can pay up to 10 per cent on top of your monthly payment, and up to 10 per cent annually.
Rate hold: 90 days
Available to those paying less than 20 per cent down: Yes
Ability to port mortgage or switch lenders: No – Borrowers take note, this rate is not transferable, meaning you must stay with BMO for the entirety of your five-year term. While you can refinance your rate early with another BMO product, you cannot do so with another lender until your five-year term is up…
More Spastic Speculation Over the Bank of Canada
– ratesupermarket.ca
To say it has been an eventful year thus far for market and interest rate watchers would be an understatement. Pundits have been blindsided not once, but twice by the Bank of Canada on the direction for our national cost of borrowing… and it’s only March.
To recap: the long-held expectation that the Bank of Canada would hike interest rates this year was turned on its head in January, as our central lender implemented a surprise 0.25 per cent cut to its Overnight Lending Rate in response to lower oil prices. That caused a flurry as banks scrambled to respond with changes to their Prime rates and economists realized oil’s impact was a more urgent cause for concern than thought.
Markets took the BoC’s cautionary stance in stride, and overwhelmingly expected another cut to occur in the March 4th announcement – only to be derailed again by a speech made the week prior by BoC Governor Stephen Poloz, announcing measures taken thus far had been sufficient “insurance” against oil’s downfall…
To recap: the long-held expectation that the Bank of Canada would hike interest rates this year was turned on its head in January, as our central lender implemented a surprise 0.25 per cent cut to its Overnight Lending Rate in response to lower oil prices. That caused a flurry as banks scrambled to respond with changes to their Prime rates and economists realized oil’s impact was a more urgent cause for concern than thought.
Markets took the BoC’s cautionary stance in stride, and overwhelmingly expected another cut to occur in the March 4th announcement – only to be derailed again by a speech made the week prior by BoC Governor Stephen Poloz, announcing measures taken thus far had been sufficient “insurance” against oil’s downfall…
BMO Drops Their 5-Year Fixed Mortgage Rate to 2.79%
– ratesupermarket.ca
Spring is traditionally the most competitive time for mortgage lenders; as warming temperatures tempt prospective buyers from hibernation and into open houses, brokers and banks alike up the ante on rate discounts. When it comes to Canada’s big federally regulated banks, Bank of Montreal has set the bar for the spring season with their headline-making 2.99% rate over the past few years. Now, they’ve done it again with an even better rate: a jaw-dropping 2.79%.
Rate Details
Type: Fixed Closed
Term: 5 Years
Prepayment Privileges: Yes – You can pay up to 10 per cent on top of your monthly payment, and up to 10 per cent annually.
Rate hold: 90 days
Available to those paying less than 20 per cent down: Yes
Ability to port mortgage or switch lenders: No – Borrowers take note, this rate is not transferable, meaning you must stay with BMO for the entirety of your five-year term. While you can refinance your rate early with another BMO product, you cannot do so with another lender until your five-year term is up…
More Spastic Speculation Over the Bank of Canada
– ratesupermarket.ca
To say it has been an eventful year thus far for market and interest rate watchers would be an understatement. Pundits have been blindsided not once, but twice by the Bank of Canada on the direction for our national cost of borrowing… and it’s only March.
To recap: the long-held expectation that the Bank of Canada would hike interest rates this year was turned on its head in January, as our central lender implemented a surprise 0.25 per cent cut to its Overnight Lending Rate in response to lower oil prices. That caused a flurry as banks scrambled to respond with changes to their Prime rates and economists realized oil’s impact was a more urgent cause for concern than thought.
Markets took the BoC’s cautionary stance in stride, and overwhelmingly expected another cut to occur in the March 4th announcement – only to be derailed again by a speech made the week prior by BoC Governor Stephen Poloz, announcing measures taken thus far had been sufficient “insurance” against oil’s downfall…
To recap: the long-held expectation that the Bank of Canada would hike interest rates this year was turned on its head in January, as our central lender implemented a surprise 0.25 per cent cut to its Overnight Lending Rate in response to lower oil prices. That caused a flurry as banks scrambled to respond with changes to their Prime rates and economists realized oil’s impact was a more urgent cause for concern than thought.
Markets took the BoC’s cautionary stance in stride, and overwhelmingly expected another cut to occur in the March 4th announcement – only to be derailed again by a speech made the week prior by BoC Governor Stephen Poloz, announcing measures taken thus far had been sufficient “insurance” against oil’s downfall…
