LID
Active VIP Member
Getting 1.59 at Scotia for 4 years
Negative interest rates ?
- Thread starter pfi572
- Start date
SHREK1
Active VIP Member
Unbelievable rates, some good wins for some for sure.
Now I feel less good about getting 1.99% variable in July, but happy as my primary house is coming up in April for renewal and it's my biggest mortgage. A five year fixed at like 1.7%-1.8% would be amazing. It's got me thinking about trying to buy another rental, but not sure now is a good time.
firstdoo
Active VIP Member
Here it is. HSBC offers mortgage rate below one per centHSBC says it will offer rates below one per cent for some mortgages, which rate comparison website RateSpy.com says is a record low for Canada.
https://www.ctvnews.ca/business/hsbc-offers-mortgage-rate-below-one-per-cent-1.5217548
Dawizman
Active VIP Member
Crazy. I just locked in another 4 years at 1.65 and I thought that was a steal of a deal.
Time to renew, RBC right off the batt offering 2.02% 5 year fixed, 1.84% 4 year fixed, or 1.65% 5 year variable. Just hit 120 days to renewal so I could wait, but i'm at 2.69% so renewing 4 months early at 1% less actually works out to thousands in interest. Figured i'd go fixed but that variable is low. I don't think it's likely i'll have this one in 5 years, going to put it up for sale in the spring so i'm expecting maybe 1-2 years tops, but if prices stay in the crapper with rates this low not as motivated to sell.
I sure hope you don’t take that high rate offer , much better rates than those out there at least to use in negotiation
LID
Active VIP Member
Scotia has 1.6 for 4 years
Just came out 3 weeks ago
Just came out 3 weeks ago
Dawizman
Active VIP Member
I signed a 5 year fixed with TD at 1.69% a month ago. I was 120 days out as well, and saved a ton by doing so. Kept my payments the same (was locked in at 4.09 for the last 5 on a cash back) so i knocked like 5 years off my mortgage.
Nope I found when I renewed my rental in July that they are willing to deal. Although I can threaten to go elsewhere, I have to renew with them i'd never qualify elsewhere right now.
I'd take 1.69% fixed for 5 years though, that's insane. Although if the 4 year was 0.2% better i'd go for that instead.
Cableguy
Active VIP Member
Well RBC won't budge, won't match any rates unless I have a offer for it in writing. Surprised how it changed since July even. I know I can't get approved elsewhere right now so no choice but to renew with them as self-employed gets screwed. The 1.65% 5 year variable is very good, I just kind of like the idea of a fixed especially if it's almost as good.
mclean
Active VIP Member
I had to renew in June and the rates went down a little and then back up to 2.8ish. I waited until the last couple days before I HAD to renew in June and could only get 2.69 with ATB. Sucks because a month or 2 later, they dropped sub 2% and I can't get it now.
Yea the timing is funny, I renewed another end of July 5 year variable 1.99% with RBC, I waited until last minute hoping they'd go even lower, sucks how much more they've dropped since. I'm at 2.69% currently with this one, so early renewal saves me a fair bit of interest. I can't really see rates dropping much if any more, but maybe specific banks having a special to compete on certain terms. I think they've realized most people can't, or won't more elsewhere so they have no desire to rate match. I seen CIBC has a special of 1.49% for 4 year fixed. I would take that in a heartbeat if I could.
ABMax24
Active VIP Member
Anyone renew their mortgages lately? What are you seeing for rates? Ours is up April 1 and we are now eligible to renew early, we are currently at 2.69% on a 5 year fixed at Scotiabank, current offer with them is 2.00% for another 5 years. 5 year variable is currently 1.17%, but I'm not convinced the prime rate will stay low over the next 5 years.
Don't think variable is the way to go right now, TD just raised fixed rates .2% others may follow. I renewed my last a 1.55% variable but that was back in jan so it still made sense. Probably best to lock in 5 year fixed at 2% as soon as it's available without penalty, can't see it going lower. I have one up for renewal mid 2023 and plan to renew early sometimes around jan-mar to beat the rate increases.
Caper11
Active VIP Member
You need to see where the cap interest rate on a variable is. I did one once, never again.
Looks like the rates are on the rise from some of the posts.
Looks like the rates are on the rise from some of the posts.
ABMax24
Active VIP Member
From what I can see within 6 months we can renew without penalty at ScotiaBank, I'll see if I can get into the bank tomorrow and deal with it, the 2.00% rate is the current online offer on my account, maybe its different at the branch.
ABMax24
Active VIP Member
I don't see myself going for the variable rate, the current rate is tempting, but I like the security of having the same payment for the next 5 years again. Like you I know a few people that have went variable and also said never again, including one that got caught with rate spikes in the 80's.
Never dealt with Scotia but i've found they offer the best rate upfront and won't budge unless you have better offer on a commitment letter from someone else. You could get them to hold the rate also if you think they might go down, but at the same time you're paying extra interest each month by not renewing early.
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