Last week RBC made headlines about lowering their mortgage rates. The other big banks followed shortly after. The funny thing is the mortgage rates they began offering were still above what we we’ve been publishing since the beginning of January. Here’s our Verico mortgage rate update comparing the Big 6 Bank and Credit Unions 5yr fixed rates along with the best Verico Paragon Pacific mortgage rates for January 26th, 2014.
5 yr Fixed Rate Mortgage Big 6 Bank Comparison
Bank of Montreal – 3.69% (Warning: Low rate no-frills)
TD Canada Trust – 3.69%
RBC Royal Bank – 3.69%
CIBC – 3.69%
Scotiabank – 3.49%
National Bank – 5.34%
5 yr Fixed Rate Mortgage Vancouver Credit Union Comparison
Vancity Credit Union – 3.55%
Coast Capital Savings – 3.65%
Westminster Savings – 3.65%
What are today’s Verico mortgage rates?
[table id=1 /]Lock in Your Rate
Lowest 5 Year Fixed Rate is 3.19%
The lowest 5 year fixed rate mortgage is 3.19%. Please contact us for more info on this low rate offer.
Best 5 Year Variable Rate is 2.35%
The best 5 year variable rate is Prime minus .65%. Variable rates are now coming back into favour since fixed rates have increased. As long as you can qualify using the Benchmark Qualifying Rate this is a good option. My suggestion to those that want a Variable rate mortgage is to set their payments to match the five year fixed rate and you will not only pay off your mortgage faster but also cushion yourself from any Bank of Canada rate increases.
Questions about Mortgage rates?
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