While many people believe that the major five banks in Canada post in-and-around the same mortgage rates, this is simply not always the case. They do not all offer the “same” mortgage rates, as each bank has different lending factors, and factors like market policy, market share, and good old-fashioned competition, come into play. Plus, all five do provide “special” or “bonus” rate offers, during the year.
Therefore, it is vital to “shop around” when looking for a rate, whether you want to refinance, renew, or gain access to a new mortgage. The first thing you want to do is approach the financial institution you bank with, as being a loyal customer can often help with mortgage rate negotiation, as there is often some leeway here.
Research mortgage interest rates at all lending institutions. Sometimes, choosing a different bank than the one with whom you conduct day-to-day business can help you secure a better rate. Reducing your mortgage rate by 0.5% or even 0.25% can yield long-term savings over the lifetime of your mortgage.
Below are the different mortgage rates offered by the five major Canadian banks for November 2020.
RBC Mortgage Rates
RBC offers popular switch and purchase rates when it comes to variable and fixed closed-term mortgages this month. For a 2-year closed fixed, the special interest rate offered is 2.090%, while the 5-year closed fixed is at 2.220%, and a 7-year closed fixed rate is at 3.040%.
Meanwhile, a 5-year variable stands at RBC Prime Rate – 0.350% (2.100%). These reflect mortgages with an amortization period of fewer than 25 years.
View more information about RBC’s mortgage rates, or call 1-800-769-2511.
TD Mortgage Rates
For November, TD Bank offers special rates for a 3-year and 5-year fixed closed mortgage, with both at 2.14%. Meanwhile, the special rate for both a 5-year variable closed, and a 5-year fixed closed high-ration mortgage are both set at 1.97%.
Like most banks, TD provides a wide variety of mortgage rate terms to suit the needs of every borrower. These range from fixed and variable, to a 6-month convertible mortgage rate, as well as a one-year open; it may be more about the term you want, along with the specialized rate offered.
View all of TD’s mortgage rates, or you can call them at 1-800-722-3098 for more information.
CIBC Mortgage Rates
CIBC’s featured rates for this month are competitive. They offer 1.93% on a 5-year fixed high-ratio mortgage, 2.10% on a 5-year term, 2.53% on a 7-year term, and 1.88% on a 5-year variable flex. It is important to note that CIBC’s prime rate as of this writing is 2.45%. The bank is also promoting a mortgage cash-back special of up to $3,000 if you switch your mortgage to CIBC. If you are up for renewal, this may be worth looking into.
For more information, visit CIBC Mortgage Rates or call 1-866-525-8622.
BMO Mortgage Rates
BMO’s special mortgage rates for November focus (for the most part) on fixed terms with an amortization of 25 years or less. A 3-year BMO fixed mortgage will get you a special rate of 2.14%, while a 5-year smart fixed gets a rate of 2.19%. BMO also offers a 5-year smart fixed rate on default insured mortgages of 1.97% and a 5-year variable (with an amortization of 25 years or less) for 2.07%.
As of this writing, BMO’s Prime mortgage rate is 2.450%.
Visit BMO’s mortgage rates for more details, or you can call them at 1-877-225-5266.
Scotiabank Mortgage Rates
Scotiabank reminds clients that there is more to a mortgage than just a good interest rate, and with the guidance of the bank’s mortgage specialists, they can help clients determine whether they want an open or closed mortgage and if fixed or variable is the right choice depending on lifestyle, and other financial factors. In many ways, valued advice can save you money too.
While there are no “special” rates or mortgage offers this month with Scotiabank, their posted rates offer 3.35% on a variable mortgage, 3-year closed term, while a variable closed 5-year term hits 2.650%. A fixed closed 3-year mortgage is 3.790%, and a 5-year fixed closed is 4.790%. Their short-term 6-month open option provides a mortgage rate of 5.750%.
View more information about Scotiabank’s mortgage rates, or call 1-877-303-8879.