0.95 per cent mortgage offered
October 7, 2021
CIBC has lowered its special-offer uninsured 5-year fixed rate mortgage further by taking it down another 15 basis points (bps) on September 24 to 2.24 per cent. It also chopped its insured 5-year fixed mortgage to 1.99 per cent.
HSBC Canada also lowered several of its advertised five-year fixed rates. The bank cut its insured 5-year fixed by 10 bps bringing it to 1.89 per cent, and its uninsured 5-year fixed by 5 bps to 2.19 per cent. HSBC also offers a 5-year variable rate mortgage at 0.99 per cent.
RBC Royal Bank had earlier cut its uninsured 5-year fixed rate by 25 basis points to 2.19 per cent, according to RateSpy.com.
But the lowest 5-year mortgage rate available in Canada as of October 1, according to RateSpy.com, was a 0.95 per cent offer from Citadel Mortgage for a variable rate mortgage on loans of at least $300,000.