WOW - Emergency Bank of Canada Announcement - another 0.50% DROP

[kenny]

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So are banks just making bank off this? Doesn't seem like there's been any change to Mortgage prime?

RBC is the only one that has dropped their rates after the second BOC rate cut. Others will probably follow suit now.

[TimLacroix]

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RBC is the only one that has dropped their rates after the second BOC rate cut. Others will probably follow suit now.

Yes you are correct... just saw the announcement... which means more announcement to follow.

RBC Decreases Prime to 2.95% (tonight March 17)

[The_Rural_Juror]

What's the longest term fixed closed rate that you offer? It's tempting.

[TimLacroix]

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What's the longest term fixed closed rate that you offer? It's tempting.

Yes, the next terms to consider is 7-years or 10-years.

[2020]

Holy smokes, I’ve been going back and forth with first national bank on my renewal thats due in June and they have offered 2.29% on a 5yr fixed mortgage. I fell like I should upgrade to a bigger house in my community.

[ExtraSlow]

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Holy smokes, I’ve been going back and forth with first national bank on my renewal thats due in June and they have offered 2.29% on a 5yr fixed mortgage. I fell like I should upgrade to a bigger house in my community.

If they offered that up front, you can probably negotiate another 0.05% discount. Then move to aspen!

[dirtsniffer]

@TimLacroix Have you seen anything from MCAP regarding this second drop?

[TimLacroix]

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@TimLacroix Have you seen anything from MCAP regarding this second drop?

Not yet but many lenders have made the adjustments to Prime - 2.95%. For most, this will be reflected in the April payments/ statements.

[Disoblige]

I remember we saw 2.99% 5 year and 3.49 or 3.99 10 year fixed at the last downturn and people were locking it in thinking it was great deal.

Wonder if we see 1.99% 5 year and 2.49 10 year fixed this time around

[TimLacroix]

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I remember we saw 2.99% 5 year and 3.49 or 3.99 10 year fixed at the last downturn and people were locking it in thinking it was great deal.

Wonder if we see 1.99% 5 year and 2.49 10 year fixed this time around

Bond market is up a little this week and we are seeing slight rate increases to the fixed.
10-year currently 2.99%
7-year currently 2.89%

Variable rate discounts are shrinking... the -1.00% will likely be gone this week or next.

[JRSC00LUDE]

I got my approval back today, managed to snag a refi at prime minus 0.75 so I'm reasonably happy. My one question is why does TD have a "mortgage prime" that's higher than prime? Makes the deal slightly less good but, still better than anything else that was out there last week. I think I'd be silly not to take it.

[Brent.ff]

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My one question is why does TD have a "mortgage prime" that's higher than prime? .

Because we still go with them, and its pure profit

[JRSC00LUDE]

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Because we still go with them, and its pure profit

Likely the best answer as that's exactly what I did. But it made sense.....those dicks.

[ExtraSlow]

All the big banks are shitbags.

[JRSC00LUDE]

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All the big banks are shitbags.

Not if you're holding stocks and getting that dividend, it's like the "cash back" from Coop hahaha

[sabad66]

My lender offered me 2.39% on a 5 year fixed or prime minus 1.05 (based on today would be 1.9%) on variable for a renewal.

Anything better out there that anyone has heard of or should i take one of these and run?

[ExtraSlow]

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Not if you're holding stocks and getting that dividend, it's like the "cash back" from Coop hahaha

Yes, they are a good investment. I agree.

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My lender offered me 2.39% on a 5 year fixed or prime minus 1.05 (based on today would be 1.9%) on variable for a renewal.

Anything better out there that anyone has heard of or should i take one of these and run?

Variable at 1.9% today is best I've heard of.

[sabad66]

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Yes, they are a good investment. I agree.

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Variable at 1.9% today is best I've heard of.

for the first time in my life i'm seriously considering variable. I can't see rates going up for at least a year (and then i would convert it to fixed), but just not sure what fixed would be at that time and don't want to miss out on this amazing 2.39 that i could lock in for 5. hmmmmmmm decisions.

[JRSC00LUDE]

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My lender offered me 2.39% on a 5 year fixed or prime minus 1.05 (based on today would be 1.9%) on variable for a renewal.

Anything better out there that anyone has heard of or should i take one of these and run?

Who is that with? I didn't get the prime minus 1 offering because I did a re-fi, what I got was the best option at the time but I haven't signed the papers yet today......

[Brent.ff]

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for the first time in my life i'm seriously considering variable. I can't see rates going up for at least a year (and then i would convert it to fixed), but just not sure what fixed would be at that time and don't want to miss out on this amazing 2.39 that i could lock in for 5. hmmmmmmm decisions.

that's where im at. I'm on another 4 years of variable - 1.05 (at TD, so -.95)..