Canadian bank now offering mortgage rate of under 1%

HSBC posted on Friday the availability of a variable rate of 0.99% over a five-year closed term, which is being offered to high-ratio, insured mortgages with a down payment of under 20% of the purchase price of the home.

Canadian bank now offering mortgage rate of under 1%

HSBC posted on Friday the availability of a variable rate of 0.99% over a five-year closed term, which is being offered to high-ratio, insured mortgages with a down payment of under 20% of the purchase price of the home. The provided annual percentage rate is based on a $200,000 mortgage.

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Mortgages: The Interest Rate Debate

When it comes to getting a mortgage, there are a lot of common questions that potential mortgage holders have such as “what is your interest rate?” and “what is the monthly payment?”.

Mortgages: The Interest Rate Debate

When it comes to getting a mortgage, there are a lot of common questions that potential mortgage holders have such as “what is your interest rate?” and “what is the monthly payment?”. While it can be easy to think that these are the only two questions that matter, there is actually a lot mor…

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Mortgage qualifying rate remains below five percent

It was the second time The Bank reduced the qualifying rate in the last three months, the most recent in May when the rate changed from 5.04 percent to 4.94 percent.

Mortgage qualifying rate remains below five percent

“Over the last few years, rule changes have made it harder for Canadians to qualify, so the recent reductions in the benchmark qualifying rate is welcome news for first-time home buyers hoping to enter the housing market,” says James Laird, co-founder of Ratehub.ca and president of CanWise Finan…

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Bank of Canada cuts benchmark mortgage rate to lowest level in three years

The central bank in May had trimmed the rate to 4.94 per cent from 5.04 per cent.

Bank of Canada cuts benchmark mortgage rate to lowest level in three years

The Big Six banks had already cut their advertised five-year fixed mortgage rates to the same level, though some special offers reduce rates to as little as 2.19 per cent.

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Canadian Personal HELOC Growth Rate Nearly Triples In A Month

Canadians are back to using their homes as ATMs.

Canadian Personal HELOC Growth Rate Nearly Triples In A Month

Canadians are back to using their homes as ATMs. At least they were, during the first month of the pandemic. Office of the Superintendent of Financial Institutions (OSFI) filings show the balance of loans secured by home equity reached a new high in March. The record is less surprising than the annu…

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Latest in Mortgage News: Stress Test Rate to Drop

Both RBC and BMO cut a number of their posted mortgage rates this week, which should cause the mortgage stress test to fall from 5.04% to 4.99%, according to RateSpy.com.

Latest in Mortgage News: Stress Test Rate to Drop

“It’ll mark the first time since January 2018 (when OSFI’s stress test began) that this benchmark rate has been under 5%,” the site noted. “And, if one more bank matches BMO’s and RBC’s 4.94%, it could drop another 5 basis points.”

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