A look at this week’s lowest available mortgage rates on fixed and variable terms and HELOCs
borrowers shouldn’t plan on rate cuts for at least 12 to 18 months from today. If it happens sooner, borrowers should consider themselves lucky – very lucky.
Default-insured borrowers saw fixed rates sink as much as 30 basis points on some terms this week. The lowest rates on one-year to five-year insured terms are now all below 5 per cent again, thanks partly to competitive discounters such as QuestMortgage. Unfortunately, the news was less cheery for uninsured borrowers. Unlike insured rates, which benefit from liquid government-backed securitization, uninsured rates are dominated by big deposit-taking lenders – mostly large banks. Those lenders have stuck together like a pack with few breaking ranks to offer consumers better deals. In fact, not one of the lowest uninsured rates dropped this past week, and a few actually rose.
As far as term selection goes, as long as people continue to expect falling rates in the next 12 to 18 months, a higher-than-normal share ofUninsured short-term rates may not get much better than today, however – until the bond market thinks rate cuts are more imminent.As of Thursday Dec. 8 , these are the lowest nationally available mortgage rates in Canada, from providers that advertise rates online and lend in at least nine provinces.
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