“(The) 2.99 per cent five-year fixed rates just re-appeared,” Ron Butler of Verico Butler Mortgage told MortgageBrokerNews.ca. “Must close in 60 days; otherwise a very normal product in terms of pre-payment and penalty.”
The news comes on the heels of a number of major banks jockeying for competitive advantage by lowering their own, though none came close to falling below the three per cent mark.
At the time of publication, only Verico Butler and Advent Mortgage Services offer a five-year rate below three per cent, with Scotia Bank’s -- the best major bank rate -- sitting at 3.49 per cent, according to RateSupermarket.ca. And for his part, Butler is staying mum about the lender backing the rate.
Of course, the Bank of Montreal made headlines in 2012 with its “2.99 no-friller” that is widely considered to be the catalyst for record-low mortgage rates Canadian homebuyers have enjoyed for over a year.
It remains to be seen whether any other brokers – or big banks – will follow the lead and cut their own rates.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Labelle, Tolstoi, Cornwallis Park, Parry Sound, Minton