The big banks cut their prime lending rates by 0.15 of a percentage point to 2.85 per cent. This after The Bank of Canada cut the overnight rate by a 0.25% to 0.75%.
So a five-year fixed mortgage posted rate is 4.79 to 4.84 per cent at several big banks - most borrowers can negotiate and pay considerably less than these posted rates. For even better 5 year fixed rates consider the following:
2.69% CanWise Financial, No pre-approval, 20% Lump Sum Pre-payments
2.74% Mortgage Alliance Company of Canada, No pre-approval, 20% Lump Sum Pre-pay
2.79% Key Mortgage Partners Dominion Lending Centres, No pre-appr., 20% Lump Sum Pre-pay