Prime rate drops 0.15% to 2.85% - Best 5-year fixed Mortgage Rates

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:

5-year rate

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