mortgage rate press releases

We provide daily updated press releases from all Canadian banks and lenders updating mortgage products and rates to ensure you are up to date on the ever changing financial markets in Canada.

Mortgage Rate Updates

Stay up-to-date on all mortgage rate changes in Canada.

Bank of Canada lowers overnight rate target to 3/4 per cent

Bank of Canada lowers overnight rate target to 3/4 per cent

The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 per cent. This decision is in response to the recent sharp drop in oil prices, which will be negative for growth and underlying inflation in Canada.

January 21, 2015

Scotiabank Slightly Increases Fixed Rates

Scotiabank Slightly Increases Fixed Rates

Scotiabank announced a 5 basis point increase on their 2, 4, and 5 year fixed rate products today increasing from 2.64% to 2.69%, 2.84% to 2.89%, and 2.94% to 2.99%. All other rates and terms will remain the same.

October 10, 2014

Street Capital Introduces 5 Year Quick Close

Street Capital Introduces 5 Year Quick Close

Street Capital Financial announces a 5 year fixed rate 45 day quick close product to 2.89%. This product is a 5 year fixed term that features a 45 day rate hold with full pre-payment privileges and is available on both insured and conventional mortgages.

October 10, 2014

First National 3/19 ARM Promo

First National 3/19 ARM Promo

First National Financial is now offering a 3/19 ARM product promo with a maturity date of March 1, 2019. Available for insured and conventional mortgages, 120 commitment period, full prepayment privleges, no pre-approvals.

October 8, 2014

MCAP Drops 5 Year Variable Rate

MCAP Drops 5 Year Variable Rate

MCAP has dropped their 5 year variable rate mortgage product by 5 basis points from prime minus .60% to prime minus .65% equal to an industry leading 2.35%. This rate is available with all products.

October 3, 2014

First National Increases 2 and 4 Year Fixed Rates

First National Increases 2 and 4 Year Fixed Rates

First National Financial has followed TD's lead as they announced increased mortgage rates on their 2 and 4 year fixed rate products. The 2 year special is up from 2.34% to 2.59%. The 4 year fixed increased from 2.77% to 2.89%.

September 17, 2014

Scotiabank Drops 5 Year Fixed Rate

Scotiabank Drops 5 Year Fixed Rate

Scotiabank announced a 5 basis point drop on their 5 year fixed rate product today from 2.99% to 2.94%. All other rates and terms will remain the same.

September 16, 2014

TD Increases 2, 4 and 5 Year Fixed Rates

TD Increases 2, 4 and 5 Year Fixed Rates

TD Canada Trust has increased mortgage rates on their 2, 4 and 5 year fixed rate products. The 2 year special is up from 2.34% to 2.59%. The 4 year fixed increased from 2.77% to 2.89% and the 5 year fixed rate incrased from 2.99% to 3.04%.

September 15, 2014

Bank of Canada maintains overnight rate target at 1 per cent

Bank of Canada maintains overnight rate target at 1 per cent

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. Inflation is close to the 2 per cent target and is evolving as the Bank anticipated in its July report.

September 3, 2014

MCAP Increases Rates on 5 year Fixed and Variable

MCAP Increases Rates on 5 year Fixed and Variable

MCAP has increased rates on their 5 year fixed and 5 year variable rate mortgage products by 5 basis points from 2.89% to 2.94% and prime minus .65% to prime minus .60%.

August 22, 2014

TD Drops 2 Year Fixed Rate

TD Drops 2 Year Fixed Rate

TD Canada Trust has dropped its 2 year fixed mortgage rate to 2.34% and matches First National for the lowest 2 year fixed rate on the market.

August 21, 2014

First National Drops 2 Year Fixed Rate

First National Drops 2 Year Fixed Rate

First National Financial announces a rate drop on their 2 year fixed rate to an industry leading 2.34%. This product offers all standard features including pre-approvals and full pre-payment privileges.

August 21, 2014

Merix Financial Drops 5 Year to 2.89%

Merix Financial Drops 5 Year to 2.89%

Merix Financial is now offering a 5 year fixed rate at 2.89% throught their Lendwise division. This is a quick close special with a 30 day rate hold only and mortgage must be insured to qualify.

August 20, 2014

First National Variable Rate Summer Promotion

First National Variable Rate Summer Promotion

First National Financial is offering a variable rate at prime minus .60% equal to 2.40% today with a maturity date of March 1, 2019. This product features a 120 day rate hold but no pre-approvals, full pre-payment privileges and only available on primary residence.

August 12, 2014

Street Capital Drops 5 Year to 2.89%

Street Capital Drops 5 Year Fixed Mortgage Rate to 2.89%

Street Capital Financial announces a rate drop on their 5 year fixed rate to 2.89%. This product is a 5 year fixed term that features a 45 day rate hold with full pre-payment privileges and is available on both insured and conventional mortgages.

August 18, 2014

First National Drops 3 and 5 Year Fixed Rates

First National Drops 3 and 5 Year Fixed Rates

First National Financial announces a rate drop on their 3 year fixed rate to an industry leading 2.69% and also a 10 basis point drop on their option 90 5 year fixed product to 2.89%. The Option 90 product features a limited 90 day rate hold and full pre-payment privileges but does not allow porting or refinancing

August 12, 2014

MCAP Drops 1 Year Fixed and Adds Value Products

MCAP Drops 1 Year Fixed and Adds Value Products

MCAP has dropped their 1 year fixed mortgage rate to 2.89%. They have also added a 5 year fixed at 2.89% and 5 year variable at 2.35% as their new value-flex mortgage products. These products come with full features but can only be refinanced with MCAP or with sale of the property.

July 30, 2014

National Bank Lowers 5 Year Rate

National Bank 45 Day Quick Close Moves to 2.99%

National Bank has dropped the mortgage rate on their 5 year fixed 45 day quick close product. This rate special is only available for purchases and refinances and no pre-approval rate holds are permitted. These changes are effective immediately July 25th, 2014.

July 25, 2014

MCAP Drops 5 Year Fixed and Variable Rates

MCAP Drops 5 Year Fixed and Variable Rates

MCAP has dropped mortgage rates on their 5 year fixed to 2.99% and 5 year variable rate mortgage to prime minus .60% for high ratio and conventional products. Products provide full pre-payment privileges and pre-approvals.

July 7, 2014

Merix Financial Drops 4 Year to 2.84% and 5 Year to 2.97%

Merix Financial Drops 4 Year to 2.84% and 5 Year to 2.97%

Merix Financial is now offering a 4 year fixed rate at 2.84% with a 45 day rate hold on insured business only. The 5 year fixed term rate special at 2.97% offers a full 120 rate hold period 90 day rate hold and full pre-payment privileges but is limited to high ratio mortgages only.

June 2, 2014

First National Drops 4 Year to 2.77%

First National Drops 4 Year Fixed Mortgage Rate to 2.77%

First National Financial announces a rate drop on their 4 year fixed rate to an industry leading 2.77%. This product features a full 120 day rate hold and full pre-payment privileges and is available on both insured and conventional mortgages.

May 29, 2014

Street Capital Drops 5 Year to 2.99%

Street Capital Drops 5 Year Fixed Mortgage Rate to 2.99%

Street Capital Financial announces a rate drop on their 5 year fixed rate to 2.99%. This product is a 5 year fixed term that features a 45 day rate hold with full pre-payment privileges and is available on both insured and conventional mortgages.

May 28, 2014

First National Drops 5 Year to 2.99%

First National Drops 5 Year Fixed Mortgage Rate to 2.99%

First National Financial announces a rate drop on their 5 year fixed rate option 90 product to 2.99%. The Option 90 product is a 5 year fixed term that features a 90 day rate hold and full pre-payment privileges but does not allow porting or refinancing.

April 22, 2014

CIBC 4 Year Fixed Mortgage Rate Special

CIBC 4 Year Fixed Mortgage Rate Special

CIBC is offering a 4 year fixed mortgage rate special at 2.97%, this rate is just .10% shy of the industry leading 2.87% currently available. This product allows 10% lump sum payments and double up payments at anytime during your term.

April 18, 2014

ATB Financial Lowers 4 and 5 year Fixed Rates

ATB Financial Lowers 4 and 5 year Fixed Rates

ATB Financial has dropped mortgage rates on their 4 and 5 year fixed term products. The 4 year fixed term has dropped .35% to 3.04%, the 5 year fixed term has dropped .10% to 3.29%. These changes are effective immediately.

April 18, 2014

National Bank Lowers Mortgage Rates

National Bank of Canada Lowers Mortgage Rates

National Bank has dropped mortgage rates on their 3 and 4 year fixed term products and also their 5 year variable product. The 3 year fixed term has dropped .10% to 2.79%, the 4 year fixed term has dropped .05% to 2.99%, and the 5 year variable product has dropped .05% to 2.55%. These changes are effective immediately Friday March 28, 2014.

March 28, 2014

BMO 5 Year Mortgage Rate Drops

Bank of Montreal Drops 5 Year Fixed Mortgage Rate to 2.99%

BMO moved the five year fixed mortgage rate to 2.99%, a massive 50 basis point cut from 3.49%. BMO has a history of starting the spring rate wars and took heavy criticism in past years from former Finance Minister Jim Flaherty. New Finance Minister Joe Oliver warned Thursday that he is monitoring the mortgage market closely so we will see how he chooses to handle this.

March 27, 2014

TD Drops Mortgage Rates

TD Canada Trust Drops Mortgages Rates

TD Canada Trust has dropped its residential mortgage interest rates effective March 25, 2014 for the 4 and 5 year fixed term products. The four year fixed mortgage rate drops to an industry leading 2.87% and the five year fixed rate will move to 3.09%. Contact a mortgage broker to access TD's lowest mortgage rates.

March 25, 2014