Houses for sale in Ottawa

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It’s been a downpour of fixed-rate cuts this week as mortgage lenders match plunging bond yields.

Canada’s five-year yield is down an unusual 45 basis points in just three weeks. When yields free-fall this far this fast, big banks take their time in cutting advertised rates. Behind the scenes, however, most are offering rates at least 15 basis points below the nation’s lowest advertised offers.

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Falling money market rates and yields have blessed lenders with fatter profit margins than they’ve seen in months. That means it’s prime time to haggle. Always demand better than a mortgage salesperson’s first offer.

On a five-year variable, for example, the lowest advertised big bank “specials” are 6.15 per cent (default insured) and 6.44 per cent (uninsured). By leveraging the rates below, you can often get them to 5.90 and 6.15 per cent, respectively.

Or better yet, call up a seasoned high-volume mortgage broker, who compares numerous lenders. Tell them you’ve been shopping around and ask what “discretionary bank rates” or “status broker” rates they have access to. If you get a saucy answer, find a new broker.

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And remember local credit unions. In a few provinces, credit unions are leading the way. Some of the best are listed below, including B.C.’s Community Savings, with its 4.69 per cent insured three-year fixed.

Robert McLister is a mortgage strategist, interest rate analyst and editor of You can follow him on X at @RobMcLister.

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Want to know more about the mortgage market? Read Robert McLister’s new weekly column in the Financial Post for the latest trends and details on financing opportunities you won’t want to miss 

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Mortgage rates

The rates displayed below are updated by the end of each day and are sourced from the Canadian Mortgage Rate Survey produced by Postmedia and Imaginative.Online Inc., parent of, are compensated by certain mortgage providers when you click on their links in the charts.

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