Winnipeg Mortgage Rates Update - September / October 2021
September 21, 2021 | Posted by:
Canada’s banks are waving the flag on mortgage rates
It seems that we need to follow up our Bank of Canada announcement press release from earlier this month, with some news about mortgage rates. Is it good news for prospective buyers? Or is the increase everyone has been expecting coming to fruition? After all, how long can record lows sustain? Let’s review.
What Winnipeg Home Buyers Need to Know About Mortgage Rate Movement this September/October of 2021
Big Banks Have Dropped the 5-Year Fixed Mortgage Rate Even Further
We have come out of the third weekend of September to find that Canada’s big banks (RBC, CIBC, BMO, TD, and Scotia) have collectively decided to start off the autumn season with a bang. A big bang, for new buyers and investors.
Contrary to many predictions, the 5-year fixed mortgage rate has plummeted down even further. Canadian Mortgage Trends reports that RBC reduced their uninsured 5-year fixed rate to 2.19%, while CIBC has reduced theirs to 2.39%. TD Bank’s move was even more lucrative (for buyers) as they bottomed out their insured 5-fixed rate to just 1.89% and their uninsured option to just 1.99%. Wow! BMO and Scotia won’t be far behind. To receive updates on their 5-year fixed mortgage rates and other incentives, give us ring at 204.290.9950.
This downward movement has been supported by the Bank of Canada’s behavior in the bond market, which has a direct impact on fixed mortgage rates. As a result, Winnipeg buyers have lots to celebrate. Lock into these rock bottom fixed mortgage rates today - here’s how.
Variable Rates Got Cut Too
Not a fan of fixed mortgage rates? You’re not alone. Don’t worry, as there is lots of good news for you too. Seeing as variable rates are directly correlated to the Bank of Canada’s prime rate, buyers that don’t mind a little risk (if you can call it that, at this point) are enjoying a drop in their preferred cost of borrowing. CIBC for instance, has reduced their 5-year variable rate to just 1.35%.
Whether you are considering a fixed mortgage rate, variable rate, or want to assess your options in the alternative private lending market, there is simply no better time to get an affordable mortgage than today. Honestly, this lender behavior cannot sustain for much longer, as they have bills to pay too. Take advantage of this opportunity by getting pre-approved for a mortgage, and give Winnipeg’s top mortgage broker a ring for a friendly conversation about your goals. Call Ron Chan today at 204.290.9950.