Scotiabank Lowers 5 Year Mortgage Offer to 2.97%
Big Banks look to continue mortgage rate wars; Scotiabank latest to advertise lower interest rates
Scotiabank looks to re-ignite the ‘mortgage wars’ in the media by lowering their advertised 5 year fixed rate mortgage to 2.97%.
Earlier in the year, the Bank of Montreal garnered attention by lowering their advertised 5 year rate to 2.99%.
The 2.97% five year fixed rate mortgage represents the lowest rate advertised by a large Canadian bank in the Canadian mortgage landscape. While 2.97% does not reflect the lowest advertised mortgage rate available to Canadians in the market for a mortgage, large banking institutions typically advertise inflated ‘posted’ rates and teaser rates; interest rates which are typically higher than what one would expect to ever pay in the market.
The offer is effective until June 7th and comes at a time when mortgage rates are becoming increasingly more competitive as banks and lenders continue to compete for mortgage business.
Investors Group recently generated much buzz around a 1.99% variable rate mortgage offer; a rate which generated an eye-opening response from many, but due to the fine print, only remained an viable option for certain segments of the Canadian market.
BACK TO BLOG FEED
READY TO CALCULATE A RATE THAT WORKS FOR YOU?
CHECK OUT THE LATEST EPISODE OF HOT PROPERTY ON CP24!
LEARN HOW YOU CAN EARN 1% CASH BACK ON YOUR MORTGAGE.
With current mortgage news, interest rates and relevant trends, our monthly newsletter is another helpful step towards living your monster life.
Published on July 13, 2022
A bit of a surprise with the 1% increase today. Most people were expecting a…
Published on June 2, 2022
As expected, the BOC raised the overnight rate by .50%, this means everyone with a…
Published on April 12, 2022
The rising inflation today is because of the low interest rates, global supply shortages, conflicts…
Published on January 31, 2022
While many consumers are not mortgage experts, it does not mean all mortgage experts are…
THE MONSTER DIFFERENCE
With over 25 years experience, a long-running CP24 show and industry awards under our belt, we’re trusted industry experts.
We give you the facts your bank won't tell you about reaching your financial goals.
We’re the smarter choice when you need a mortgage expert to shop the market and provide you with options the banks can’t.
We’re known for our transparency and integrity in everything from our relationships to our advice to our customer service.