{"id":11580,"date":"2019-01-30T11:11:32","date_gmt":"2019-01-30T19:11:32","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11580"},"modified":"2019-01-30T10:20:29","modified_gmt":"2019-01-30T18:20:29","slug":"5-year-fixed-mortgage-rate-cuts-how-much-will-borrowers-save","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/01\/5-year-fixed-mortgage-rate-cuts-how-much-will-borrowers-save\/","title":{"rendered":"5-Year Fixed Mortgage Rate Cuts, How Much will Borrowers Save?"},"content":{"rendered":"<p style=\"text-align: justify;\">Last week, Royal Bank of Canada lowered its posted five-year fixed rate from 3.89% to 3.74%. It was the first time since October 2017 that Canada\u2019s biggest bank has lowered its mortgage rate.<\/p>\n<p style=\"text-align: justify;\">What\u2019s interesting about the move is that it\u2019s an about-face in terms of how rates have been trending \u2013 upward. The Bank of Canada has regularly increased its benchmark rate and mortgage rates have followed in lockstep.<\/p>\n<p style=\"text-align: justify;\">However, it seems homebuyers may be in for a bit of reprieve \u2013 at least for now \u2013 following RBC\u2019s decision to slash its rate.<\/p>\n<p style=\"text-align: justify;\">And other banks are expected to follow.<\/p>\n<p style=\"text-align: justify;\">\u201cRBC is the largest mortgage lender in Canada, so whenever they move their mortgage rates we can expect that the other four banks will follow suit,\u201d James Laird, president of CanWise Financial, said. \u201cWe anticipate that the other big banks will soon have a publicly posted rate of 3.74% as well.<\/p>\n<p style=\"text-align: justify;\">\u201cWe have expected this move from lenders since bond yields dropped in December, after the Bank of Canada\u2019s announcement stating that future rate hikes would be slower and less frequent. The most recent Bank announcement highlighted policymakers\u2019 concerns with our energy and housing markets, which suggested to us that rates will be stable for a longer period of time than had previously been anticipated.\u201d<\/p>\n<p style=\"text-align: justify;\">So, homebuyers, at least for now, can expect to save a little money on their mortgage than they would have mere weeks ago.<\/p>\n<p style=\"text-align: justify;\"><strong>How Much Will Borrowers Save?<\/strong><\/p>\n<p style=\"text-align: justify;\">According to Ratehub.ca\u2019s mortgage payment calculator, a homeowner with an $800,000 mortgage and 5-year fixed rate of 3.89% will have monthly mortgage payments of $4,161.<\/p>\n<p style=\"text-align: justify;\">Comparatively, a homeowner with a 5-year fixed rate of 3.74% would have monthly mortgage payments of $4,096.<\/p>\n<p style=\"text-align: justify;\">A 0.15% difference in their mortgage rate would lower mortgage payments by $65 per month or $780 per year.<\/p>\n<p style=\"text-align: justify;\">However, homebuyers can save even more by shopping around. The best mortgage rate in Ontario, for example, is 3.29% for a five-year fixed rate. That\u2019s also the best mortgage rate in BC and Alberta.<\/p>\n<p style=\"text-align: justify;\"><strong>It\u2019s a Good Time to Shop Around<\/strong><\/p>\n<p style=\"text-align: justify;\">The takeaway from this rate news is that potential homebuyers should stay informed about where mortgage rates are and where they might be heading.<\/p>\n<p style=\"text-align: justify;\">\u201cCanadians who need a mortgage this year should check back frequently with rate sites and mortgage providers. As the spring home buying market approaches many lenders will offer deep discounts and promotions in order to attract new customers,\u201d Laird said. \u201cAnyone looking for a variable rate should act quickly, because the current stable interest rate environment is causing lenders to reduce the discounts being offered on variable rate mortgages.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.zoocasa.com\/blog\/rbc-cuts-5-year-fixed-mortgage-rate\/\">RBC Cuts 5-Year Fixed Mortgage<\/a> Rate by Ratehub.ca | zoocasa<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last week, Royal Bank of Canada lowered its posted five-year fixed rate from 3.89% to 3.74%. It was the first time since October 2017 that Canada\u2019s biggest bank has lowered &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/01\/5-year-fixed-mortgage-rate-cuts-how-much-will-borrowers-save\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-11580","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>5-Year Fixed Mortgage Rate Cuts, How Much will Borrowers Save? &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/01\/5-year-fixed-mortgage-rate-cuts-how-much-will-borrowers-save\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"5-Year Fixed Mortgage Rate Cuts, How Much will Borrowers Save? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Last week, Royal Bank of Canada lowered its posted five-year fixed rate from 3.89% to 3.74%. 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