With mortgage rates at near historical lows, we thought it would be fun (yes, fun) to face off Canadian banks’ 5-year variable mortgage rates in a fight to the finish. The big banks dominate the market but it was the underdogs, PC Financial and ING Direct that stood out. It just goes to show that volume doesn’t always guarantee the most competitive mortgage product.
The banks battled it out but ultimately, ING was declared the winner with a record low 5-year variable rate of 2.25%. In close second is PC Financial at 2.35% and rounding off third place is Scotiabank’s 5-year variable rate of 2.50%. The winner for June 2011 is ING Direct!
Maybe if banks wanted to be more competitive, they should lay all their cards on the table and post discounted rates.
Take a look at the competition summary.
The ultimate battle is against the lowest rates on the market, which is currently 2.05% on RateHub.ca.