|Loan term (months)||12||24||36||48||60||84|
|Interest rate reduction (%)||0.30||0.35||0.40||0.45||0.50||0.60|
Updated on December 1, 2023
1 For the month preceding the start of the application period.
2 The mortgage interest rate reduction applies if, during the 3 months preceding the month when the rates are set, the monthly difference between the average residential mortgage interest rate for a 5-year term and the average 5-year rate of return on Canadian savings bonds is greater than or equal to 1.75%.