Guaranteed Loan
Interest Rate Reduction
| Loan term (months) | 12 | 24 | 36 | 48 | 60 | 84 |
|---|---|---|---|---|---|---|
| Interest rate reduction (%) | 0.30 | 0.35 | 0.40 | 0.45 | 0.50 | 0.60 |
History of interest rate reductions
- Banque Canadienne Impériale de Commerce
- Banque de Montréal
- Banque Laurentienne
- Banque Nationale du Canada
- Banque Royale du Canada
- Banque Scotia
- Banque Toronto-Dominion
- Fédération des caisses Desjardins du Québec
Updated on July 20, 2018
| Average 5-year mortgage rate1 | Average 5-year savings bond rate1 | Difference | Reduction in applicable rate2 | Start of application period | End of application period |
|---|---|---|---|---|---|
| 5.14000 | 2.10313 | 3.0368 | Yes | 2018-07-01 | 2018-07-31 |
| 5.14000 | 2.24842 | 2.8915 | Yes | 2018-06-01 | 2018-06-30 |
| 4.99000 | 2.12757 | 2.8624 | Yes | 2018-05-01 | 2018-05-31 |
| 4.99000 | 2.05124 | 2.9387 | Yes | 2018-04-01 | 2018-04-30 |
| 4.99000 | 2.12657 | 2.8634 | Yes | 2018-03-01 | 2018-03-31 |
| 4.95451 | 2.03440 | 2.9201 | Yes | 2018-02-01 | 2018-02-28 |
| 4.89000 | 1.77820 | 3.1118 | Yes | 2018-01-01 | 2018-01-31 |
| 4.89000 | 1.67693 | 3.2130 | Yes | 2017-12-01 | 2017-12-31 |
| 4.89000 | 1.75592 | 3.1340 | Yes | 2017-11-01 | 2017-11-30 |
| 4.86666 | 1.76225 | 3.1044 | Yes | 2017-10-01 | 2017-10-31 |
| 4.79000 | 1.54945 | 3.2405 | Yes | 2017-09-01 | 2017-09-30 |
| 4.79000 | 1.56603 | 3.2239 | Yes | 2017-08-01 | 2017-08-31 |
| Average 5-year mortgage rate1 | Average 5-year savings bond rate1 | Difference | Reduction in applicable rate2 | Start of application period | End of application period |
|---|---|---|---|---|---|
| 5.19000 | 2.10313 | 3.0868 | Yes | 2018-07-01 | 2018-07-31 |
| 5.18677 | 2.24842 | 2.9383 | Yes | 2018-06-01 | 2018-06-30 |
| 5.14000 | 2.12757 | 3.0124 | Yes | 2018-05-01 | 2018-05-31 |
| 5.14000 | 2.05124 | 3.0887 | Yes | 2018-04-01 | 2018-04-30 |
| 5.14000 | 2.12657 | 3.0134 | Yes | 2018-03-01 | 2018-03-31 |
| 5.06741 | 2.03440 | 3.0330 | Yes | 2018-02-01 | 2018-02-28 |
| 4.99000 | 1.77820 | 3.2118 | Yes | 2018-01-01 | 2018-01-31 |
| 4.99000 | 1.67693 | 3.3130 | Yes | 2017-12-01 | 2017-12-31 |
| 4.88354 | 1.75592 | 3.1276 | Yes | 2017-11-01 | 2017-11-30 |
| 4.84000 | 1.76225 | 3.0777 | Yes | 2017-10-01 | 2017-10-31 |
| 4.84000 | 1.54945 | 3.2905 | Yes | 2017-09-01 | 2017-09-30 |
| 4.84000 | 1.56603 | 3.2739 | Yes | 2017-08-01 | 2017-08-31 |
| Average 5-year mortgage rate1 | Average 5-year savings bond rate1 | Difference | Reduction in applicable rate2 | Start of application period | End of application period |
|---|---|---|---|---|---|
| 5.49000 | 2.10313 | 3.3868 | Yes | 2018-07-01 | 2018-07-31 |
| 5.46258 | 2.24842 | 3.2141 | Yes | 2018-06-01 | 2018-06-30 |
| 5.14000 | 2.12757 | 3.0124 | Yes | 2018-05-01 | 2018-05-31 |
| 5.14000 | 2.05124 | 3.0887 | Yes | 2018-04-01 | 2018-04-30 |
| 5.14000 | 2.12657 | 3.0134 | Yes | 2018-03-01 | 2018-03-31 |
| 5.06741 | 2.03440 | 3.0330 | Yes | 2018-02-01 | 2018-02-28 |
| 4.99000 | 1.77820 | 3.2118 | Yes | 2018-01-01 | 2018-01-31 |
| 4.99000 | 1.67693 | 3.3130 | Yes | 2017-12-01 | 2017-12-31 |
| 4.88838 | 1.75592 | 3.1324 | Yes | 2017-11-01 | 2017-11-30 |
| 4.84000 | 1.76225 | 3.0777 | Yes | 2017-10-01 | 2017-10-31 |
| 4.80774 | 1.54945 | 3.2582 | Yes | 2017-09-01 | 2017-09-30 |
| 4.74000 | 1.56603 | 3.1739 | Yes | 2017-08-01 | 2017-08-31 |
| Average 5-year mortgage rate1 | Average 5-year savings bond rate1 | Difference | Reduction in applicable rate2 | Start of application period | End of application period |
|---|---|---|---|---|---|
| 5.34000 | 2.10313 | 3.2368 | Yes | 2018-07-01 | 2018-07-31 |
| 5.33354 | 2.24842 | 3.0851 | Yes | 2018-06-01 | 2018-06-30 |
| 5.14000 | 2.12757 | 3.0124 | Yes | 2018-05-01 | 2018-05-31 |
| 5.14000 | 2.05124 | 3.0887 | Yes | 2018-04-01 | 2018-04-30 |
| 5.14000 | 2.12657 | 3.0134 | Yes | 2018-03-01 | 2018-03-31 |
| 5.06741 | 2.03440 | 3.0330 | Yes | 2018-02-01 | 2018-02-28 |
| 4.99000 | 1.77820 | 3.2118 | Yes | 2018-01-01 | 2018-01-31 |
| 4.99000 | 1.67693 | 3.3130 | Yes | 2017-12-01 | 2017-12-31 |
| 4.89000 | 1.75592 | 3.1340 | Yes | 2017-11-01 | 2017-11-30 |
| 4.84000 | 1.76225 | 3.0777 | Yes | 2017-10-01 | 2017-10-31 |
| 4.83483 | 1.54945 | 3.2853 | Yes | 2017-09-01 | 2017-09-30 |
| 4.74000 | 1.56603 | 3.1739 | Yes | 2017-08-01 | 2017-08-31 |
| Average 5-year mortgage rate1 | Average 5-year savings bond rate1 | Difference | Reduction in applicable rate2 | Start of application period | End of application period |
|---|---|---|---|---|---|
| 5.34000 | 2.10313 | 3.2368 | Yes | 2018-07-01 | 2018-07-31 |
| 5.34000 | 2.24842 | 3.0915 | Yes | 2018-06-01 | 2018-06-30 |
| 5.14666 | 2.12757 | 3.0190 | Yes | 2018-05-01 | 2018-05-31 |
| 5.14000 | 2.05124 | 3.0887 | Yes | 2018-04-01 | 2018-04-30 |
| 5.14000 | 2.12657 | 3.0134 | Yes | 2018-03-01 | 2018-03-31 |
| 5.09161 | 2.03440 | 3.0572 | Yes | 2018-02-01 | 2018-02-28 |
| 4.99000 | 1.77820 | 3.2118 | Yes | 2018-01-01 | 2018-01-31 |
| 4.99000 | 1.67693 | 3.3130 | Yes | 2017-12-01 | 2017-12-31 |
| 4.95129 | 1.75592 | 3.1953 | Yes | 2017-11-01 | 2017-11-30 |
| 4.75500 | 1.76225 | 2.9927 | Yes | 2017-10-01 | 2017-10-31 |
| 4.64000 | 1.54945 | 3.0905 | Yes | 2017-09-01 | 2017-09-30 |
| 4.64000 | 1.56603 | 3.0739 | Yes | 2017-08-01 | 2017-08-31 |
| Average 5-year mortgage rate1 | Average 5-year savings bond rate1 | Difference | Reduction in applicable rate2 | Start of application period | End of application period |
|---|---|---|---|---|---|
| 5.34000 | 2.10313 | 3.2368 | Yes | 2018-07-01 | 2018-07-31 |
| 5.29483 | 2.24842 | 3.0464 | Yes | 2018-06-01 | 2018-06-30 |
| 5.14000 | 2.12757 | 3.0124 | Yes | 2018-05-01 | 2018-05-31 |
| 5.14000 | 2.05124 | 3.0887 | Yes | 2018-04-01 | 2018-04-30 |
| 5.14000 | 2.12657 | 3.0134 | Yes | 2018-03-01 | 2018-03-31 |
| 5.06741 | 2.03440 | 3.0330 | Yes | 2018-02-01 | 2018-02-28 |
| 4.99000 | 1.77820 | 3.2118 | Yes | 2018-01-01 | 2018-01-31 |
| 4.99000 | 1.67693 | 3.3130 | Yes | 2017-12-01 | 2017-12-31 |
| 4.94000 | 1.75592 | 3.1840 | Yes | 2017-11-01 | 2017-11-30 |
| 4.85333 | 1.76225 | 3.0910 | Yes | 2017-10-01 | 2017-10-31 |
| 4.84000 | 1.54945 | 3.2905 | Yes | 2017-09-01 | 2017-09-30 |
| 4.67870 | 1.56603 | 3.1126 | Yes | 2017-08-01 | 2017-08-31 |
| Average 5-year mortgage rate1 | Average 5-year savings bond rate1 | Difference | Reduction in applicable rate2 | Start of application period | End of application period |
|---|---|---|---|---|---|
| 5.59000 | 2.10313 | 3.4868 | Yes | 2018-07-01 | 2018-07-31 |
| 5.59000 | 2.24842 | 3.3415 | Yes | 2018-06-01 | 2018-06-30 |
| 5.23000 | 2.12757 | 3.1024 | Yes | 2018-05-01 | 2018-05-31 |
| 5.14000 | 2.05124 | 3.0887 | Yes | 2018-04-01 | 2018-04-30 |
| 5.14000 | 2.12657 | 3.0134 | Yes | 2018-03-01 | 2018-03-31 |
| 5.08677 | 2.03440 | 3.0523 | Yes | 2018-02-01 | 2018-02-28 |
| 4.99000 | 1.77820 | 3.2118 | Yes | 2018-01-01 | 2018-01-31 |
| 4.99000 | 1.67693 | 3.3130 | Yes | 2017-12-01 | 2017-12-31 |
| 4.96419 | 1.75592 | 3.2082 | Yes | 2017-11-01 | 2017-11-30 |
| 4.92833 | 1.76225 | 3.1660 | Yes | 2017-10-01 | 2017-10-31 |
| 4.84645 | 1.54945 | 3.2970 | Yes | 2017-09-01 | 2017-09-30 |
| 4.76258 | 1.56603 | 3.1965 | Yes | 2017-08-01 | 2017-08-31 |
| Average 5-year mortgage rate1 | Average 5-year savings bond rate1 | Difference | Reduction in applicable rate2 | Start of application period | End of application period |
|---|---|---|---|---|---|
| 5.49000 | 2.10313 | 3.3868 | Yes | 2018-07-01 | 2018-07-31 |
| 5.49000 | 2.24842 | 3.2415 | Yes | 2018-06-01 | 2018-06-30 |
| 5.31500 | 2.12757 | 3.1874 | Yes | 2018-05-01 | 2018-05-31 |
| 5.14000 | 2.05124 | 3.0887 | Yes | 2018-04-01 | 2018-04-30 |
| 5.14000 | 2.12657 | 3.0134 | Yes | 2018-03-01 | 2018-03-31 |
| 5.05774 | 2.03440 | 3.0233 | Yes | 2018-02-01 | 2018-02-28 |
| 4.99000 | 1.77820 | 3.2118 | Yes | 2018-01-01 | 2018-01-31 |
| 4.99000 | 1.67693 | 3.3130 | Yes | 2017-12-01 | 2017-12-31 |
| 4.93032 | 1.75592 | 3.1744 | Yes | 2017-11-01 | 2017-11-30 |
| 4.84000 | 1.76225 | 3.0777 | Yes | 2017-10-01 | 2017-10-31 |
| 4.82064 | 1.54945 | 3.2711 | Yes | 2017-09-01 | 2017-09-30 |
| 4.74000 | 1.56603 | 3.1739 | Yes | 2017-08-01 | 2017-08-31 |
Notes:
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%.