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 August 11, 2020
| Average 5-year mortgage rate1 | Average 5-year savings bond rate1 | Difference | Reduction in applicable rate2 | Start of application period | End of application period |
|---|---|---|---|---|---|
| 4.94000 | .32984 | 4.6101 | Yes | 2020-08-01 | 2020-08-31 |
| 4.96666 | .37850 | 4.5881 | Yes | 2020-07-01 | 2020-07-31 |
| 5.04000 | .38009 | 4.6599 | Yes | 2020-06-01 | 2020-06-30 |
| 5.15500 | .51139 | 4.6436 | Yes | 2020-05-01 | 2020-05-31 |
| 5.19000 | .73236 | 4.4576 | Yes | 2020-04-01 | 2020-04-30 |
| 5.28310 | 1.30467 | 3.9784 | Yes | 2020-03-01 | 2020-03-31 |
| 5.34000 | 1.51207 | 3.8279 | Yes | 2020-02-01 | 2020-02-29 |
| 5.34000 | 1.61254 | 3.7274 | Yes | 2020-01-01 | 2020-01-31 |
| 5.34000 | 1.50800 | 3.8320 | Yes | 2019-12-01 | 2019-12-31 |
| 5.34000 | 1.46478 | 3.8752 | Yes | 2019-11-01 | 2019-11-30 |
| 5.34000 | 1.37881 | 3.9611 | Yes | 2019-10-01 | 2019-10-31 |
| 5.34000 | 1.23514 | 4.1048 | Yes | 2019-09-01 | 2019-09-30 |
| Average 5-year mortgage rate1 | Average 5-year savings bond rate1 | Difference | Reduction in applicable rate2 | Start of application period | End of application period |
|---|---|---|---|---|---|
| 4.94000 | .32984 | 4.6101 | Yes | 2020-08-01 | 2020-08-31 |
| 4.94000 | .37850 | 4.5615 | Yes | 2020-07-01 | 2020-07-31 |
| 4.98193 | .38009 | 4.6018 | Yes | 2020-06-01 | 2020-06-30 |
| 5.04000 | .51139 | 4.5286 | Yes | 2020-05-01 | 2020-05-31 |
| 5.09806 | .73236 | 4.3657 | Yes | 2020-04-01 | 2020-04-30 |
| 5.19000 | 1.30467 | 3.8853 | Yes | 2020-03-01 | 2020-03-31 |
| 5.19000 | 1.51207 | 3.6779 | Yes | 2020-02-01 | 2020-02-29 |
| 5.19000 | 1.61254 | 3.5774 | Yes | 2020-01-01 | 2020-01-31 |
| 5.19000 | 1.50800 | 3.6820 | Yes | 2019-12-01 | 2019-12-31 |
| 5.19000 | 1.46478 | 3.7252 | Yes | 2019-11-01 | 2019-11-30 |
| 5.19000 | 1.37881 | 3.8111 | Yes | 2019-10-01 | 2019-10-31 |
| 5.19000 | 1.23514 | 3.9548 | Yes | 2019-09-01 | 2019-09-30 |
| Average 5-year mortgage rate1 | Average 5-year savings bond rate1 | Difference | Reduction in applicable rate2 | Start of application period | End of application period |
|---|---|---|---|---|---|
| 4.92548 | .32984 | 4.5956 | Yes | 2020-08-01 | 2020-08-31 |
| 4.99500 | .37850 | 4.6165 | Yes | 2020-07-01 | 2020-07-31 |
| 5.49000 | .38009 | 5.1099 | Yes | 2020-06-01 | 2020-06-30 |
| 5.49000 | .51139 | 4.9786 | Yes | 2020-05-01 | 2020-05-31 |
| 5.49000 | .73236 | 4.7576 | Yes | 2020-04-01 | 2020-04-30 |
| 5.49000 | 1.30467 | 4.1853 | Yes | 2020-03-01 | 2020-03-31 |
| 5.49000 | 1.51207 | 3.9779 | Yes | 2020-02-01 | 2020-02-29 |
| 5.49000 | 1.61254 | 3.8774 | Yes | 2020-01-01 | 2020-01-31 |
| 5.49000 | 1.50800 | 3.9820 | Yes | 2019-12-01 | 2019-12-31 |
| 5.49000 | 1.46478 | 4.0252 | Yes | 2019-11-01 | 2019-11-30 |
| 5.49000 | 1.37881 | 4.1111 | Yes | 2019-10-01 | 2019-10-31 |
| 5.49000 | 1.23514 | 4.2548 | Yes | 2019-09-01 | 2019-09-30 |
| Average 5-year mortgage rate1 | Average 5-year savings bond rate1 | Difference | Reduction in applicable rate2 | Start of application period | End of application period |
|---|---|---|---|---|---|
| 4.94000 | .32984 | 4.6101 | Yes | 2020-08-01 | 2020-08-31 |
| 4.94000 | .37850 | 4.5615 | Yes | 2020-07-01 | 2020-07-31 |
| 5.02387 | .38009 | 4.6437 | Yes | 2020-06-01 | 2020-06-30 |
| 5.04000 | .51139 | 4.5286 | Yes | 2020-05-01 | 2020-05-31 |
| 5.11741 | .73236 | 4.3850 | Yes | 2020-04-01 | 2020-04-30 |
| 5.19000 | 1.30467 | 3.8853 | Yes | 2020-03-01 | 2020-03-31 |
| 5.19000 | 1.51207 | 3.6779 | Yes | 2020-02-01 | 2020-02-29 |
| 5.19000 | 1.61254 | 3.5774 | Yes | 2020-01-01 | 2020-01-31 |
| 5.19000 | 1.50800 | 3.6820 | Yes | 2019-12-01 | 2019-12-31 |
| 5.19000 | 1.46478 | 3.7252 | Yes | 2019-11-01 | 2019-11-30 |
| 5.19000 | 1.37881 | 3.8111 | Yes | 2019-10-01 | 2019-10-31 |
| 5.19000 | 1.23514 | 3.9548 | Yes | 2019-09-01 | 2019-09-30 |
| Average 5-year mortgage rate1 | Average 5-year savings bond rate1 | Difference | Reduction in applicable rate2 | Start of application period | End of application period |
|---|---|---|---|---|---|
| 4.94000 | .32984 | 4.6101 | Yes | 2020-08-01 | 2020-08-31 |
| 4.94000 | .37850 | 4.5615 | Yes | 2020-07-01 | 2020-07-31 |
| 4.97548 | .38009 | 4.5953 | Yes | 2020-06-01 | 2020-06-30 |
| 5.04000 | .51139 | 4.5286 | Yes | 2020-05-01 | 2020-05-31 |
| 5.08354 | .73236 | 4.3511 | Yes | 2020-04-01 | 2020-04-30 |
| 5.19000 | 1.30467 | 3.8853 | Yes | 2020-03-01 | 2020-03-31 |
| 5.19000 | 1.51207 | 3.6779 | Yes | 2020-02-01 | 2020-02-29 |
| 5.19000 | 1.61254 | 3.5774 | Yes | 2020-01-01 | 2020-01-31 |
| 5.19000 | 1.50800 | 3.6820 | Yes | 2019-12-01 | 2019-12-31 |
| 5.19000 | 1.46478 | 3.7252 | Yes | 2019-11-01 | 2019-11-30 |
| 5.19000 | 1.37881 | 3.8111 | Yes | 2019-10-01 | 2019-10-31 |
| 5.19000 | 1.23514 | 3.9548 | Yes | 2019-09-01 | 2019-09-30 |
| Average 5-year mortgage rate1 | Average 5-year savings bond rate1 | Difference | Reduction in applicable rate2 | Start of application period | End of application period |
|---|---|---|---|---|---|
| 4.84806 | .32984 | 4.5182 | Yes | 2020-08-01 | 2020-08-31 |
| 4.94000 | .37850 | 4.5615 | Yes | 2020-07-01 | 2020-07-31 |
| 4.96903 | .38009 | 4.5889 | Yes | 2020-06-01 | 2020-06-30 |
| 4.99000 | .51139 | 4.4786 | Yes | 2020-05-01 | 2020-05-31 |
| 5.02225 | .73236 | 4.2898 | Yes | 2020-04-01 | 2020-04-30 |
| 5.19000 | 1.30467 | 3.8853 | Yes | 2020-03-01 | 2020-03-31 |
| 5.19000 | 1.51207 | 3.6779 | Yes | 2020-02-01 | 2020-02-29 |
| 5.19000 | 1.61254 | 3.5774 | Yes | 2020-01-01 | 2020-01-31 |
| 5.19000 | 1.50800 | 3.6820 | Yes | 2019-12-01 | 2019-12-31 |
| 5.19000 | 1.46478 | 3.7252 | Yes | 2019-11-01 | 2019-11-30 |
| 5.19000 | 1.37881 | 3.8111 | Yes | 2019-10-01 | 2019-10-31 |
| 5.19000 | 1.23514 | 3.9548 | Yes | 2019-09-01 | 2019-09-30 |
| Average 5-year mortgage rate1 | Average 5-year savings bond rate1 | Difference | Reduction in applicable rate2 | Start of application period | End of application period |
|---|---|---|---|---|---|
| 4.84000 | .32984 | 4.5101 | Yes | 2020-08-01 | 2020-08-31 |
| 4.84500 | .37850 | 4.4665 | Yes | 2020-07-01 | 2020-07-31 |
| 4.99000 | .38009 | 4.6099 | Yes | 2020-06-01 | 2020-06-30 |
| 4.99000 | .51139 | 4.4786 | Yes | 2020-05-01 | 2020-05-31 |
| 4.99000 | .73236 | 4.2576 | Yes | 2020-04-01 | 2020-04-30 |
| 5.02620 | 1.30467 | 3.7215 | Yes | 2020-03-01 | 2020-03-31 |
| 5.34000 | 1.51207 | 3.8279 | Yes | 2020-02-01 | 2020-02-29 |
| 5.34000 | 1.61254 | 3.7274 | Yes | 2020-01-01 | 2020-01-31 |
| 5.34000 | 1.50800 | 3.8320 | Yes | 2019-12-01 | 2019-12-31 |
| 5.34000 | 1.46478 | 3.8752 | Yes | 2019-11-01 | 2019-11-30 |
| 5.34000 | 1.37881 | 3.9611 | Yes | 2019-10-01 | 2019-10-31 |
| 5.34000 | 1.23514 | 4.1048 | Yes | 2019-09-01 | 2019-09-30 |
| Average 5-year mortgage rate1 | Average 5-year savings bond rate1 | Difference | Reduction in applicable rate2 | Start of application period | End of application period |
|---|---|---|---|---|---|
| 4.94000 | .32984 | 4.6101 | Yes | 2020-08-01 | 2020-08-31 |
| 4.94000 | .37850 | 4.5615 | Yes | 2020-07-01 | 2020-07-31 |
| 4.97387 | .38009 | 4.5937 | Yes | 2020-06-01 | 2020-06-30 |
| 4.99000 | .51139 | 4.4786 | Yes | 2020-05-01 | 2020-05-31 |
| 5.04806 | .73236 | 4.3157 | Yes | 2020-04-01 | 2020-04-30 |
| 5.19000 | 1.30467 | 3.8853 | Yes | 2020-03-01 | 2020-03-31 |
| 5.19000 | 1.51207 | 3.6779 | Yes | 2020-02-01 | 2020-02-29 |
| 5.19000 | 1.61254 | 3.5774 | Yes | 2020-01-01 | 2020-01-31 |
| 5.19000 | 1.50800 | 3.6820 | Yes | 2019-12-01 | 2019-12-31 |
| 5.19000 | 1.46478 | 3.7252 | Yes | 2019-11-01 | 2019-11-30 |
| 5.19000 | 1.37881 | 3.8111 | Yes | 2019-10-01 | 2019-10-31 |
| 5.19000 | 1.23514 | 3.9548 | Yes | 2019-09-01 | 2019-09-30 |
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%.