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Guaranteed Loan

Interest Rate Reduction

Rate reduction based on loan term
Loan term (months)122436486084
Interest rate reduction (%)0.300.350.400.450.500.60

History of interest rate reductions

Updated on June 5, 2020

Banque Canadienne Impériale de Commerce
Average 5-year mortgage rate1 Average 5-year savings bond rate1 Difference Reduction in applicable rate2 Start of application period End of application period
5.04000 .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
5.34000 1.45842 3.8815 Yes 2019-08-01 2019-08-31
5.34000 1.35452 3.9854 Yes 2019-07-01 2019-07-31
Banque de Montréal
Average 5-year mortgage rate1 Average 5-year savings bond rate1 Difference Reduction in applicable rate2 Start of application period End of application period
4.98193 .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
5.30129 1.45842 3.8428 Yes 2019-08-01 2019-08-31
5.34000 1.35452 3.9854 Yes 2019-07-01 2019-07-31
Banque Laurentienne
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 .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
5.49000 1.45842 4.0315 Yes 2019-08-01 2019-08-31
5.49000 1.35452 4.1354 Yes 2019-07-01 2019-07-31
Banque Nationale du Canada
Average 5-year mortgage rate1 Average 5-year savings bond rate1 Difference Reduction in applicable rate2 Start of application period End of application period
5.02387 .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
5.19000 1.45842 3.7315 Yes 2019-08-01 2019-08-31
5.28000 1.35452 3.9254 Yes 2019-07-01 2019-07-31
Banque Royale du Canada
Average 5-year mortgage rate1 Average 5-year savings bond rate1 Difference Reduction in applicable rate2 Start of application period End of application period
4.97548 .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
5.19000 1.45842 3.7315 Yes 2019-08-01 2019-08-31
5.27000 1.35452 3.9154 Yes 2019-07-01 2019-07-31
Banque Scotia
Average 5-year mortgage rate1 Average 5-year savings bond rate1 Difference Reduction in applicable rate2 Start of application period End of application period
4.96903 .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
5.19000 1.45842 3.7315 Yes 2019-08-01 2019-08-31
5.29000 1.35452 3.9354 Yes 2019-07-01 2019-07-31
Banque Toronto-Dominion
Average 5-year mortgage rate1 Average 5-year savings bond rate1 Difference Reduction in applicable rate2 Start of application period End of application period
4.99000 .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
5.34000 1.45842 3.8815 Yes 2019-08-01 2019-08-31
5.34000 1.35452 3.9854 Yes 2019-07-01 2019-07-31
Fédération des caisses Desjardins du Québec
Average 5-year mortgage rate1 Average 5-year savings bond rate1 Difference Reduction in applicable rate2 Start of application period End of application period
4.97387 .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
5.19000 1.45842 3.7315 Yes 2019-08-01 2019-08-31
5.31000 1.35452 3.9554 Yes 2019-07-01 2019-07-31

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%.