Mortgages Rates - TD Canada Trust (2024)

FAQs

Does TD negotiate mortgage rates? ›

TD actually has two prime rates borrowers should take note of: its typical prime rate and a mortgage prime rate. TD's prime rate is 6.45% and its mortgage prime rate is 6.60%. Can you negotiate mortgage rates at TD? You can — and should — negotiate your mortgage rate at TD.

TD Mortgage Prime Rate is 6.60%

APR is rounded to three decimal places.

Historical context: Mortgage rates will likely gravitate lower over the long term, to a historical trend in the high 3% range. The market consensus on the mortgage interest rate forecast in Canada is for the Central Bank to cut rates by 0.25% from 4.25% to 4% at their October 2024 meeting.

TD Bank's savings accounts tend to be best for existing TD Bank customers with substantial savings who can qualify for the higher annual percentage yields (APYs) of up to 4%. Otherwise, the rates are below average, so you can likely find an account with a higher APY elsewhere.

The prime rate is the lending rate Canada's banks and financial institutions use to set interest rates for variable loans and lines of credit, including mortgages. TD Bank's prime rate today, September 16, 2024, is currently 6.95%.

When the economy is strong, we may raise this rate to keep inflation from rising above our target. Likewise, when the economy is weak, we may lower our policy rate to keep inflation from falling below target. Changes in the policy interest rate lead to similar changes in short-term interest rates.

What bank has the best mortgage rate? ›

TD's prime rate is used to determine the interest rates on various borrowing products, such as mortgages, lines of credit and other loans. With TD, there is a separate Mortgage Prime Rate used for their variable rate mortgages that is 0.15% above the bank's main prime rate.

Are mortgage rates negotiable? Yes, to some degree, mortgage interest rates are negotiable. Mortgage lenders have some flexibility when it comes to the rates they offer. However, in many cases getting a lower rate on your loan will come with a price, such as paying “points” to get a lower rate.

Yes, you can negotiate your home loan interest rate. Just like when it comes to negotiating your salary, if you don't ask for something better, you likely won't get it. Most lenders aren't going to just spontaneously offer you a better rate – you're going to have to ask for it.

When hammering out mortgage details with a lender, you can — and should — negotiate your mortgage rate. Regardless of what the current mortgage rates are on the lender's website, don't assume they can't go lower. You'll likely pay a higher rate if you accept the first offer you're presented.

Most lenders will allow you to agree on a rate with them up to six months before you start paying and some may allow you to switch to a lower rate before your deal expires, but it's worth checking beforehand.

If you're with a smaller lender, ask them to match what's on offer on the market. Your mortgage broker can do this for you using a pricing request. Banks know that a mortgage broker can take you to any lender so they have to offer you their best rate right away or they risk losing your business.