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Since the peak one month ago, the lowest nationally advertised five-year fixed has dropped 30 bps to 5.14 per cent (uninsured). On a standard mortgage, that saves $1,445 of interest over five years, per $100,000 borrowed. JIM WATSON/AFP/Getty Images Christmas ‘rate sale’ in progress All right, it’s not exactly a fire sale, but we are indeed getting some Yuletide rate relief. Since the peak one month ago, the lowest nationally advertised five-year fixed has dropped 30 bps to 5.14 per cent (uninsured). On a standard mortgage, that saves $1,445 of interest over five years, per $100,000 borrowed. McLister: Where could mortgage rates - fixed and variable - head in 2023? See how rising interest rates will affect the cost of your mortgage Compared with the lowest uninsured variable at 5.90 per cent, a 5.14 per cent five-year fixed might not seem so bad. But it’s literally the fourth-worst term you could take if you’re well qualified and risk tolerant. The worst, second-worst and third-worst...

A look at this week’s available mortgage rates on fixed and variable terms and HELOCs Rich Pedroncelli/The Associated Press HSBC is once again setting the pace for uninsured five-year fixed rates. Its new 5.09-per-cent offer leads all national lenders. Plus it’s forking out up to $5,000 cash back, depending on mortgage size. If you’re dead-set on a five-year fixed and there’s a meaningful chance you’ll break the mortgage early, find a lender with lower prepayment penalties than a bank. Mortgage brokers know who these lenders are. McLister: Does a short-term mortgage still make sense? Mortgages 101: What to know about fixed vs. variable rates in Canada In the one-year fixed market, note the dramatic savings for insured one-year rates versus uninsured rates. That’s largely thanks to much lower funding costs for government-backed insured mortgages where borrowers pay the default insurance premium. QuestMortgage’s 4.64-per-cent insured one-year fixed remains one of the nation’s best valu...