Source: The Canadian Press Staff, ctvnews.ca, December 05, 2020
The rate represents a discount of 1.46 per cent on HSBC’s current prime rate of 2.45 per cent.
How would you like a mortgage with an interest rate of less than one per cent? That’s what HSBC, Canada’s seventh-largest bank by assets, is now advertising.
The lender’s website now shows it is offering a new five-year variable mortgage rate of a mind-boggling low 0.99 per cent. It is a first in Canadian history in terms of bank-advertised rates, according to veteran mortgage broker Robert McLister.
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