Rate Scoop

APR Disclosure:

1 year 3.99% = 4.10% APR

2 year 4.29% = 4.34% APR

3 Year 4.49% = 4.53% APR

4 Year 4.59% = 4.69% APR

5 Year 5.09% = 5.11% APR

5 Year 4.49% = 4.51% (High Ratio and Fixed Closed)

The Annual Percentage Rate (APR) is based on a $300,000 mortgage, 25 year amortization, for the applicable term and the fee to obtain a property appraisal of $325 (fees vary from $0 to $455). If there are no fees, the APR and interest rate will be the same. APR is rounded to two decimal places.

Terms and Conditions:

Mortgage:

On approved credit, rates are subject to change without notice. Quoted rates are based on blended payments of principal and interest. Interest is calculated half-yearly, not in advance. Additional premiums may apply in cases of a refinance, amortizations greater than 25 years, non-owner occupied, or other instances where application details may warrant it. The interest rate with variable rate mortgages will fluctuate with motusbank Prime Rate, which is currently 3.20%. Where applicable, the Bank of Canada qualifying rate is 5.25%. Builder's pricing applies to posted rates, not to promotional or special rates.

A High Ratio mortgage applies when you have a down payment of less than 20% to put toward the purchase of a home. Refinances, renewals and amortization periods of greater than 25 years are ineligible.

*Variable Rate Mortgages

5 Year Variable Closed Mortgage:

1 - 2.75% (Prime-0.45%)

2 - 3.30% (Prime - 0.40%) - Motusbank Prime Rate as of June 09, 2022 is 3.70%

5 Year Variable Closed High Ratio Mortgage:

3 - 2.75% (Prime - 0.45%)

4 - 3.30% (Prime - 0.40%) - Motusbank Prime Rate as of June 09, 2022 is 3.70%

Current Motusbank Prime Rate as of publishing date is 3.20% Variable Mortgage Rates are applicable to Retail Members Only. As of June 9th, Rate is 3.70%

Motusbank Prime Rate:

Motusbank Prime Rate is the variable annual interest rate published by us and used as a reference to determine the interest rate of certain credit products. Subject to change without notice at any time.

GIC:

Interest is calculated and accrued daily. To calculate the daily interest, we divide the annual interest by 365. We multiply that figure by the GIC book value to determine how much interest to accrue. Interest is paid on maturity for GICs that do not pay interest during their term.

GIC interest rates expressed on this website are annual interest rates and current as of today’s date.

Motus BankTM (‘motusbank’) is a member of the Canada Deposit Insurance Corporation (CDIC).