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Walked into a bank branch in Mississauga and saw the teller pushing a 5.99 percent five year fixed like it was a deal
Stopped by a branch near Square One last Tuesday to deposit a cheque from my side gig and the teller slid a mortgage rate sheet across the counter before I even asked. Five year fixed at 5.99 percent, printed in bold like it was some kind of gift. I asked her if that was the posted rate and she just shrugged and said people sign it. That is a full point and a half above what my broker got for my cousin in Brampton 3 months ago, and nobody at that branch seemed to care. Are the big banks just hoping nobody shops around, or is this actually what people are paying right now?
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wendy13121d ago
That teller telling you "people sign it" is the whole thing right there. I get why the branch pushes posted rates, they have targets and the paperwork is easy, but 5.99 is not what most people are actually paying. My neighbor renewed in April and got 4.79 with the same big bank after she said she was leaving, and a coworker got 4.89 fixed just last month through a broker. The posted rate is basically a sticker price nobody is supposed to accept, like the first number a car salesman throws out. The branch isn't hoping you shop around, they're counting on you not to, because the people who walk in and sign are the ones paying for everyone who negotiates.
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