Historical Interest Rates Data

[Colsgirl]

Does anyone know if there is a website where you can look up historical interest rate data for the major financial institutions?

TIA

[heartgirl99]

not sure is this is what you're looking for but this is for cibc. prime interest rates going back to 1974.

http://www.fin.gov.bc.ca/PT/bcm/ref/...ricalPrime.pdf

[Colsgirl]

Thank you!

[MortgageQueen]

Not sure what you are looking for. . .but a lot of economists believe we won't see a pattern by looking at the past statistics. They say because the world is so much more closely connected to each other's economies that past statistics are at least unlikely to be relied upon.

[Colsgirl]

I was just wanting to look up some figures after a conversation a few of us had at work today. It seemed like most of us have fixed rate and we were comparing the rates from when we locked in, to those in the office who have a variable rate. We have a lot of statisticians in the office who love data!!

[Midnightly]

i woulda hate to have a mortgage in the 80's!

[tjthemanto]

I was just wanting to look up some figures after a conversation a few of us had at work today. It seemed like most of us have fixed rate and we were comparing the rates from when we locked in, to those in the office who have a variable rate. We have a lot of statisticians in the office who love data!!

Lot of the rates you will see in the historical table will be the posted rates of the banks , which are often quite high. Most people get a discounted rate, which will be much lower.

Like BMO has a 2.79 % fixed rate for 5 yr right now . Its a special rate with some terms & conditions ..but their regular 4.74 % rate for 5 yr MTG, will probably show up in those historical tables..so huge 2 % difference between the 2 rates .

http://www.bmo.com/main/personal/mor...mortgage-rates

The special rate is good..if you are not going to break the MTG or port your MTG anytime soon ..as the penalties are usually higher.

[tjthemanto]

i woulda hate to have a mortgage in the 80's!

But the house prices were much much lower then .. even if you consider inflation.

Also the interest you got on your savings account , chequing account , investments was much higher.

Todays low rates & low downpayment requirement, have enabled some people to buy houses they can't even afford ..they just don't have the salaries for that.
A slight increase in rates is going to the end the party soon

[Colsgirl]

Lot of the rates you will see in the historical table will be the posted rates of the banks , which are often quite high. Most people get a discounted rate, which will be much lower.

Like BMO has a 2.79 % fixed rate for 5 yr right now . Its a special rate with some terms & conditions ..but their regular 4.74 % rate for 5 yr MTG, will probably show up in those historical tables..so huge 2 % difference between the 2 rates .

http://www.bmo.com/main/personal/mor...mortgage-rates

The special rate is good..if you are not going to break the MTG or port your MTG anytime soon ..as the penalties are usually higher.

Do you work in my office? lol that was part of the conversation the difference between the published rate and what you can actually get if you ask them!

[MortgageQueen]

Lot of the rates you will see in the historical table will be the posted rates of the banks , which are often quite high. Most people get a discounted rate, which will be much lower.

Like BMO has a 2.79 % fixed rate for 5 yr right now . Its a special rate with some terms & conditions ..but their regular 4.74 % rate for 5 yr MTG, will probably show up in those historical tables..so huge 2 % difference between the 2 rates .

http://www.bmo.com/main/personal/mor...mortgage-rates

The special rate is good..if you are not going to break the MTG or port your MTG anytime soon ..as the penalties are usually higher.

Not to disagree, but 2.79 is actually not a good rate. BMO got a pretty good "roasting" in financial circles when they posted this Big "special". They going best rate amongst many lenders at the moment is either 2.59 or 2.69%
So when BMO made this big announcement, they received some serious mocking in financial circles. I was actually quite surprised myself. BMO isn't usually so far off base. . . ?

Also you made an excellent point TJ. The posted rate is a bit of an elusive comparison because many customers would have had any variety of discounts for that rate.