Xceed upped the ante in an increasingly hot game of rate wars Thursday, handing the most qualified broker clients 2.84 per cent on a five-year fixed.
That offer is the result of two moves on the part of the lender: it lowered its prime by 5 bps on its three and five-year mortgages and until Aug. 31, will allow brokers to offer borrowers another 5-bps discount on its Xceed SuperPRIME Mortgage.
The reductions come at a time when the industry is seeing an increasing number of lenders offer 2.99 per cent on a five-year term.
MortgageBrokerNews.ca anticipated another round of the rate wars earlier this month and following the introduction of tighter mortgage rules.
Some brokers were expecting the same heightened competition.
Should an all-out rate war ensue, large banks with more resources would likely hold an advantage over mono-lines and smaller lenders.
Earlier this month, Xceed had already trimmed the rate on that SuperPRIME product to 2.94 per cent.