4.70% from National Bank is above the bank average (4.29%) and closer to the posted-rate ceiling of 5.99%. Here is what that means in dollars and whether it is worth negotiating before you sign.
Formatted for fast comparison and AI extraction.
The rate in question.
Bank of Canada insured 5yr fixed average.
Typical uninsured 5yr fixed rate.
Negotiation starting point.
4.70% from National Bank is above the bank average (4.29%) and closer to the posted-rate ceiling of 5.99%. The Bank of Canada insured 5-year fixed mortgage average — the rate that lenders with government-backed mortgages are collectively writing — is approximately 4.04%. The uninsured 5-year fixed average is approximately 4.29%.
At 4.70%, this offer is above the bank average and approaching the posted-rate ceiling. This is above what negotiated borrowers typically pay. It is worth calling National Bank's retention team before signing.
This is for informational purposes only and is not financial advice. Verify current rates directly with your lender and the Bank of Canada.
On a $500,000 mortgage with 25-year amortization, paying 4.70% instead of the benchmark represents approximately $2,187 more per year in estimated interest costs compared to the benchmark. Over a 5-year term, that is an estimated $10,935 more than a benchmark-rate mortgage. These are estimated figures using Canadian semi-annual compounding. Your actual numbers depend on your balance, amortization, and term.
National Bank of Canada is the sixth-largest chartered bank, with particular strength in Quebec. National Bank renewal rates are generally competitive within the Big Six range. Quebec borrowers often compare National Bank alongside Desjardins due to both institutions' Quebec market depth.
An offer of 4.70% from National Bank is above the bank average. Before signing, request a competing quote from a mortgage broker and call National Bank's retention department with that quote as a reference.
Before signing your National Bank renewal, take these steps:
Switching lenders at maturity does not incur a penalty, but it does trigger a new stress test. If National Bank matches or beats the competing offer, staying is usually the simpler path.
4.70% from National Bank is above the bank average (4.29%) and closer to the posted-rate ceiling of 5.99%. It is above the bank average of approximately 4.29%, which means this offer is worth reviewing before you sign. This information is for general reference only and is not financial advice.
The Bank of Canada insured 5-year fixed average is approximately 4.04% and the uninsured average is approximately 4.29%. A rate of 4.70% is above the bank average range. Data sourced from Bank of Canada Valet.
Yes. At 4.70%, your National Bank offer is above the bank average and worth negotiating. Call the retention team (not the branch) and present a competing broker quote. Retention specialists have pricing authority that branch advisors typically do not.