Will mortgage rates go down in 2024?

Compare Manulife Bank Mortgage Rates in Canada

Compare Manulife Bank Mortgage Rates in Canada

Manulife was founded in 1887 as Manufacturers Life Insurance Company Inc. offering insurance. Manulife Bank was established and launched in 1993 and was the first federally regulated bank opened by an insurance company in Canada. Manulife Bank is a branchless bank operating online and through its mobile banking app. 

It’s crucial to compare rates before securing a mortgage. Shopping around for a better rate can result in savings not only in your mortgage payment but also in the interest-carrying costs over the term of your mortgage. If a lender consistently offers lower-than-average rates, this could translate into significant savings over the entire life of your mortgage.

Key Highlights

  • Manulife Bank is a virtual bank operating through online banking or mobile app.
  • Manulife One is an all-in-one banking and mortgage product that combines your mortgage with bank accounts, short-term savings, and other debts.
  • Your personal financial situation often determines whether you qualify for the lowest rates.

Compare Big Bank Rates in Canada

Compare the average big bank mortgage rates to nesto’s in the easy-to-view table below. This enables you to quickly compare nesto average rates against the average rates from the big 6 banks in Canada. 

At nesto, we do all the work to ensure you always get the best rate upfront!

Why look at the rates offered by the Big 6 Banks in Canada? The 6 biggest banks in Canada hold over 70% of all mortgages and, as such, are the starting points of most mortgage originations in the country. Their combined average simplifies the expectation and trend for Canadian mortgage rates.

nesto’s lowest vs Big Bank insured mortgage rates

Results

How to Compare Bank Rates From Big Banks

Shopping rates on your own can be a tiresome task. nesto has simplified the entire process by providing all the information you need in one place. When comparing rates, be sure to measure mortgage products based on term length and type. For instance, if you’re looking at a fixed-rate mortgage, compare banks’ five-year offerings, then three-year offerings, etc., instead of just the rate without the term length being offered.If you’ve found a rate from a lender other than nesto, we guarantee that we’ll match or beat it, or you could get $500. Learn more about nesto’s low rate guarantee.

Manulife Bank Prime Rate

Manulife Bank’s prime rate is used as the basis for many of its products, including variable-rate mortgages, lines of credit, and HELOCs. The prime rate is typically combined with a spread depending on the product and its associated risk to make up the final interest rate that you’re offered. As of May 24, 2024, Manulife Bank’s prime rate is .

Here’s a snapshot of the Prime Rate over time.

*Most Recent Prime Rate Shown
Source: BankofCanada.ca

Manulife Bank 5-Year Fixed and Variable Rate History

When shopping around for mortgage rates, it’s important to compare against historical trends. These trends will provide insights into how Manulife Bank’s interest rates have changed over the years. Tracking these trends can help you make predictions on where interest rates may be headed in the future. 

We don’t track historical rates for Manulife Bank, but we’ll tell you that they are quite similar to the Big 6 Bank average mortgage rates discussed above. 5-year mortgage rates are the most popular rates in Canada, with people switching between fixed or variable depending on market trends. Analyzing the Bank of Canada chart below can help you choose between a fixed or variable 5-year mortgage rate in today’s market.

Bank of Canada Policy & Prime Rate Changes

Date of Rate ChangeKey Overnight Target Rate (%)Change (%)Bank Prime Rate
June 2, 20100.30%0.25%2.50%
July 21, 20100.55%0.25%2.75%
September 9, 20100.80%0.25%3.00%
January 28, 20150.65%-0.15%2.85%
July 16, 20150.50%-0.15%2.70%
July 13, 20170.75%0.25%2.95%
September 7, 20171.00%0.25%3.20%
January 18, 20181.25%0.25%3.45%
July 12, 20181.50%0.25%3.70%
October 25, 20181.75%0.25%3.95%
March 5, 20201.25%-0.50%3.45%
March 17, 20200.75%-0.50%2.95%
March 30, 20200.25%-0.50%2.45%
March 3, 20220.50%0.25%2.70%
April 14, 20221.00%0.50%3.20%
June 2, 20221.50%0.50%3.70%
July 14, 20222.50%1.00%4.70%
September 7, 20223.25%0.75%5.45%
October 26, 20223.75%0.50%5.95%
December 7, 20224.25%0.50%6.45%
January 25, 20234.50%0.25%6.70%
March 8, 20234.50%0.00%6.70%
April 12, 20234.50%0.00%6.70%
June 7, 20234.75%0.25%6.95%
July 12, 20235.00%0.25%7.20%
September 6, 20235.00%0.00%7.20%
October 25, 20235.00%0.00%7.20%
December 6, 20235.00%0.00%7.20%
January 24, 20245.00%0.00%7.20%
March 6, 20245.00%0.00%7.20%
April 10, 20245.00%0.00%7.20%

The Bank of Canada (BoC) will deliberate on the Key Overnight Target rate twice every quarter. Generally, all lenders will follow suit to keep their prime rates in line with the country’s Big Six chartered banks. Find below the most recent changes to the baseline, which impacted the spreads to the Big Banks Prime Rates.

You can find more details about the Key Overnight Target Rate and an explainer from the Bank of Canada (BoC) if you want to learn more about this topic.

Manulife Bank Special Mortgage Product Offerings

Manulife Bank offers standard fixed and variable-rate mortgage options. In addition to their standard mortgages, they also offer:

  • Manulife One – if you have a 20% down payment or at least 20% equity in your home, this re-advanceable mortgage and banking solution allows you to combine your mortgage with bank accounts, short-term savings, income, and other debts.

Manulife Bank Annual Mortgage Prepayment

This annual prepayment privilege enables you to prepay up to 20% of your original mortgage principal on a closed mortgage in one lump sum payment every year. This will help reduce your interest payments and pay down your mortgage much faster, as all of the lump sum amount will go towards the mortgage principal balance. 

Important: You’ll be charged a penalty if you choose to pay down more than 20% of your mortgage principal annually.

Canadian Bank Closed Mortgage Prepayment Amounts
Manulife Bank20%
RBC10%
TD Bank15%
Scotiabank15%
BMO20%
CIBC20%
National Bank10%

Renewing With Your Bank vs. Renewing With nesto 

Did you know you can renew with nesto and save up to $18,542* in your first term? 

The renewal process often raises questions like whether you have to renew your mortgage with your current bank. The answer is no. You have the choice to renew at the end of your term with any bank or mortgage provider. If you’re looking to renew your current Manulife Bank mortgage with another lender, it’s worth shopping around for better rates and terms that suit your situation before you renew with the same lender.

At nesto, we’re the pioneer in online mortgage lending in Canada. Our mission is to offer a positive, empowering and transparent property financing experience, simplified from start to finish. To do that, we provide you with the best mortgage deal possible in an unbiased, commission-free way.

To get started and renew your mortgage with nesto, find the best rate available near you at least a couple of months before your current term expires. Once you’ve found a solution you’re interested in, get in touch, and a mortgage advisor will help you. 

Renewing with nesto is a simple, transparent, hassle-free process that could save you thousands over the lifetime of your mortgage compared to the Big Banks.

Frequently Asked Questions

Here are some of the commonly asked questions about Manulife Bank’s mortgage offerings and rates recently. 

Are Manulife Bank rates lower than other big banks?

Manulife Bank mortgage interest rates are competitive among other big banks and lenders but aren’t consistently lower or higher. Your personal financial situation will often determine whether you qualify for the lowest rates. If, for instance, your credit score is low or you’re carrying a higher debt load, you’re not likely to qualify for the best rates. In order to get the best mortgage rate and the features you desire, it’s important to compare mortgages from multiple providers, which is exactly what nesto does on your behalf.

What are the benefits of choosing a smaller lender?

There are often several benefits to getting your mortgage through a smaller lender. For one, big banks have stringent policies when it comes to who fits into their mortgage products, whereby smaller lenders are more likely to listen to your story before determining if you qualify for a mortgage. Also, smaller lenders often only specialize in mortgages, so they won’t be trying to cross-sell you on other products. This makes them more focused on ensuring you always have the best mortgage experience possible.

Why choose Manulife?

Manulife brings the advantage of having all your financial products together under a single administration. It can be advantageous for clients to have all their insurance, banking, investments and lending products at a single institution for leverage to access more competitive pricing on all or some of their financial products.

Why should you not choose Manulife?

Manulife has banking and insurance business lines and, as such, can work against you if any of your accounts were affected by bad credit (credit or mortgage) or claims (insurance), affecting pricing on other products you also have with them.  There is also the motivation for the lender to continuously offer you products that you may not need while they retain your relationship on products that you have with them.

How do I get a mortgage with Manulife Bank?

You can get a mortgage with Manulife Bank by calling them or filling out their online form, and a mortgage specialist will contact you.

Final Thoughts

While Manulife Bank may be a good choice for many mortgage borrowers, it’s always important to compare your options whenever you’re in the market for a new mortgage, renewal or refinance. Your nesto mortgage expert will ensure you get the very best rate every time.