There is a new mortgage rate low in town thanks to Meridian Credit Union, based in St. Catharines, Ont.

The firm is offering an 18-month fixed mortgage at 1.49 per cent, which it calls the “lowest known posted mortgage rate in Canadian history.”

“With this mortgage offering, we will be helping Ontarians to pay off their mortgages sooner while saving money in interest costs,” says Bill Whyte, chief member services officer for Meridian. “This is just another example of Meridian having our members’ backs.”

Meridian is Ontario’s largest credit union with more than 250,000 members, which includes more than 21,000 business members. It claims $11 billion in assets under management, a network of 67 branches and seven business centres.