This is a Hatch effective rate where a higher contract rate applies, on which the actual payment is based. Hatch flies you up to the next branch through a lump sum of cash back, equal to the interest savings of the advertised rate. See what a mortgage can be when Hatch takes you under its wing.
Note: Due to new CMHC rules and premiums increases, rates for refinancing are higher than the ones for purchases or transfers.