Mortgage Rates
A Word About Mortgage Rates:
The best rates, the lowest rates, deeply discounted rates, wholesale rates…. we all say the same thing, right? Who really has the best rates? The truth is, rates are adjusted regularly, sometimes as often as every day. Even more than once in one day! We deal with over 40 lenders, all of which offer different mortgages rates for different mortgages. The inbox of a mortgage broker’s email account is full of rate updates every morning.
And now, with government guideline changes, different borrowers get different rates…. there seems to be the most competition among lenders for high ratio insured mortgages. Some lenders charge a premium for borrowers that want a 30 year amortization. Some lenders charge a higher rate for clients that are seeking a refinance over a purchase. And some charge a premium on rental properties. It’s a big puzzle, let me help you put it together and provide the advice you need in today’s confusing lending landscape. Rates below subject to change.
Mortgage Rates
| Term | Fixed | Variable |
|---|---|---|
| 1 Year | 2.54% | — % |
| 2 Year | 2.34 % | — % |
| 3 Year | 2.19% | |
| 4 Year | 2.19% | |
| 5 Year | 1.79 % | P – 0.75 (1.70) % |
| 7 Year | 2.54 % | — % |
| 10 Year | 2.94% | — % |
Making Sense of Interest Rates:
A rate chart serves as a guide to the absolute best rates that any single lender or broker has access to…. but it’s really just a snapshot in time. A good broker is going to find the best rate for YOU based on your individual situation. A good broker knows which lenders offer the best rates for different groups of properties or people: rental properties, owner-occupied, secondary homes, second mortgages, self-employed applicants, new immigrants, challenged credit files, etc. And then, a really good broker is skilled at gently negotiating that rate and/or the options that are attached to it, to your benefit. So please, view this, and all rate charts, with this understanding.
New Construction Mortgage Rates
for property completions within
| Term | Six Months | Twelve Months | Fifteen Months | Eighteen Months |
|---|---|---|---|---|
| 3 Year | 3.29 % | 3.44% | % | 3.44 |
| 4 Year | 3.24% | 3.59 % | % | 3.64 % |
| 5 Year | 2.99 % | 3.24% | % | 3.39% |
The above rates represent the typical discounted rates available to borrowers with strong credit, qualifying income and assets, on conventional real property that meets lending value requirements. Additional rate discounts and benefits may be obtained during the direct bid process. This data is for information purposes only and should not be relied upon without verification by an Canadian Mortgage Experts Advisor.
Bank of Canada Rates
| Title | Percentage |
|---|---|
| Qualifying Rate: | 5.19 % |
| Prime Rate: | 3.95 % |
