Current Mortgage Rates
Market Comment
Here is a summary by Lynn Fraser of Mortgage Intelligence, whom I personally endorse.
Long term rates have dropped to hit 50 year lows with several lenders in the 4.29-4.39% range on 5 year funds. Variable rate mortgages are running around 3.75-3.80%.
With rates so low, everyone with an existing mortgage should be exploring whether or not to refinance. We have had several situations where savings after paying the penalty exceeded $10,000!
The next meeting of the Bank of Canada is on March 3rd, 2009.
The Bank prime is at 3.00%.
Mortgage Rate Shopping
The rates below are a summary of the industry as of today. They do not necessarily reflect the best possible rates we can obtain, but not reflect a snap shot of extremely good rates in today’s market. They are provided to you to give you an overview of market conditions. The reason we do not show the lowest possible rates for all products, is to avoid the possibility of a "bait and switch" taste happening to you. There are many factors which effect what rate is best for you.
What is your mortgage plan/strategy? What are your short and long term mortgage goals? What is your tolerance for risk?
These are just a few of the thought provoking questions you should be asking yourself before you decide what rate is best for you.
Term | Bank
Posted Rate | Mortgage
Intelligence | Payment
Factor * |
6 month | 5.20 | 5.20 | 5.14 |
1 Year | 5.00 | 3.89 | 4.34 |
3 Year | 5.75 | 4.09 | 4.46 |
5 Year | 5.79 | 4.34 | 4.61 |
7 Year | 7.00 | 5.90 | 5.59 |
10 Year | 7.15 | 6.05 | 5.69 |
15 Year | - | - | - |
18 Year | - | - | - |
25 Year | - | - | - |
Variable Rates as low as... | Prime Plus .75% | | |
Bank Prime | 3.00 | | |
| | | * payment per $1,000 of mortgage | |
Rates updated as of Wednesday, February 18 *
* Above rates subject to changing market conditions & O.A.C. E. & O. E.
* Payment factor is based on a 35 Year Amortization