Everything you need to know this week about Canadian mortgage interest rates.
What’s the main takeaway from the interest rate update November 15th? Rates remain low and there is nothing on the horizon likely to change that. There is still lots of so-called global economic headwind which inhibits the Canadian economy from growing. So long as growth is stunted, rates will remain low.
Last week there was some concern that the Bank of Canada was poised to increase the prime rate sooner than expected based on a speech by the Bank’s governor Mark Carney. He later went on record in this interview to set the record straight and re-affirm their commitment to keep the prime rate unchanged into late 2013 or beyond.
So for the meantime it’s low rates in a competitive market where lenders are fighting for your business.
Interest rate pick of the week.
Although we are starting to get some better pricing on variable rate mortgages 2.80% and in some cases 2.65% for high-ratio mortgages it still isn’t worth taking the risk when you can arrange a fixed 5 year today for 2.98%.
| Term | Rate | Apply |
|---|---|---|
| Bank of Canada Prime Rate | 3.00% | Apply |
| 1-Year | 2.79% | Apply |
| 2-Year | 2.79% | Apply |
| 3-Year | 2.99% | Apply |
| 4-Year | 2.99% | Apply |
| 5-Year | 2.98% | Apply |
| 5-Year Variable | 2.65% | Apply |
| 10-Year Fixed | 3.89% | Apply |
| HELOC | 3.50% | Apply |
Take advantage of today’s low rates. You can contact me here or book a call into my calendar below.
