Today's Best Mortgage Rates
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***** Mortgage Rates Last Changed
- May 6th, 2025 *****
|
Today's Prime Lending Rate |
4.95% |
Next Bank of Canada Meeting - June 4th 2025 |
Variable Rates: * |
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|
Home Equity Line of Credit |
P + .25% (5.20% today) |
No Change |
|
5 Year Closed - 25 year amortization Purchases Only |
P - 0.75% (4.20% today) |
No Change |
|
5 Year Closed - 30 year amortization Refinances |
P - .50% (4.45% today) |
No Change |
Residential Owner Occupied
Fixed Mortgage Rates From: ** |
|
|
|
1 Year Closed |
5.49% |
.05% Increase |
|
2 Year Closed |
4.79% |
.05% Increase |
|
3 Year Closed |
4.39% |
.10% Increase |
|
4 Year Closed |
4.39% |
.10% Increase |
|
5 Year Closed - Refinances and conventional purchases |
4.44% |
.20% Increase |
|
5 Year Closed - CMHC/Sagan insured purchases
and transfers |
4.19% |
.25% Increase |
|
7 Year Closed - CMHC insured for purchases and transfers |
5.19% |
.04% Increase |
|
10 Year Closed - CMHC insured for purchases and transfers |
5.29% |
.04% Increase |
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Federal Government /
Bank of Canada Qualifying Rate or contract rate plus 2% (the
higher) |
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*Interest rate is compounded
monthly, not in advance. Variable rate mortgages offers you a low
variable interest rate based on the prime rate over a 5-year fixed
term. The prime lending rate represents a variable rate of interest
announced by the lender from time to time as its Prime Lending Rate.
Rates subject to change without notice.
**The annual percentage rate (APR), compounded semi-annually, not in
advance. The APR is for a mortgage of $100,000 with monthly payments
and a 25 year amortization. APR assumes no fees apply. You may be
required to pay additional fees, such as legals costs and/or
appraisal costs, which would increase your APR. Rates subject to
change without notice.
Bank of Canada – April 16, 2025 Meeting Update
The
Bank of Canada held its
benchmark rate at 2.75%, following a series of rate cuts
totaling 2.25% since June 2024. This pause comes as inflation
continues to trend near the 2% target, with March’s CPI landing at
2.3%, down from 2.6% in February.
However, rising unemployment — now at
6.7%, the highest
since 2017 — and softening economic activity have increased caution.
Job losses in March and declining consumer momentum suggest Canada’s
economy is slowing.
Adding to uncertainty are recent
U.S. tariffs, which
have created volatility in the Bank’s economic outlook. Governor
Tiff Macklem noted the need for a cautious approach given these
external risks, with scenarios ranging from continued recovery to a
possible recession if trade disruptions worsen.
For borrowers, mortgage
rates have stabilized, but qualifying remains a challenge.
The federal stress test
still requires borrowers to qualify at
2% above the contract rate,
meaning that even with rates in the
4.44% range,
approvals are based on 6.44% or higher.
The next rate decision is set for
June 4, 2025, and
the Bank has signaled it will remain data-dependent, especially in
light of inflation and global trade developments.
