Today's Best Mortgage Rates
***** Mortgage Rates Last Changed -
February 6 2020 *****
|
Today's Prime Lending Rate |
3.95% |
Next Meeting - March 4 2020 |
Variable Rates: * |
|
|
|
Home Equity Line of Credit |
P + .50% |
No Change |
|
3 Year Closed |
P - .50% |
No Change |
|
5 Year Closed - CMHC insured purchases and transfers only |
P - 1.00% |
No Change |
Fixed Rates: ** |
|
|
|
1 Year Closed |
3.99% |
No Change |
|
2 Year Closed |
3.19% |
No Change |
|
3 Year Closed |
2.99% |
No Change |
|
4 Year Closed |
2.99% |
No Change |
|
5 Year Closed - Conventional - Refinances
(25 year amortization or less) |
2.99% |
No Change |
5 Year Closed - CMHC insured purchases, renewals/transfers,
and purchases with greater than 35
% downpayment only |
2.59% |
.15% Decrease |
|
7 Year Closed
|
2.99% |
No Change |
|
10 Year Closed - CMHC insured for purchases and transfers
only |
3.09% |
No Change |
|
|
|
|
|
Bank of Canada Qualifying Rate - see below |
5.19% |
No Change |
*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 January 22 2020 Meeting News
The Bank of Canada maintained its overnight
borrowing rate at its January 22 2020 interest rate meeting. Next meeting
is March 4 2020. The current federal government's changes to
Canada's mortgage rules are having a much larger negative impact
than this government estimated. Forecasts for further rate
increases in 2020 are now muted and unlikely to occur as the extent
of the toll inflicted on the economy and markets are now being
realized.
The Bank of Canada Qualifying Rate is
used to qualify high-ratio insured mortgages, variable rate mortgages,
and for all federally regulated lenders.
