Today's Best Mortgage Rates
***** Mortgage Rates Last Changed -
May 11, 2018 *****
|
Today's Prime Lending Rate |
3.45% |
Next Meeting - May 30 2018 |
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 - .91% |
No Change |
Fixed Rates: ** |
|
|
|
1 Year Closed |
2.99% |
No Change |
|
2 Year Closed |
3.24% |
No Change |
|
3 Year Closed |
3.44% |
.15% Increase |
|
4 Year Closed |
3.54% |
.15% Increase |
|
5 Year Closed - Conventional - Purchases and Re-financing
(25 year amortization or less) |
3.74% |
.05% Increase |
|
5 Year Closed - CMHC insured purchases and transfers only |
3.34% |
.10% Increase |
|
7 Year Closed
- CMHC insured purchases and transfers only |
3.79% |
.30% Decrease |
|
10 Year Closed |
4.09% |
.35% Decrease |
|
|
|
|
|
Bank of Canada Qualifying Rate - see below |
5.34% |
.20% Increase |
*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 18 2018 Meeting News
The Bank of Canada maintained its overnight
borrowing rate at its April 18 2018 interest rate meeting. Next meeting
May 30 2018. Though there is a willingness for a further
increase, I would expect the Bank of Canada will prudently wait to
see what effects this increase has on our economy.
The Bank of Canada Qualifying Rate is used to qualify
high-ratio insured mortgages with terms less than 5 years or for
variable rate mortgages.
