Today's Best Mortgage Rates
***** Mortgage Rates Last Changed
- November 30, 2023 *****
|
Today's Prime Lending Rate |
7.20% |
Next Bank of Canada Meeting - December 6, 2023 |
Variable Rates: * |
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Home Equity Line of Credit |
P + .25% |
No Change |
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5 Year Closed - 25 year amortization Purchases Only |
P - 1.00% (6.20% today) |
No Change |
|
5 Year Closed - 30 year amortization Refinances |
P - .30% (6.90% today) |
No Change |
Residential Owner Occupied
Fixed Mortgage Rates From: ** |
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|
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1 Year Closed |
7.29% |
.10% Increase |
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2 Year Closed |
7.04% |
.15% Increase |
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3 Year Closed |
7.29% |
.15% Decrease |
|
4 Year Closed |
6.29% |
.20% Increase |
|
5 Year Closed - Refinances |
6.29% |
.20% Decrease |
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5 Year Closed - CMHC/Sagan insured purchases
and transfers |
5.39% |
.20% Decrease |
|
7 Year Closed - CMHC insured for purchases and transfers |
6.54% |
.15% Increase |
|
10 Year Closed - CMHC insured for purchases and transfers |
6.59% |
.14% 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 October 3, 2023 Meeting News
The Bank of Canada
left the benchmark rate this time around at
its highest level since December 2000 after 11 consecutive rate increases. Canada's inflation numbers
softened from a high of 5.9% to start this year, to 2.80% in June and
increased slightly to 3.80 in September, not that far from
the Bank of Canada target rate of 2%. The federal government's
inattention to a budget combined with an over stimulus of the
economy and the carbon tax/hikes
is all bad news for all borrowers,
particularily for first time home buyers. With interest rates cresting
6%, the federal
government's stress test means borrowers must qualify for
traditional mortgages at 8%. The result of this increase will further
reduce what Canadians qualify for both in trying to
purchase a home and to refinance their existing home, and further
dampens investments in Canada.
In essence, all home buyers, regardless of down payment, and all
existing home owners looking to refinance their homes, regardless of
equity, must qualify at the federal government's mandated rate of
2% above the offered contract rate.
The Bank of Canada Qualifying Rate is
used to qualify high-ratio insured mortgages, variable rate mortgages,
and fixed rate for all federally regulated lenders.
