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Today's Best Mortgage Rates
 

***** Mortgage Rates Last Changed - October 11 2017 *****

Today's Prime Lending Rate 3.20% Next Meeting - October 25 2017

Variable Rates: *
Home Equity Line of Credit P + .50% No Change
3 Year Closed P - .50% No Change
5 Year Closed - CMHC insured purchases only P - .91% ..21 Increase

Fixed Rates: **
1 Year Closed 2.94% No Change
2 Year Closed 2.94% No Change
3 Year Closed 2.99% No Change
4 Year Closed 2.99% No Change
5 Year Closed - Conventional & Re-finance - 25 year amortization (add .10% for 30 year) 3.19% .10% Increase
5 Year Closed - High Ratio Insured Mortgages Only - Purchases 3.04% .10% Increase
7 Year Closed 3.44% .20% Increase
10 Year Closed 3.84% .10% Increase
Bank of Canada Qualifying Rate - see below 4.84% 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 September 6 2017 Meeting News

The Bank of Canada increased its overnight borrowing rate at its September 6 2017 interest rate meeting.  Next meeting October 25 2017.  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.
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