Today's Best Mortgage Rates
***** Mortgage Rates Last Changed
- May 19 2020 *****
|
Today's Prime Lending Rate |
2.45% |
Next Meeting - June 3 2020 |
Variable Rates: * |
|
|
|
Home Equity Line of Credit |
P + .50% |
No Change |
|
3 Year Closed - currently N/A |
P - .50% |
No Change |
|
5 Year Closed - CMHC insured purchases and transfers only |
P - .20% |
.05% Decrease |
Fixed Rates: ** |
|
|
|
1 Year Closed |
3.14% |
No Change |
|
2 Year Closed |
2.79% |
.35% Decrease |
|
3 Year Closed |
2.69% |
.20% Increase |
|
4 Year Closed |
2.64% |
.45% Decrease |
|
5 Year Closed - Refinances up to 25 year
amortizations |
2.59% |
.40% Decrease |
|
5 Year Closed - CMHC/Genworth purchases/renewals/transfers
(Quick Close - 45 days) |
2.44% |
.10% Increase |
|
7 Year Closed
|
3.24% |
No Change |
|
10 Year Closed - CMHC insured for purchases and transfers
only |
3.24% |
No Change |
|
|
|
|
|
Bank of Canada Qualifying Rate - see below |
5.04% |
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 April 15 2020 Meeting News
The Bank of Canada maintained its target for the overnight rate at
1/4%. Next meeting
is June 3 2020. The current federal government's changes to
Canada's mortgage rules are having a much larger negative impact
than this government estimated, particularily on Canadians looking
to refinance or to reinvest. Forecasts for rate
increases in 2020 are unlikely to occur as the extent
of the toll inflicted on the economy through prior mortgage
rule changes combined with the current Corvid-19 are now being
realized.
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.
