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Today's Best Mortgage Rates
 

***** Mortgage Rates Last Changed - October 29 2019 *****

Today's Prime Lending Rate 3.95% Next Meeting - October 30 2019

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 - 1.05% No Change

Fixed Rates: **
1 Year Closed 3.59% No Change
2 Year Closed 3.19% No Change
3 Year Closed 2.89% No Change
4 Year Closed 3.14% No Change
5 Year Closed - Conventional - Refinances (25 year amortization or less) 2.97% .02% Increase
5 Year Closed - CMHC insured for purchases and transfers only 2.74% .05% Decrease
7 Year Closed 2.99% No Change
10 Year Closed - CMHC insured for purchases and transfers only 3.04% No Change
Bank of Canada Qualifying Rate - see below 5.14% 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 4 2019 Meeting News

The Bank of Canada maintained its overnight borrowing rate at its September 4 2019 interest rate meeting.  Next meeting is October 30 2019.  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 2019 - 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.
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