Today's Best Mortgage Rates
***** Mortgage Rates Last Changed
- January 6 2021 *****
|
Today's Prime Lending Rate |
2.45% |
Next Bank of Canada Meeting - January 22 2021 |
Variable Rates: * |
|
|
|
Home Equity Line of Credit |
P + .50% |
No Change |
|
3 Year Closed - currently N/A |
P - .50% |
No Change |
|
5 Year Closed - 25 year amortization default insured |
P - .85% (1.60% today) |
.20% Decrease |
Residential Owner Occupied
Fixed Mortgage Rates From: ** |
|
|
|
1 Year Closed |
1.64% |
No Change |
|
2 Year Closed |
1.64% |
No Change |
|
3 Year Closed |
1.64% |
No Change |
|
4 Year Closed |
1.64% |
.20% Decrease |
|
5 Year Closed - Refinances up to 25 year
amortizations |
1.89% |
.10% Decrease |
|
5 Year Closed - Purchases with 35% down payment |
1.64% |
.20% Decrease |
|
5 Year Closed - CMHC/Genworth insured purchases
|
1.64% |
.10% Decrease |
|
7 Year Closed
|
2.99% |
No Change |
|
10 Year Closed - CMHC insured for purchases and transfers
only |
3.24% |
No Change |
|
|
|
|
|
Bank of Canada Qualifying Rate - see below |
4.79% |
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 December 8 2020 Meeting News
The Bank of Canada maintained its target for the overnight rate at
1/4%. Next meeting
is January 22 2021. Prior forecasts for rate increases in 2021 are
unlikely to occur as the extent of the toll inflicted on the economy
through our federal government's mortgage rule changes combined with the current
Covid-19 pandemic 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.
