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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.
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