Current Mortgage Rates

Current Mortgage Rates

Compare to 4.75% ten days ago:

► Bank Prime Rate: 4.25%

Compare to 5.79% 6 months ago*:

► 5-Year Closed/Fixed Rate: 5.69%

Compare to bank prime minus 0.60% one month ago*:

► 5-Year Variable Rate: Bank Prime plus 1.0%

* This describes the deepest discounted rate available through a mortgage broker with some of the leading Canadian lenders.

Mortgage Terms

Variable Interest Rate Mortgage - A mortgage for which the rate of interest may change if other market conditions change, such as bank prime rate. This is sometimes referred to as a floating rate mortgage.

Fixed-Rate Mortgage - A mortgage for which the rate of interest is fixed for a specific period of time (the term).

Bank Prime Rate - The prime rate is the rate that banks give to their best and most credit-worthy customers. The rate fluctuates with the Bank of Canada decision to raise or lower short-term lending rates. The prime is important for the average consumer because loans such as home equity, mortgages credit card and automobile, rise and fall with the rate.

Thanks to Ian Baker of Beyer Mortgage Services for this information.
Ian is also a member of the Victoria Values Based Business Network.