Our Canadian mortgage rates, change often.
We Updated whenever there is a change in mortgage rates. This may mean daily, weekly or anywhere between.
It is safe to say that for all borrowers, mortgage rates is their first priority. Having said that, we need to distinguish between Bank side mortgage rates or A side, or B side mortgage rates.
The rates below are Bank side for borrowers with credit scores of 650 and above.
MORTGAGE RATES – Talk to us about mortgage rates and terms. Call us at 416-219-7486
|TERM||Insured Rates||Uninsured rates|
|1 Year Fixed||1.84||1.99||GET THIS RATE|
|2 Year Fixed||1.54||1.94||GET THIS RATE|
|3 Year Fixed||1.54||1.94||GET THIS RATE|
|4 Year Fixed||1.64||1.94||GET THIS RATE|
|5 Year Fixed||1.63||2.09||GET THIS RATE|
|VARIABLE||1.4||Prime - 1.05||GET THIS RATE|
Looking at the chart above it is clear that ” insured” mortgages are priced with lower rates than ” Uninsured” rates.
The reason for this is the lender or Bank is in a secure position against default on insured mortgages. In Canada, mortgages with down payments of 5% to 19% must be insured against default. The common insurers is CMHC, Canadian Mortgage and Housing Corporation, or GFI, Genworth Financial inc. This also means that rated can be cheaper on purchases than refinances. This is because refinances cannot exceed 80% loan to value.