There been some slight increases to the 5 year fixed rate & variable rates since yesterday’s mortgage rate update. Here’s the best mortgage rates in Canada for August 13th, 2013:
What are today’s mortgage rates?
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Best 5 Year Fixed Rate is 3.29%
The best 5 year fixed rate mortgage is 3.29%. This is the RMG Low Rate Basic mortgage so as long as the features work for you it’s an excellent rate.
Best 5 Year Variable Rate is 2.45%
The best 5 year variable rate is Prime minus .45%. This is also a Low Rate Basic mortgage. So be aware of the additional penalty calculations on this variable product. In my opinion if you are wanting a variable you will be better off going with another lender, even though you won’t get quite as much of a discount. Give me a call for more info on this offer.
Best 10 Year Fixed Rate is 3.99%
The best 10 year fixed rate mortgage is 3.99%. The 10 Year Fixed Rate is perfect for people worried about mortgage rates rising and want to avoid payment shock when their mortgage comes up for renewal. With the 5 year fixed rates increasing this week this option is looking more attractive.
If 10 years sounds like a long time don’t forget that they’re assumable and portable and best of all after 5 years you’ll only pay a 3 months interest penalty to break it. Not the IRD.Get Today’s Rate
Mortgage Rate Hold
Do you need a mortgage rate hold? Getting pre-approved is easy and once your application is completed I’ll be able to lock in your rate for up to 120 days.Apply Now