I held off on this weeks Monday morning mortgage rate update because there was indication before the weekend that fixed mortgage rates would be rising. Well it’s true. We’ve seen slight increases in most fixed rate terms. Here’s the best mortgage rates in Canada for August 21st, 2013:
What are today’s mortgage rates?
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Best 5 Year Fixed Rate is 3.39%
The best 5 year fixed rate mortgage is 3.39%. Those 2.89% Five year fixed mortgages from a month ago seem like they were too good to be true don’t they? Today’s rates are still low compared to historical rates.
Best 5 Year Variable Rate is 2.50%
The best 5 year variable rate is Prime minus .50%. Variable rates might be coming back into favour now that fixed rates have increased and the spread on the variable makes them more attractive. As long as you can qualify using the Benchmark Qualifying Rate this might be a good option.
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