Some small increases to the five year fixed and other fixed rate terms this past week. I am also expecting more rate changes this coming week as bond markets edge up with the strengthening US economy. Here’s the best mortgage rates in Canada for September 9th, 2013:
What are today’s mortgage rates?
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Best 5 Year Fixed Rate is 3.44%
The best 5 year fixed rate mortgage is 3.44%. This is a “No-Frills” mortgage with limited pre-payment privileges. If you are looking for a full featured mortgage contact me for a current rate quote.
Best 5 Year Variable Rate is 2.50%
The best 5 year variable rate is Prime minus .50%. Variable rates are now coming back into favour since fixed rates have increased. As long as you can qualify using the Benchmark Qualifying Rate this is a good option. My suggestion to those that want a Variable rate mortgage is to set their payments to match the five year fixed rate and you will not only pay off your mortgage faster but also cussion yourself from any Bank of Canada rate increases.
Best 10 Year Fixed Rate is 4.09%
The best 10 year fixed rate mortgage is 4.09%. 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 these past few weeks this option is looking more attractive, especially if you are worried that fixed rates will continue to increase and you are not wanting to go with a Variable Rate mortgage.
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.
Questions about Mortgage Rates?
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