(778) 668-9320 scott.dawson@verico.ca

It’s been a couple of weeks since our last mortgage rate update. One reason, was there hasn’t been much change to mortgage rates but mostly because we’ve been hard at work getting Lori setup in Dawson Creek to serve our clients moving to and living in Northern BC. (More to come on that later this week) In the mean time here’s the Big 6 Bank and Credit Unions 5yr fixed rates along with the best Verico mortgage rates in Vancouver for October 14th, 2013:

The following interest rates come from each lenders internet mortgage rate page,

5 yr Fixed Rate Mortgage Big 6 Bank Comparison

Bank of Montreal – 3.89% (Warning: Low rate no-frills)
TD Canada Trust – 3.79%
RBC Royal Bank – 3.89%
CIBC – 3.89%
Scotiabank – 3.99%
National Bank – 5.34%

5 yr Fixed Rate Mortgage Vancouver Credit Union Comparison

Vancity Credit Union – 3.69%
Coast Capital Savings – 3.65%
Westminster Savings – 3.69%

What are today’s Verico mortgage rates?

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Best 5 Year Fixed Rate is 3.44%

The best 5 year fixed rate No-Frills mortgage is 3.44%. As you can see from the rate comparison above all other lenders are in the 3.59%-3.99%. If you are purchasing, refinancing or renewing your mortgage this 3.44% 5 year fixed rate is a great product if you don’t think you’ll need more than 5% pre-payment privileges. Give us a call for more info on this low rate offer.

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 cushion yourself from any Bank of Canada rate increases.

Mortgage Money Saving Strategy: Getting low interest rates

Questions about Mortgage Rates?

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*Rates shown subject to change at any time. O.A.C.