For this weeks mortgage rate update I thought it would be fun to compare rates between the Big 5 banks and see how the rates we offer stack up. After-all while rates not the only thing to consider it is important for clients. Here’s the Big 6 Bank and Credit Unions 5yr fixed rates along with the best Verico mortgage rates in Vancouver for September 16th, 2013:
The following 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 – 3.45%
Westminster Savings – 3.69%
What are today’s Verico mortgage rates?
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Best 5 Year Fixed Rate is 3.39%
The best 5 year fixed rate mortgage is 3.39%. I don’t expect this rate to last long. If you are purchasing or renewing your mortgage within the next 90-120 days I would make arrangements to lock in a rate sooner rather than later.
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.
Questions about Mortgage Rates?
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