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Just like last weeks mortgage rate update we’ll compare mortgage rates between the Big 6 banks and the Verico Paragon Pacific offerings. Here’s the Big 6 Bank and Credit Unions 5yr fixed rates along with the best Vancouver mortgage rates for September 23rd, 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 – 3.45%
Westminster Savings – 3.69%

What are today’s Verico mortgage rates?

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Get Pre-Approved

Best 5 Year Fixed Rate is 3.39%

The best 5 year fixed rate mortgage is 3.39%. As of publishing this rate is still available. As you can see from the rate comparison above all other lenders are in the 3.59%-3.99% so if you are purchasing or renewing your mortgage within the next 90-120 days and want a 3.39% five year fixed I’m make arrangements to get pre-approved 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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*Rates shown subject to change at any time. O.A.C.