Little change to this weeks Vancouver mortgage rate update other than the discontinuation of the previously offered 3.39% five year fixed rate. Here’s the Big 6 Bank and Credit Unions 5yr fixed rates along with the best Vancouver mortgage rates for September 30th, 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?
[table id=1 /]Get Pre-Approved
Best 5 Year Fixed Rate is 3.49%
The best 5 year fixed rate mortgage is 3.49%. 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 3.49% 5 year fixed rate is a full featured mortgage and you can hold this rate for 120 days.
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?
[contact-form][contact-field label=’Name’ type=’name’ required=’1’/][contact-field label=’Email’ type=’email’ required=’1’/][contact-field label=’Phone Number’ type=’text’/][contact-field label=’Question’ type=’textarea’ required=’1’/][/contact-form]