What are the Canada mortgage rates currently? Many want to know because many people find themselves reevaluating their living arrangements due to COVID-19. As a result, more and more Canadians are looking to purchase a house where they can have more space and more land so they can feel safer. It is a new right now. So what are the Canada mortgage rates right now?
Canada Mortgage Rates Currently at 3 of the Big Banks
Variable Rate Mortgages
| Posted Rate | |
|---|---|
| Scotia Ultimate Variable Rate Mortgage-Closed 3 Year Term | 3.350%1 |
| Scotia Flex Value Mortgage-Closed 5 Year Term | 2.650%2 |
| Scotia Flex Value Mortgage-Open 5 Year Term | 5.750%3 |
Closed Term Fixed Rate Mortgages
| Term | Rate |
|---|---|
| 1 year | 3.090% |
| 2 years | 3.190% |
| 3 years | 3.790% |
| 4 years | 4.090% |
| 5 years | 4.790% |
| 7 years | 5.390% |
| 10 years | 5.890% |
Short Term Fixed Rate Mortgages
| Term | Rate |
|---|---|
| Open Mortgage – 6 month | 5.750% |
| Open Mortgage – 1 year | 5.750% |
| Flexible/Closed Mortgage – 6 month | 4.250% |
Popular Rates
| Term | Special Offers | APR |
|---|---|---|
| 2 Year Fixed | 2.090% | 2.150% |
| 5 Year Fixed | 2.170% | 2.200% |
| 5 Year Variable | RBC Prime Rate – 0.550% (1.900%) | 1.930% |
TD Special Mortgage Rates
| Term | Special Rate3 | APR 4, 5 |
|---|---|---|
| 3 Year Fixed Closed7 | 2.14% | 2.18% |
| 5 Year Fixed Closed7 | 1.94% | 1.96% |
| 5 Year Fixed Closed High-Ratio9 | 1.84% | 1.86% |
| 5 Year Variable Closed6 | 1.70% | 1.72% |
TD Mortgage Prime Rate is 2.60%
Conclusion
The rates above are just a sample of the rates currently available today. However, rates can change, so it is good to either look at a bank’s website or contact them directly for latest rates.
Home ownership in Canada is high when compared with other countries and this trend will continue. (Approximately 66% of Canadians own a property.) And despite (or perhaps even because of) Coronavirus, Canadians are still looking for homes. As a result, mortgage rate shopping has become more important. Please stay safe.