What are current Canadian mortgage rates in right now? It is an interesting question which will take much research as each bank has their own rates. This can be a long and arduous process. However, I thought I would post some currents rates of some of Canada’s big banks to help make things a bit easier for you guys. So without further ado, here are the current mortgage rates in Canada below:
Current Canadian Mortgage Rates
| Term | Special Offers | APR |
|---|---|---|
| 2 Year Fixed | 2.090% | 2.150% |
| 5 Year Fixed | 2.290% | 2.320% |
| 5 Year Variable | RBC Prime Rate – 0.350% (2.100%) | 2.130% |
TD Special Mortgage Rates
| Term | Special Rate3 | APR 4, 5 |
|---|---|---|
| 3 Year Fixed Closed7 | 2.19% | 2.23% |
| 5 Year Fixed Closed7 | 2.24% | 2.26% |
| 5 Year Fixed Closed High-Ratio9 | 2.07% | 2.09% |
| 5 Year Variable Closed6 | 2.05% | 2.07% |
Variable Rate Mortgages
Effective September 14, 2020
| Posted Rate | |
|---|---|
| Scotia Ultimate Variable Rate Mortgage – 3 Year Closed 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% |
1
APR 3.87%
2
APR 2.70%
3
APR 5.75%
Conclusion
Buying a house is one of the most important purchases you can make. And for most, obtaining a mortgage is necessary to make that home purchase happen. So finding the right mortgage rate for your circumstances is imperative because choosing the wrong rate could cost you thousands of dollars. So do your research; ask lots of questions; read the fine print and take an honest appraisal of what you can afford. Compare mortgage rates AND ask at the bank if they’ll match the better rates at other financial institutions. Doing so will give you the information you need to make the right decision. And, potentially save thousands upon thousands of dollars over the course of the mortgage. Happy house hunting!