Current Canadian Mortgage Rates as of September 14, 2020

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

Royal Bank of Canada

TermSpecial OffersAPR
2 Year Fixed2.090%2.150%
5 Year Fixed2.290%2.320%
5 Year VariableRBC Prime Rate – 0.350% (2.100%)2.130%

TD Bank

TD Special Mortgage Rates

TermSpecial Rate3APR    4,   5
3 Year Fixed Closed72.19%2.23%
5 Year Fixed Closed72.24%2.26%
5 Year Fixed Closed
High-Ratio9
2.07%2.09%
5 Year Variable Closed62.05%2.07%
TD Mortgage Prime Rate is 2.60%

Scotiabank

Variable Rate Mortgages

Effective September 14, 2020

Posted Rate
Scotia Ultimate Variable Rate Mortgage – 3 Year Closed Term3.350%1
Scotia Flex Value Mortgage-Closed 5 Year Term2.650%2
Scotia Flex Value Mortgage-Open 5 Year Term5.750%3

Closed Term Fixed Rate Mortgages

TermRate
1 year3.090%
2 years3.190%
3 years3.790%
4 years4.090%
5 years4.790%
7 years5.390%
10 years5.890%

Short Term Fixed Rate Mortgages

TermRate
Open Mortgage – 6 month5.750%
Open Mortgage – 1 year5.750%
Flexible/Closed Mortgage – 6 month4.250%
Special Offer Information
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!

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