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
|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|
|Open Mortgage – 6 month||5.750%|
|Open Mortgage – 1 year||5.750%|
|Flexible/Closed Mortgage – 6 month||4.250%|
|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|
|5 Year Variable Closed6||1.70%||1.72%|
TD Mortgage Prime Rate is 2.60%
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.