Archive for Canadian Mortgage Rates
Mortgage Rates Update
Posted by: | CommentsI’ve updated the mortgage rates pages to reflect the recent drop in most rates by the major banks. The RBC rates are not accurate at this time however.
The next Bank of Canada interest rate announcement is expected on September 8th. Check back then to see if there are any changes to the Canada prime rate.
I’ve written about what a great deal I got on my current mortgage and line of credit. I can thank my mortgage broker for that. I’ve been referring some Ontario residents to him but I now have another source for getting the absolute best rates. If you are looking for a new mortgage or have to renew one, please take a moment to check out RateSupermarket.ca at the following link: Mortgage rates
They offer an online application with links to both banks and mortgage brokers to get you the best available rate on the day you apply.
Tags: current mortgage, bank of canada interest rate, bank of canada, Bank of Canada interest rate announcement September 2010, bank of Canada announcementCanadian Mortgage Rates Update
Posted by: | CommentsAn update on Canadian mortgage rates after the Bank of Canada interest rate hike today. Here are the current rates at the major banks:
- TD Prime Rate – 2.50%
- RBC Royal Bank Prime Rate – 2.50%
- BMO – Bank of Montreal Prime Rate- 2.50%
- CIBC Prime Rate- 2.50%
However, the Bank of Montreal lowered its five year fixed mortgage rate to 4.25%.
The next Bank of Canada interest rate announcement is due on July 20, 2010. Many analysts are predicting another increase in the prime lending rate.
Tags: interest rates, RBC Prime rate, BMO mortgage rates, RBC Mortgage Rates, Royal Bank Prime Rate, CIBC prime rate, Bank of Montreal Prime RateBank of Canada Prime Rate Announcement Expected Shortly
Posted by: | CommentsThe Bank of Canada will make an interest rate announcement in 20 minutes. After yesterday’s release of Gross domestic product growth that hasn’t been seen since 1999, it’s widely expected the prime rate will increase by 0.25%.
Tags: gross domestic product, canadian prime rate, Canada Prime Rate Updates, Canadian Mortgage Rates, bank of Canada announcement, Bank of Canada Prime Rate todayMortgage rates set to rise next month
Posted by: | CommentsIt seems all but certain that Canadian mortgage rates will be going up next month. With the Bank of Canada prime rate anticipated to increase in June, lending rates at banks are sure to follow.
According to the Globe and Mail, “Almost half a million more mortgage holders would be in trouble if their rates hit 5.25 per cent, a national survey showed” last week.
“The report was compiled from an online survey of 3,000 Canadians, almost 1,800 of whom were home owners with mortgages. The survey was conducted by public-opinion firm Maritz for CAAMP, during April.
Among mortgages created during the past year, two-thirds are in a fixed rate, 29 per cent are variable or adjustable, and 6 per cent are combination mortgages.”
Get the full story at theglobeandmail.com
A recent Financial Post story stated that;
“Canadians listed their homes for sale in record numbers in April as countrywide housing inventory hit levels not seen in almost a year, says the Canadian Real Estate Association.
While the market has not slumped, just about everybody tracking the sector — from economists and builders to real estate executives — say there is nowhere else to go but down in prices and sales.”
Tags: bank of canada prime rate, canada prime rate, canadian prime rate, Canadian Mortgage Rates, prime rate canada, mortgage rates, bank of canadaCanadian Mortgage Rates – April 13, 2010
Posted by: | CommentsHere is a sample of the latest Canadian mortgage rates. Some rates quoted below are special rates. Check the financial institutions for more details.
TD Mortgage Rates:
1 year fixed rate 2.650%
5 year fixed rate 4.550%
5 year closed variable 2.100%
BMO Mortgage Rates:
1 year fixed rate 3.000%
5 year fixed rate 4.450%
5 year closed variable 2.100%
RBC Mortgage Rates:
1 year fixed rate 3.000%
5 year fixed rate 4.450%
5 year closed variable – RBC Prime Rate + 0.00%
Tags: BMO mortgage rates, Canadian Mortgage Rates, TD mortgage rates, RBC Mortgage RatesMajor Banks Raise Fixed Mortgage Rates
Posted by: | CommentsAs expected prior to an increase in the Canada prime rate, the major banks have raised interest rates on fixed mortgages.
“CIBC and National Bank followed in the footsteps of other major Canadian banks Tuesday raising the rates on residential fixed mortgages.
Similar to RBC and TD Canada Trust, CIBC and National Bank hiked their three, four and five-year closed mortgages by 20, 40 and 60 basis points respectively.
A three-year mortgage will now come coupled with a 4.35% interest rate, a four-year at 5.34% and the benchmark five-year fixed mortgage at 5.85% at both banks. National Bank is offering a discount on its five-year rate for a limited time.
Mortgage specialists say homeowners risk debt loads they can’t handle as rates come off historic lows. Real estate watchers say the increases will help cool at Canada’s red-hot property market.
Economists say the fairly aggressive rate hikes are in response to the rallying bond market and suggestions by the Bank of Canada that its overnight lending rate could rise sooner than expected. Inflation has outpaced estimates in recent months and the central bank’s pledge to keep interest rates low has been conditional upon core inflation hovering around or below 2%.”
Read the full story at torontosun.com
Tags: CIBC mortgage rates, Canadian Mortgage Rates, BMO mortgage rates, Scotiabank mortgage rates, bank of canada, canadian prime rate, TD mortgage rates, Scotia Prime Rate
