Canada Mortgage Rates Update

A quick update on the mortgage rates from the major banks. For the big 4 banks, BMO, CIBC, RBC and TD, the closed mortgage rates have dropped over the last few weeks. A sample 5 year closed rate is available at 5.29%

However, the variable rates have all increased during the same time period.  A sample 5 year open mortgage rate is available at 3.80%

Is now a good time to lock in a variable rate mortgage?

With the economy in the U.S. not showing much improvement and interest rates there at all time lows, there is an expectation that interest rates in Canada will hold at present levels for the immediate future.

However, it does pay to shop around for mortgage rates just as you would for a major purchase. I recommend comparing mortgage rates online on a regular basis to see if you can get a better deal than what you are currently paying. In my opinion, a great place to do this is at the link below:

Click here: Best mortgage rates.

Today a 5 year closed mortgage is 3.29%. Check it out to see what you can save.