BL-GettyImages-634460465.jpg

Mortgage Rates

Because the rate, matters.

*Rates are for insured purchases

1 Year Fixed 6.74%


2 Year Fixed 6.14%


3 Year Fixed 5.04%


5 Year Fixed 4.79%


5 Year Variable 6.00%


10 Year Fixed 6.29%

Rate Reference

 

Qualifying Rate

5.25%

The qualifying or “benchmark rate” is the minimum rate lenders use to qualify a borrower on the mortgage.

Prime Rate

2.45%*

Known as the prime lending rate, is the annual interest rate used my Canadian lending institutions to set annual interest rates for products such as variable mortgages and lines of credit.

* Used for most but not all lenders

Overnight Rate

0.25%

Is the interest rate that lending institutions borrow and lend money amongst themselves. The bank sets a target level for that rate.