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Mortgage rate decrease

Blog by Nick Swinburne | October 14th, 2010

Fixed mortgage rates are on the move (down) again including posted rates, so the Bank of Canada Benchmark rate will likely drop to 5.29% next week and make the variable a little more accessible too. Many banks have decided to move ahead and start using 5.29% as their 5 year benchmark in anticipation - this should help more applicants qualify for home financing. 

Currennt rates are as follows:

 Variable: 2.20% (Prime - 0.80)

   1 Year Fixed = 2.44%

  3 Year Fixed = 3.29%

  5 Year Fixed = 3.45%