As of Tuesday, July 25th, 2017 the Bank Prime Rate is 2.95%
Compare over 500+Canadian mortgage rates now
|Today's "Posted" Mortgage Rates
(You can often find a rate far less than what is shown in the table below)
|1 Year Closed||3.14%|
|2 Yr closed||2.99%|
|3 Yr closed||3.39%|
|4 Yr closed||3.89%|
|5 Yr closed||4.64%|
|5 Yr Variable||2.30%|
|See Best Rates Here|
|Rates as of:Monday, July 24th, 2017|
|What does the term BANK PRIME RATE really mean? Use this link to see the current bank prime (After 7 years the Bank of Canada Increased the prime rate from 0.5% to 0.75% on July 13, 2017, which means that the banks increased their lending rates by about the same amount. Thus as of Tuesday, July 25th, 2017 the Overnight Rate is 0.75%)
The Bank Prime Rate is the rate that Canadian banks charge their absolute best customers for loans. Changes in the Bank of Canada prime rate influence changes in other interest rates, including variable interest rate mortgages. The prime rate fluctuates based on economic conditions. Some mortgage companies offer interest rates starting at less than bank prime rate as an incentive to borrow from them! These are known as “SUB PRIME” Mortgages and we know what happened in the US when too many sub-prime mortgages were given out in the mid 2000’s Read more about Sub-Prime Mortgages
The Graph(s) below show you interest rate trends in the past
Send Mark an E-mail or you can call me now at 905-828-3434
to view and compare Today’s Low Canada and Ontario Current Mortgage Interest rates from major lenders for discounted, variable, fixed and prime rates in Canada and a mortgage calculator
Click graph below to open a full size detailed image in new window
This link will take you to another page showing a graph of the 5 year posted mortgage interest rate since 1951
You can compare Short or long term mortgage rates here.
Another very interesting relationship is how the 1 year and 5 year mortgage interest rates compare over time. People often ask me if they should choose the short term rates or lock in for the long term rates with their mortgage. The answer is not simple and often depends upon your personal situation and your risk tolerance, read more about locking in your mortgage for the long or short term. The graph below may give you some insight into what you may wish to do by comparing the difference between the short and long term rates over the past decade or so and how the difference fluctuates.
Mortgage Calculator Canada
OR you can find A mortgage that’s right for you from the lowest to highest and Current mortgage rates. Fixed rate and variable Canadian mortgages, Mortgage Rate Directory, Low Mortgage Rates, Today’s Mortgage Rates, Discounted Mortgage Rates, Mortgage Rate info, Mortgage Tips & Advice, Ontario Mortgage Rates and more at this best rate page.
What are the financial markets in Canada and the US currently trading at?
from Globe Investor
This link will take you to CREA interest rate statistics
How does the Bank of Canada Set the Prime Rate and Interest Rates?
|* Charts courtesy of CNNMoney.com. Click here to visit their site.|
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Mississauga MLS Real Estate Properties & MLS.CA Homes for Sale | All Pages including Mississauga Real Estate Blog all maintained by firstname.lastname@example.org Copyright © A. Mark Argentino, P.Eng., Broker, RE/MAX Realty Specialists Inc., Brokerage, Mississauga, Ontario, Canada L5M 7A1 (905) 828-3434 First created – Tuesday, July 16th, 1996 at 3:48:41 PM – Last update of this page: Tuesday, July 25th, 2017
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