Mortgage Interest Rates
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Stay up to date with mortgage interest rates.
| Term | Rate | Apply |
|---|---|---|
| Bank of Canada Prime Rate | 3.00% | Apply |
| 1-Year | 2.69% | Apply |
| 2-Year | 2.69% | Apply |
| 3-Year | 2.65% | Apply |
| 4-Year | 2.99% | Apply |
| 5-Year | 2.84% | Apply |
| 5-Year Variable | 2.65% | Apply |
| 10-Year Fixed | 3.69% | Apply |
| HELOC | 3.50% | Apply |
Mortgage Interest Rate Update September 26th 2012
Do you want to get the best mortgage rate? Of course! But if you’re shopping for the best rate you’ve got to look at the macro events happening in the wider Canadian and global economies. When you understand the reasons why a fixed rate is priced you can make an informed decision with confidence. 
Do you know what keeps mortgage interest rates low? It’s bad news! Simply put when economic news is doom & gloom it keeps downwards pressure on mortgage interest rates. Why? Because when news is bad investors demand safe places to put their money specifically Government of Canada bonds which keeps their yield down. Mortgage interest rates have a direct relationship to bond yields.
This week we have the reports of a Stalling Economy here at home along with renewed fears in Europe and riots in Greece.
Another important indicator which predicts the direction of interest rates is inflation. As inflation increases so does the need to raise interest rates. As inflation increases so does the need to raise interest rates especially the bank of Canada prime rate which variable rate mortgages are based on. Last Friday’s statistics Canada report showed that inflation is actually more deflationary currently in Canada and that interest rates aren’t moving for a while.
So you want a better mortgage rate
Now that the macro economics talk is out of the way, what does this all boil down to: LOW INTEREST RATES. There isn’t any upwards pressure currently on mortgage interest rates. The fixed 5 year at 3.09% is a good option providing good value for a long term. If you want great value and lower rate consider a fixed 3 year rate at 2.69%.
Visit my interest rate page to see current rates. See a rate that you like? Apply. Not only will you get the best rates in the market but you’ll be working with a mortgage professional who loves his clients and best of all my services are free of charge to you.
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I once had a look at the study guide for the state real estate license test for mortgage brokers and it was thick, extensive and daunting. So I am inclined to take the advice of a licensed mortgage broker, especially since I have no experience with real estate investments and am only beginning to learn about the process. I hope to learn more through this web site and the updates regarding the available mortgage loan rates.
Hey Chris
I like what you’ve done with your blog, do you think you could do better than the fixed 5 year of 3.49% that my bank offered me? I don’t really believe they are offering me the best rate right now.
Get in touch
Sandra M
Hi Sandra
I am glad you like my blog thanks for the compliment! I’ll send you a private message but I think I can help you out finding a more competitive rate.
How long are these rates good for?
Thanks for stopping by my site… most rates have a ratehold for 120 days although some of the more aggressive rates have shorter rateholds of 45 days.
Your rates are a lot better than the rates in the central US. The mortgage companies here are still gouging us for all they can. How long are your rates good for? It might be worth it to look into relocation if your taxes, and finance rates are going to be this low. Thanks for posting this information If we decide to move to Toronto I’ll be sure to let you know.
Thanks for stopping by Philip… greetings from Canada!
I have heard much about the down town Toronto scene, especially the old, gothic style architecture. But that I imagine is the commercial building or warehouse areas and not residential homes. Call me ignorant, but I wonder if there are suburban areas with track housing and gated communities. Usually, those type of community homes are more affordable to invest in.
Thanks for the timely information regarding current interest rate trends in Canada.
It’s interesting to note that the fixed terms are now becoming more attractive – A fact I was no aware of until reading your recent interest rates post.
We can always count on the independent mortgage brokers to keep the consumer’s best interests in mind. Keep up the good work!
My mortgage renewal is due August 12, 2012 and I am shopping around for the next best rate available.
I pay now a closed 5 years variable rate of 2.1%.
I am interested in below terms and have got so far the following closed rates:
- 2 years @ 2.79%
- 4 years @ 2.99%
- 5 years @ 3.14%
Please contact me if you can do any better than the above.
Regards,
Cris Bors
cris.obk@netaxis.ca
Tel 905-761-1120 Ext 226