Current Mortgage Rates

Nov. 27, 2020
1 year fixed 1.74%
2 year fixed 1.74%
3 year fixed 1.69%
4 year fixed 1.74%
5 year fixed 1.69%*
7 year fixed 2.34%
10 year fixed 2.79%
Closed variable 1.70%**
Chartered Bank prime rate 2.45% & 2.60%
Bank of Canada Policy Interest Rate 0.25%
Bank of Canada Benchmark 4.79%

The above is a snapshot of current mortgage rates. Some of the above rates are for insured mortgages and/or have a maximum amortization of 25 years. Interest rates have become more complex to quote.  The variables that will impact the available rates are as follows: whether the transaction is a purchase or refinance; rental or owner occupied; conventional mortgage; conventional insured;  high ratio; the loan-to-value ratio; credit score; verifiable income; and/or the amortization. The interest rate landscape is dynamic and constantly changing. Different lenders can specialize discounting different terms. For more information on the topic of choosing fixed or variable, click here. Monoline lenders are the sources for conventional insured mortgages. Click here for more information on the role of monoline lenders in today’s lending environment. 

*The 5 year fixed at 1.69% is for high ratio purchases closing within 45 days.

**The 5 year variable rate mortgage of 1.70% has varying rate guarantee lengths, and may be available for either high ratio or conventional. 

For conventional financing:

3 year fixed range = 1.74%-1.99% – depending on loan-to-value, amortization required, and closing date.

5 year fixed range = 1.74%-2.04% – depending on loan-to-value, amortization required, and closing date.

5 year variable up to 30 year amortization = 1.70% on exception. 

The range for the best 5 year fixed rate available for a 120 day rate hold is 1.94%-2.04% depending on if insured or conventional, and the amortization needed.

All of the above quoted rates are subject to qualification for both the applicant and the property, and are subject to change without notice.

Here is the latest Monetary Policy Report from the Bank of Canada: Monetary Policy Report – October 2020. The next Bank of Canada rate setting is December 9th, 2020.

A Note on Pre-Approvals:

Some lenders offer a basic level of underwriting at the pre-approval stage, and some only offer rate holds. The rate guarantees that are provided are in place for 120 days and can be re-booked if needed. To re-book at the current mortgage rates, not all but some lenders, will ask for a fresh credit report at the time the application is re-submitted. A quick review of your assets and liabilities will be done to note any significant changes in your financial picture.

Your application goes through the formal underwriting process once you have an accepted offer.

Click here to view our informative blog post about what pre-approvals mean in today’s lending environment.