May 17th, 2019
Bank of Canada Benchmark 5.34%
1 year fixed 3.29%
2 year fixed 3.14%
3 year fixed 2.89%*
4 year fixed 3.19%
5 year fixed 2.94%**
7 year fixed 3.49%
10 year fixed 3.44%
Closed variable 2.90%***
Chartered Bank prime rate 3.95% & 4.10%
Bank of Canada Policy Interest Rate 1.75%

Some of the above rates are for insured mortgages and/or have a maximum amortization of 25 years.

*The 3 year fixed rate is available for high ratio or conventional financing with a maximum amortization of 25 years.

**The 5 year fixed at 2.94% is for high ratio purchases closing within 45 days.

***The 5 year variable rate mortgage of 2.90% (prime 3.95 minus 1.05) is for high ratio purchases closing within 120 days. The next best 5 year variable rate range is prime minus .50 to prime minus 1.00.

Interest rates have become more complex to quote.  Rates for refinances, rental properties, conventional mortgages and amortizations up to 30 years may be higher.

For conventional financing:

3 year fixed range = 2.94%-3.06% – depending on loan-to-value and amortization required.

3 year capped  variable = 4.10% with capped rate at 4.44%.

5 year fixed range = 2.99%-3.14% – depending on loan-to-value and amortization required.

5 year variable up to 30 year amortization = 3.35% for closings within 120 days.

The range for the best 5 year fixed rate available for a 120 day rate hold is 3.09%-3.34% depending on if insured or conventional.

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 – April 2019. The next Bank of Canada rate setting is May 29th, 2019.

A Note on Pre-Approvals

Banks nowadays no longer provide formal underwriting for “pre-approvals.” They offer rate guarantees instead. Usually the time frame for a rate hold is 120 days.

An informal pre-approval can be done however, by still submitting an application and supporting documents. We review your information thoroughly, and then advise you on how you qualify from a lending perspective,  provide payment calculations, and down payment information.

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

For more detailed information on what a pre-approval means in today’s lending environment, click here to view our blog post.