November 2nd, 2023
5 year fixed high ratio 5.79%.
5 year uninsured conventional 6.14% to 6.39%.
5 year fixed range for 120 rate hold 5.79-6.44% depending on if insured or conventional, and the amortization needed.
5 year high ratio variable rate mortgage is prime less 1.20 = 6.00%.
5 year conventional variable with 30 year amortization – in the range of approximately 6.30% to 7.05%. The available discount off the prime will depend on the lender, and potentially the amount being borrowed, the amortization, and whether the property is owner occupied or a rental.
The Stress Test rate is currently the greater of 5.25% or your contract rate + 2.00%.
Rates are subject to change & subject to qualification.
The next Bank of Canada rate announcement is December 6th, 2023.
Prime rate is currently 7.20%.
Here is the latest Monetary Policy Report from the Bank of Canada from October 25th, 2023.
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; the amortization, and/or the timing of the completion date. 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.