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.
The mortgage approval process has 5 fundamental stages: the collection of information, submission to the lender, appraisal, document review, and file complete. Each stage forms …
Annie de la Chevrotiere
Professional Mortgage Broker
Mortgage broker services with over 25 years experience behind every approval. We advocate for home ownership, refinances to help cash flow, knowledge, and peace of mind.
Why use a mortgage broker? For results, expertise & efficiency. We track the 5 & 10 year bond yields daily to gauge the short term upward or downward pressure on interest rates. This helps to secure the lowest rate for you when you are obtaining a mortgage approval or pre-approval.
Want to see what our clients have to say about our service? Our latest Google reviews are on our blog page, here.
Whether for a purchase or a refinance, I am available 7 days a week to find the right mortgage options and rates for you. I am a professional that takes the time to explain the application process and answer all of your questions. International time zones are accommodated. In most cases, I am paid directly by the lender so there are usually no fees for my service. In situations where a fee may be payable, advance notice is provided with full disclosure.
Our financing is sourced from various institutional & private lenders which provide first, second, and interalia mortgages. Also on this site, there is information on different types of mortgages such as Reverse, and Construction mortgages. There are also speciality pages devoted to First-time Buyers & Non-residents.
Curious about interest rate risk versus penalty risk? This is discussed on the Fixed or Variable page, here.
The pre-approval process starts with the on-line application, and from there I let you know what is needed for supporting documents. We review the numbers with you so you understand what your payments will be and what you will need to budget for a down payment and closing costs. We work together to meet your objectives for your mortgage financing requirements. For more information on what a pre-approval means in today’s lending environment, click here.
Click here to see our feature article in Daily Hive.
For your convenience, you can also schedule a call by clicking one of the links below:
Full contact details here.
I look forward to assisting you!
The Mortgage CentreThe Mortgage Centre became Canada’s first national mortgage broker organization in 1989.