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Our overall volume gives me negotiating power with our lenders. Getting a lower rate can potentially save you thousands of dollars. And I can often guarantee an interest rate for 90-120 days. Bank’s will not advise you if there is a better deal elsewhere because they only have access to their line of mortgage products. I have access to over 500 products, which means I will find the best mortgage from the marketplace for your specific situation.
How are mortgage rates set?
Variable Mortgage Rates
The chartered banks set the prime lending rate (the rate they offer their best customers).They base their decisions on the Bank of Canada’s overnight rate because that’s the rate that influences their own borrowing. There are approximately eight times a year the Bank of Canada makes rate announcements. Variable mortgage rates and lines of credit move in conjunction with the prime lending rate.
Fixed-rate mortgages are a little different. Banks use Government of Canada bonds to raise money for fixed-rate mortgages. In the bond market, interest rates can fluctuate more often, since they’re subject to the changing moods of traders and bond investors, which try to figure out how fast the economy will grow and where inflation is headed. As a result, watch the bond market for clues on where fixed mortgage rates will go next.
PDF file-Historical 5-year rates from 1957