When the government changed the mortgage rules back in the fall of 2016 it became more expensive for lenders to fund mortgages and so mortgage rates went up by almost ½% across the board.
In particular mortgage rates for conventional mortgages (20% down or more) went up the most as they became more costly to fund. On the other hand, insured mortgage rates (those with less than 20% down) only went up nominally as many banks sell these mortgages to investors and so they are cheaper to fund.
Now that things have settled a bit mortgage rates have come back down a little from their highs a couple of months ago. Below is out latest recap of our best mortgage rates. Please keep in mind there are now many different rates for different scenarios and different down payment levels. It’s best to contact us to figure out for sure what rate applies to your situation.
- 5 year fixed rate: 2.64% – 2.84%
- 3 year closed: 2.29%
- 5 year variable rate: 1.99%
- Line of credit: 3.2%
If you have any questions regarding your own personal situation please contact our office.
For more information on our mortgage products please visit our website at www.ymscanada.ca.