Real Estate

The Official Mortgage Rates Thread

Newbie
Mar 21, 2019
1 posts
Hello!

Just received an accepted offer for a house
395k
Primary residence
First time home buyer
20% down
Montreal South shore

Could you please point me towards the best rates for :

-5 year fixed
-5 year variable
-3 year fixed

Thank!
Deal Addict
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Jan 31, 2018
1334 posts
216 upvotes
DarrenL65189 wrote:
Mar 22nd, 2019 6:44 pm
Looking for current rates, going to put an offer on a house soon.
605k
Primary residence
First time home buyer
20% down
Calgary, AB
5 year fixed (want to be able to pay extra lump sum/monthly w/o penalty)

Thanks
Best rate available would be 3.19% 5yr fixed & 5 yr variable 3%

Comes with 20/20 prepayment options giving you almost 97k annually in prepayment options

Congrats on the first home

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Member
Aug 16, 2011
358 posts
226 upvotes
OTTAWA
Fixed rates probably have another 30 to 40 basis points to go over the spring and summer... Yields are not done dropping after another weak GDP and inflation.. If anyone has to renew right now I'd opt for an open mortgage until the fixed rate drops materializes which the lenders have not ully implemented yet...... Oct 2018 yields were 2.4% and started dropping in November... Now they are at 1.5 ish.. the 3.19% for the 5 year isn't done going down because of the lender lag. For a 500k mortgage you could save $2500 of interest over a five year term for every 10 basis point drop for a five year term.. by waiting just another 6 months for lenders to react to this new drop
Last edited by Jeremyl007 on Mar 23rd, 2019 8:32 am, edited 1 time in total.
Member
Nov 5, 2012
425 posts
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Toronto
What's the best rate available for

700k
Primary residence
First time home buyer
5% down
Toronto
4-5yr fixed
Deal Addict
User avatar
Sep 13, 2011
4907 posts
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Toronto
yuan23 wrote:
Mar 23rd, 2019 3:05 am
What's the best rate available for

700k
Primary residence
First time home buyer
5% down
Toronto
4-5yr fixed
Lowest 5 year fixed would be 2.99%. Lowest 4 year fixed is higher at 3.14%.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Sep 12, 2014
10 posts
1 upvote
Burlington, ON
Hello, looking to renewal. Interested in variable rates.

* Original purchase price: $350,000
* Refinanced since purchase: No
* CMCH: No
* Renewal date: May 22, 2019
* Mortgage amount owing: $197 000
* Municipal Assessed value: Not sure
* Amortization left: 20 yrs
* Primary residence: Yes
* Current lender: Scotiabank
* Location - Burlington, ON
* Do you have a second component such as a HELOC attached to your mortgage? No.
* Household income: combined 200k
* Credit score : 870

Thanks!
Deal Addict
User avatar
Sep 13, 2011
4907 posts
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Toronto
Joe914 wrote:
Mar 23rd, 2019 9:51 am
Hello, looking to renewal. Interested in variable rates.

* Original purchase price: $350,000
* Refinanced since purchase: No
* CMCH: No
* Renewal date: May 22, 2019
* Mortgage amount owing: $197 000
* Municipal Assessed value: Not sure
* Amortization left: 20 yrs
* Primary residence: Yes
* Current lender: Scotiabank
* Location - Burlington, ON
* Do you have a second component such as a HELOC attached to your mortgage? No.
* Household income: combined 200k
* Credit score : 870

Thanks!
Thanks for the info! Lowest 5 year fixed in your case would be 3.09% or lowest 5 year variable at prime -1.15% (2.80%).
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Sep 22, 2012
14 posts
3 upvotes
Montreal
Jeremyl007 wrote:
Mar 23rd, 2019 2:14 am
Fixed rates probably have another 30 to 40 basis points to go over the spring and summer... Yields are not done dropping after another weak GDP and inflation.. If anyone has to renew right now I'd opt for an open mortgage until the fixed rate drops materializes which the lenders have not ully implemented yet...... Oct 2018 yields were 2.4% and started dropping in November... Now they are at 1.5 ish.. the 3.19% for the 5 year isn't done going down because of the lender lag. For a 500k mortgage you could save $2500 of interest over a five year term for every 10 basis point drop for a five year term.. by waiting just another 6 months for lenders to react to this new drop
Reply:
I'm all for waiting and getting into an open mortgage to give the lenders time to drop and adjust their rates, and I've considered doing this, because our home purchase closes end of April and I see fixed rates have moved down quite a bit just in the last 4weeks, and since the BoC policy statement and the Fed Reserve announcing that rates will remain the same for the next year out. Trouble is ... how much extra is an open mortgage going to cost ... Doesn't that put interest rate in the 6-7% territory while waiting it out next 6mths? (on a 400k mortgage that's an extra $600/mth just in interest)
Am I better off going with a 3yr variable rate if I want to roll the dice and think the economy might be heading for a recession ?
Newbie
Mar 22, 2019
0 posts
Hi,

I have an accepted offer on a home in the Victoria BC area. Looking for a broker and lowest possible rates for a 5 year variable rate mortgage.

Total Cost: ~850,000
Downpayment: ~350,000
First Time Homebuyer (as a couple)

Looking to secure financing within the next week. Happy to discuss in detail via PM. Any help is greatly appreciated.

Cheers!
Member
Aug 16, 2011
358 posts
226 upvotes
OTTAWA
There are open variable for like 4.25% out there... no penalties to break. 3 year variable or 5 year are out there...
Deal Addict
User avatar
Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
As requested, PM sent.
March2019Homebuyer wrote:
Mar 23rd, 2019 2:01 pm
Hi,

I have an accepted offer on a home in the Victoria BC area. Looking for a broker and lowest possible rates for a 5 year variable rate mortgage.

Total Cost: ~850,000
Downpayment: ~350,000
First Time Homebuyer (as a couple)

Looking to secure financing within the next week. Happy to discuss in detail via PM. Any help is greatly appreciated.

Cheers!
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Deal Fanatic
User avatar
Feb 2, 2014
6976 posts
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Toronto
jonny2box wrote:
Mar 23rd, 2019 1:58 pm
Reply:
I'm all for waiting and getting into an open mortgage to give the lenders time to drop and adjust their rates, and I've considered doing this, because our home purchase closes end of April and I see fixed rates have moved down quite a bit just in the last 4weeks, and since the BoC policy statement and the Fed Reserve announcing that rates will remain the same for the next year out. Trouble is ... how much extra is an open mortgage going to cost ... Doesn't that put interest rate in the 6-7% territory while waiting it out next 6mths? (on a 400k mortgage that's an extra $600/mth just in interest)
Am I better off going with a 3yr variable rate if I want to roll the dice and think the economy might be heading for a recession ?
It doesn't make sense to take an open mortgage just to *hopefully* lock-in a lower fixed rate in the future. The open rate is just too high and fixed rates are already pretty low.
Kevin Somnauth, CFA
Owner/Principal Broker - First Toronto Mortgage - Mortgage Architects (#13176)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Member
Aug 16, 2011
358 posts
226 upvotes
OTTAWA
CdnRealEstateGuy wrote:
Mar 23rd, 2019 6:53 pm

It doesn't make sense to take an open mortgage just to *hopefully* lock-in a lower fixed rate in the future. The open rate is just too high and fixed rates are already pretty low.
Well everything is a bet with mortgages... You could opt for variable over fixed hoping the BOC doesn't raise their overnight lending rates... This is pretty much a shorter term bet over 3-4 months to allow the bank lending rates to catch up to the drop on bond yields. 5 years has come down from 3.69 to 3.19 whereas the bond yield is probably at when banks are lending at 2.79 when it was on the way up... Almost like buying a 3 month put option... With the difference in interest expense the premium you're willing to pay with
Member
Nov 11, 2010
308 posts
46 upvotes
GTA
I renewed with CIBC with 3.29% for a 2 year fixed. Just changed jobs 2-3 weeks back, so did not want to get into the hassle of finding a a new lender, prove stable income etc. Even if I end up paying an extra 50 bucks or so per month, its worth it given my situation.
Deal Fanatic
User avatar
Feb 2, 2014
6976 posts
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Toronto
freakoutguy wrote:
Mar 24th, 2019 11:45 am
I renewed with CIBC with 3.29% for a 2 year fixed. Just changed jobs 2-3 weeks back, so did not want to get into the hassle of finding a a new lender, prove stable income etc. Even if I end up paying an extra 50 bucks or so per month, its worth it given my situation.
There's quite a few lenders that are ok with new jobs and probation. Rate would have been much better than 3.29% 2-year fixed. Just an FYI for future reference.
Kevin Somnauth, CFA
Owner/Principal Broker - First Toronto Mortgage - Mortgage Architects (#13176)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects

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