Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Apr 22nd, 2019 1:11 pm
Deal Addict
User avatar
Sep 13, 2011
4400 posts
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Toronto
pointsbrah wrote:
Mar 22nd, 2019 2:16 pm
Looking to see what the current rates are:

550k
Primary residence
First time home buyer
5% down
Ontario
5 year fixed
Lowest 5 year fixed is currently 3.04% or 5 year variable at prime -1.25% (2.70%).
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Jul 8, 2015
7 posts
Vancouver, BC
Hi, I'm looking to get a mortgage (and also a broker, thus please PM me if you'd like to be my broker for this)
Buying a 2bdrm condo in the Vancouver area
$650k, w/ 20% downpayment, so $530k mortgage
Will be primary residence (initially will be rented out for about a year until I move in)
Closing date: End of April 2019.
Looking for lowest monthly, so probably a 30-year.
I'm okay with fixed or variable.

Also side question: I'm still trying to figure out whether going through a broker vs. bank/credit unit makes a big difference in terms of the product and service (and what to expect). I've only ever gone with big bank in the past.
Sr. Member
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Jan 31, 2018
756 posts
102 upvotes
aenigmaeffect wrote:
Mar 22nd, 2019 4:03 pm
Hi, I'm looking to get a mortgage (and also a broker, thus please PM me if you'd like to be my broker for this)
Buying a 2bdrm condo in the Vancouver area
$650k, w/ 20% downpayment, so $530k mortgage
Will be primary residence (initially will be rented out for about a year until I move in)
Closing date: End of April 2019.
Looking for lowest monthly, so probably a 30-year.
I'm okay with fixed or variable.

Also side question: I'm still trying to figure out whether going through a broker vs. bank/credit unit makes a big difference in terms of the product and service (and what to expect). I've only ever gone with big bank in the past.
Sent PM as requested
Phil Cragg
Rateconnect
Broker License #12626
Deal Addict
User avatar
Sep 13, 2011
4400 posts
1480 upvotes
Toronto
aenigmaeffect wrote:
Mar 22nd, 2019 4:03 pm
Hi, I'm looking to get a mortgage (and also a broker, thus please PM me if you'd like to be my broker for this)
Buying a 2bdrm condo in the Vancouver area
$650k, w/ 20% downpayment, so $530k mortgage
Will be primary residence (initially will be rented out for about a year until I move in)
Closing date: End of April 2019.
Looking for lowest monthly, so probably a 30-year.
I'm okay with fixed or variable.

Also side question: I'm still trying to figure out whether going through a broker vs. bank/credit unit makes a big difference in terms of the product and service (and what to expect). I've only ever gone with big bank in the past.
Service really comes down to the individual person you are dealing with, and not so much bank vs. broker. There are some really great brokers out there, just as there are some really lousy ones. The same applies with the mortgage specialists at the bank. Unfortunately, there are more of the latter on both sides, which is why it is so important to carefully choose the person you have handling your mortgage for you, and not just choose based on rate alone. Or assuming you are in good hands just because they have a shiny bank logo on their business card. Always take time to ask questions about the persons credentials.

Here is a list of good questions to ask:

1. How long have you been doing this for?
I would look for someone who has been in the business full-time for at least a couple of years. If they have been doing it less than that, then you may want to ask a few more questions. You can also ask how many mortgages they have closed. This will give you an idea of how active they have been. You could speak with someone that tells you they have been doing it for 10 years, but may only do 2 or 3 deals a year. Doesn't exactly make them a seasoned mortgage expert.

2. Do you do this full or part time?
Don’t deal with anyone who is in the business part time. You want to ensure the person you are working with is committed to their profession and their mind is on YOU, and not on their primary income source. It is also very unlikely that a part-timer would have that much experience. They also may not be as available as you would like them to be.

3. Do you have any references or testimonials?
It is always good to know that the professional you choose has a history of satisfied clients. If they have done a good job for their clients in the past, there is a better chance that they will do a great job for you as well. (this question really applies to brokers. Unlikely a bank mortgage person will have any testimonials).

4. What kind of education or licensing do you have?
Some professionals will have more education or training than others. Find out how well the person you are dealing with is trained before proceeding.

5. How easy are you to get a hold of? How quickly do you return calls or emails?
This is a good one to ask everyone. There are going to be times when you have questions, and you are going to want to have them answered quickly.

6. What hours are you available?
It can be helpful to know that the person you are dealing with is can be flexible and is willing to work with YOUR schedule, not theirs.

7. How do you get most of your business?
Ideally, most of their business should come from referrals. You want to know that their past clients are happy enough with their services that they are referring them to their friends and family.

8. How are fixed mortgage rates determined?

This is simply a question to gauge their competence level and is something that any quality mortgage professional will know right away. If they can’t answer this, or if they have to ‘get back to you’, then I would move on to the next person. (The answer is bond yields.)

Hope you find this helpful :)
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Mar 23, 2015
80 posts
4 upvotes
Westmount, QC
PaulMeredith wrote:
Mar 21st, 2019 2:18 pm
For sure!

3 year fixed 3.24%
4 year fixed 3.61%
5 year fixed 3.54%
Any idea on rates for a Rental Property located in Montreal (Quebec). I own a condo and its mortgage is due for renewal on July 1st

Thanks
Newbie
Jan 15, 2017
31 posts
41 upvotes
@current brokers on the board

Is it just me or fixed rates still seem high, relative to how far the 5 year bond yield has fallen?

Looking back at august 2017, when yields were at this level, 5 year fixed rates were closer to 2.4-2.5% no?

Thoughts?

How much of a lag is there between bond yields and rate drops?
Newbie
Mar 21, 2019
1 posts
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
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!
Sr. Member
User avatar
Jan 31, 2018
756 posts
102 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
Rateconnect
Broker License #12626
Member
Aug 16, 2011
242 posts
134 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
299 posts
68 upvotes
Toronto
What's the best rate available for

700k
Primary residence
First time home buyer
5% down
Toronto
4-5yr fixed
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Sep 13, 2011
4400 posts
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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
4400 posts
1480 upvotes
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
12 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 ?

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