Real Estate

The Official Mortgage Rates Thread

Member
Apr 25, 2014
283 posts
357 upvotes
Coquitlam, BC
For mortgage renewal rate hold, I think I'm still ~10 days away from the 120 day mark to hold, right? Would be looking at variable, 3-yr, and 5-yr fixed:

-How much is the mortgage owing? $419,405.47
-Roughly, what is the current market value of the property? Last BC assessment was $685k
-Which city is the property located in? Coquitlam, BC
-Is the property owner-occupied or a rental? Owner Occupied
-Who is your current lender? Coast Capital Savings
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? Oct 22 2018
-What was the purchase price? $629,000
-When is your renewal date? Oct 29 2023
Member
Jun 25, 2006
360 posts
421 upvotes
Calgary
Looking for fixed 3-5yr renewal rates please, thank you.

How much is the mortgage owing? $260,000
-Roughly, what is the current market value of the property? $360,000
-Which city is the property located in? Calgary, AB
-Is the property owner-occupied or a rental? Rental
-Who is your current lender? TD
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2019
-What was the purchase price? $342,000
-When is your renewal date? November
Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
fogetmylogin wrote: The brokers who post here are great. Have worked with one myself and very happy. But they have no forecasting ability beyond following events carefully. The market is the safest forecast to follow though there are certainly alternate views that are equally valid. Consensus is prime is somewhere around 1.5% lower than now in 2026 maybe even a little less that that with recent trends. There are certainly lots of scenarios it's much higher or lower than that.
Last year, a lot of analysts were saying rates would be dropping mid to late 2023. It's a volatile market right now. You're 100% right.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
AoiSora7 wrote: Looking for fixed 3-5yr renewal rates please, thank you.

How much is the mortgage owing? $260,000
-Roughly, what is the current market value of the property? $360,000
-Which city is the property located in? Calgary, AB
-Is the property owner-occupied or a rental? Rental
-Who is your current lender? TD
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2019
-What was the purchase price? $342,000
-When is your renewal date? November
5.29% 5-year fixed is the lowest rate in AB for a rental property.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
User avatar
Jan 31, 2018
6550 posts
1246 upvotes
MRebel23 wrote: For mortgage renewal rate hold, I think I'm still ~10 days away from the 120 day mark to hold, right? Would be looking at variable, 3-yr, and 5-yr fixed:

-How much is the mortgage owing? $419,405.47
-Roughly, what is the current market value of the property? Last BC assessment was $685k
-Which city is the property located in? Coquitlam, BC
-Is the property owner-occupied or a rental? Owner Occupied
-Who is your current lender? Coast Capital Savings
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? Oct 22 2018
-What was the purchase price? $629,000
-When is your renewal date? Oct 29 2023
Sample rates below as of now
4.94 5yr fixed
5.49% 3yr fixed
pr- 1.10 5yr variable

Rates are so volatile so be ready to lock in at the 120 day mark

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6550 posts
1246 upvotes
AoiSora7 wrote: Looking for fixed 3-5yr renewal rates please, thank you.

How much is the mortgage owing? $260,000
-Roughly, what is the current market value of the property? $360,000
-Which city is the property located in? Calgary, AB
-Is the property owner-occupied or a rental? Rental
-Who is your current lender? TD
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2019
-What was the purchase price? $342,000
-When is your renewal date? November
You can get below on a rental

5.29% 5yr fixed
pr-80 5yr variable

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Aug 13, 2014
12 posts
2 upvotes
Toronto, ON
Hi there,

I’m renewing my mortgage have 290k left. What’s the best 3-5 year fixed rate you can do.

Market value is 600k
In Etobicoke, Ontario
Owner occupied
Currently with RBC
Renewal date by August 31
Purchase price 460k
Not insured
Newbie
Apr 1, 2023
3 posts
Lets try this again, within renewal period this time:

-How much is the mortgage owing? - $365k
-Roughly, what is the current market value of the property? - $1.3mil
-Which city is the property located in? - Burlington, ON
-Is the property owner-occupied or a rental? - owner occupied
-Who is your current lender? - RBC
-Do you have a HELOC tied to the mortgage? - Yes
-Is the mortgage CMHC insured? - No
-When did you buy the property? - Sept 2018
-What was the purchase price? - $720k
-When is your renewal date? - September 2023

GM
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User avatar
Jan 31, 2018
6550 posts
1246 upvotes
GaryMcMurray wrote: Lets try this again, within renewal period this time:

-How much is the mortgage owing? - $365k
-Roughly, what is the current market value of the property? - $1.3mil
-Which city is the property located in? - Burlington, ON
-Is the property owner-occupied or a rental? - owner occupied
-Who is your current lender? - RBC
-Do you have a HELOC tied to the mortgage? - Yes
-Is the mortgage CMHC insured? - No
-When did you buy the property? - Sept 2018
-What was the purchase price? - $720k
-When is your renewal date? - September 2023

GM
You can get below

4.84% 5yr fixed
5.39% 3yr fixed

Any of the pros on the forum can assist

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6550 posts
1246 upvotes
SilverKnight88 wrote: Hi there,

I’m renewing my mortgage have 290k left. What’s the best 3-5 year fixed rate you can do.

Market value is 600k
In Etobicoke, Ontario
Owner occupied
Currently with RBC
Renewal date by August 31
Purchase price 460k
Not insured
You can get below

4.84% 5yr fixed
5.39% 3yr fixed
5.19% if the current mortgage is a standard charge with RBC

Any of the pros on the forum can assist
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Feb 14, 2003
67 posts
20 upvotes
Looking for fixed 3-5yr renewal rates please, thank you!!

How much is the mortgage owing? $290k
-Roughly, what is the current market value of the property? $1.6M
-Which city is the property located in? Victoria, BC
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Scotia
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2018
-What was the purchase price? $1.2M
-When is your renewal date? December
Deal Addict
Nov 13, 2013
4520 posts
3685 upvotes
Ottawa
Speedy1 wrote: When you say no collapse in rates, do you mean market is not expecting a major drop in 3 and 5 yr fixed rates in next 3 yrs or do you mean no major drop in rates between yr 3 and yr 5 from now?
I assume it is the latter.

Do you know where one can find fixed rate expectations (say for 3 or 5 yr terms) going forward?

My mortgages are due in 2.5 yrs and current rates are much higher than what I am paying now. I got super lucky when I locked in 2.5 yrs ago.
Nobody knows for sure but I am starting to wonder what rates will be like in 2.5 yrs or what market expectations are.
I think where will rates be headed sort of veers off topic for this thread. It has a lot of activity and is most useful for current rate discussion and connecting brokers with buyers. It's not only about connecting as it's done in public and therefore a good record.

The math gest complicated and it's all forecasting but the market doesn't think 5 year mortgage rates will be below 3% again in 3 years that is clear. If this expectation was there 10 year bond rates would be much lower. This forecast includes the chance of a recession. This is very much contrary to what Realtors expect and I think that is because they perhaps rightly think if rates are only mildly below current rates in 3 years the market can\t sustain current prices which therefore should trigger slashing of rates. The thing is if inflation in the broader economy is still prevalent and/or the broader economy is humming along we won't see rate cuts just to prop up the housing market.
Newbie
Sep 3, 2014
33 posts
25 upvotes
GaryMcMurray wrote: Lets try this again, within renewal period this time:

-How much is the mortgage owing? - $365k
-Roughly, what is the current market value of the property? - $1.3mil
-Which city is the property located in? - Burlington, ON
-Is the property owner-occupied or a rental? - owner occupied
-Who is your current lender? - RBC
-Do you have a HELOC tied to the mortgage? - Yes
-Is the mortgage CMHC insured? - No
-When did you buy the property? - Sept 2018
-What was the purchase price? - $720k
-When is your renewal date? - September 2023

GM
Without knowing what your loyalty discount rate is prior to any discretion available, it’s hard to say what your renewal rate could be, rates went up yesterday. Both 4 and 5 year fixed closed rates are the same rn, I locked in a 5.09% and 5.14% 5 year for 2 clients last week, current rates are now 5.69% but could probably get it a bit lower. All renewal rates on HLCONV properties btw
Deal Expert
Dec 5, 2006
16787 posts
12570 upvotes
Markham
Quick question: how much mortgage one can borrow based on salary? 2 times?

Thanks
Deal Fanatic
Nov 24, 2013
6479 posts
3344 upvotes
Kingston, ON
smartie wrote: Quick question: how much mortgage one can borrow based on salary? 2 times?

Thanks
That’s not how it works. It’s based on payments, not amounts: GDS which is the ratio of your mortgage + property tax + condo fee + heat to your gross monthly income, and TDS which also adds on monthly non-house debt payments.

Because of interest rate fluctuations, the mortgage payments in those debt servicing ratios have increased over the last year for the same amount borrowed. It probably does work out closer to 2x salary now… but it would have been over 3x a year ago, plus there’s the other moving parts to the formula.

For an example though, if max GDS is currently 39%, a married couple with $120k HHI ($10k monthly income) cannot have the total of their mortgage + property tax + heat exceed $3,900/mo. What that works out to in purchase price fluctuates with the mortgage interest rate and the property tax of the municipality it’s in.
Newbie
Feb 4, 2013
24 posts
5 upvotes
Maple
-How much is the mortgage owing? - $376k
-Roughly, what is the current market value of the property? - $1.1mil
-Which city is the property located in? - Vaughan, ON
-Is the property owner-occupied or a rental? - owner occupied
-Who is your current lender? - TD
-Do you have a HELOC tied to the mortgage? - No
-Is the mortgage CMHC insured? - Yes
-When did you buy the property? - March 2013
-What was the purchase price? - $568k
-When is your renewal date? - Aug 2023
Deal Expert
Dec 5, 2006
16787 posts
12570 upvotes
Markham
Mike15 wrote: That’s not how it works. It’s based on payments, not amounts: GDS which is the ratio of your mortgage + property tax + condo fee + heat to your gross monthly income, and TDS which also adds on monthly non-house debt payments.

Because of interest rate fluctuations, the mortgage payments in those debt servicing ratios have increased over the last year for the same amount borrowed. It probably does work out closer to 2x salary now… but it would have been over 3x a year ago, plus there’s the other moving parts to the formula.

For an example though, if max GDS is currently 39%, a married couple with $120k HHI ($10k monthly income) cannot have the total of their mortgage + property tax + heat exceed $3,900/mo. What that works out to in purchase price fluctuates with the mortgage interest rate and the property tax of the municipality it’s in.
Thanks

Because I saw people ask mortgage rate but no one mentioned salary, so I guess probably people already know they can get that much
Deal Addict
User avatar
Jun 24, 2020
4119 posts
866 upvotes
slantizzle wrote: -How much is the mortgage owing? - $376k
-Roughly, what is the current market value of the property? - $1.1mil
-Which city is the property located in? - Vaughan, ON
-Is the property owner-occupied or a rental? - owner occupied
-Who is your current lender? - TD
-Do you have a HELOC tied to the mortgage? - No
-Is the mortgage CMHC insured? - Yes
-When did you buy the property? - March 2013
-What was the purchase price? - $568k
-When is your renewal date? - Aug 2023
You have the following available:
- 4.84% 5 year fixed
- Prime - 1.20% 5 year variable
- 5.29% 3 year fixed
Newbie
Nov 29, 2020
12 posts
14 upvotes
Who is offering the 4.84% 5 year fixed rate for renewals I keep seeing mentioned in the thread?

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