Fixed And Variable Rates Still At Historic Levels

Mortgage Rates Remain High

Fixed and Variable Rates Still at Historic Levels

If you're looking to get a mortgage in Canada, you'll need to be prepared for high rates. Both fixed and variable mortgage rates remain historically high, and there's no sign of them coming down anytime soon.

Higher Than You Think

The best high-ratio 5-year fixed mortgage rate across most of Canada is currently 4.79%. This is significantly higher than the rates that were available just a few years ago. For example, in 2020, the average 5-year fixed mortgage rate was just 2.30%.

What Can You Do?

If you're planning to buy a home, it's important to factor in the high mortgage rates. You may need to adjust your budget or consider a different type of mortgage. You should also compare rates from multiple lenders to get the best possible deal.

Conclusion

High mortgage rates are a challenge, but they don't have to be a barrier to homeownership. If you plan carefully and shop around, you can find a mortgage that works for you.