Current Canadian Mortgage Rates
Rate Trends, Relative Differences, and Calculators
Mortgage interest rates are like prices, and relate to what you are buying, where, and your specific financial situation. So, in that regard, it is difficult to quote anything without knowing what you are trying to accomplish.
But let's assume you want to buy a typical home in a typical urban centre in Canada. The mortgage rates below are indicative (ie. useful), but would depend on whether your mortgage is/was CMHC-insured or not, the type of property, the mortgage term desired, mortgage features, and your credit rating.
Still, interest rates are relative and correlated (they move up and down together), which means the table below will get you in the ballpark with your math. Interest rates move according to larger economic trends and are very correlated to the Canada Bond Market. Click here or on the graph if you'd like to see how 5-year mortgage rates are likely trending today relative to the Canada 5-Year Bond Yield. A 5-year CMHC-insured mortgage rate might be 1.6% above the bond-yield today, as an example.
As mortgage brokers, we constantly receive short-term rate promotions from lenders (even from your bank!) competing for your business, many of which we cannot post online. As rates change frequently, please contact us for the latest rate specials and have us shop around. You can also request a personal consultation so that we know what it is you are trying to accomplish. Happy to help.
If you would like to do some of your own calculations, you will see the following selection of Canadian mortgage Calculators in the above menu. Please select the ones that interest you. If you need help doing some math or interpreting the terms or results, please reach out and contact us.
Description of our Calculators
| Mortgage Calculator | Use this calculator to generate an amortization schedule for your current mortgage. Quickly see how much interest you will pay, and your principal balances. You can even determine the impact of any principal prepayments! Press the report button for a full amortization schedule, either by year or by month. |
| Mortgage Payoff | How much interest can you save by increasing your mortgage payment? This financial calculator helps you find out. View the report to see a complete amortization payment schedule, and how much you can save on your mortgage! |
| Mortgage Compare | Determining which mortgage provides you with the best value involves more than simply comparing monthly payments. Use this calculator to sort through the monthly payments, fees and other costs associated with getting a mortgage. By comparing these important variables side by side, this calculator can help you pick the mortgage that works best for you. |
| Should I Refinance | How much interest can you save if you refinance your mortgage? This calculator helps you find out! Enter the specifics about your current mortgage, along with new loan amortization, rate and closing costs. We will then determine how much interest refinancing can save you. |
| Accelerated Debt Payoff | Consolidating your debt is only half of the battle. You still need a plan to get your debt paid in full. This calculator can show you how to accelerate your debt payoff. The process is simple; just apply a portion of your consolidated loan's monthly payment savings to the consolidated loan's balance. You can save hundreds, even thousands in interest and shave years off of your loan! |
| Mortgage Qualifier | The first steps in buying a house are ensuring you can afford to pay at least 5% of the purchase price of the home as a down payment and determining your budget. This calculator steps you through the process of finding out how much you can borrow. Fill in the entry fields and click on the payment schedule button to see a complete amortization schedule of your mortgage payments. |
| Rent vs. Buy | Should you rent or should you buy your home? It takes more than looking at your mortgage payment to answer this question. The first steps in buying a house are ensuring you can afford to place at least 5% of the purchase price of the home as a down payment and determining your budget. This calculator helps you weed through the fees, taxes and monthly payments to help you make a good financial decision. |
| E-Z Payment Calculator | Our favourite (and what our Realtor friends use), click this Easy Method to Estimate Your Canadian Mortgage Monthly Payment |
If you would like help achieving your mortgage and property goals, please feel free to request a personal consultation. Happy to help get you pointed in the right direction.
Quantus Mortgage Solutions
5053 11 St SE
Calgary, AB T2H1M7
Canada
T: 403.238.3111
