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Mortgage Rates

The Bank of Canada has left major rates affecting mortgage rates the same this week. The posted 5-year mortgage rate remains at 5.19%. Also the Prime rate (which is the key factor that determines the interest rate on variable mortgage products) remains unchanged at 3.00%. Despite the predictions of analysts, mortgage rates this year did not soar as much as expected. It would seem that rates are likely not increase much higher in 2011, and the cost of financing a home in Canada will remain relatively cheap.

Here are the current rates of

5-Year Variable Rate: 2.15%
5-Year Fixed Rate: 3.39%

Posted by Kevin Somnauth, CFA
Sudbury Mortgage Brokers (

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