03/10/2023
Posthaste: Ouch — Variable-Rate Mortgages Have Cost Canadian Homeowners Big Money
Financial Post ~ September 21st, 2023
Remember when variable-rate mortgages were all the rage.
Canadians have traditionally tended toward a fixed-rate, but when the Bank of Canada lowered its benchmark interest rate to 0.25 per cent during the turmoil of the pandemic the popularity of the variable-rate soared.
Even as late as July, 2022, 57 per cent of mortgage quotes on comparison site RATESDOTCA were for variable-rate.
Click here to read the full article.
CURRENT RATES
CURRENT RATES
29 Nov 2023
| Term | Our Rate | Bank Rate |
| 2 YEAR | 6.39% | 6.94% |
| 5 YEAR | 5.54%* | 6.64% |
| 5 YEAR variable | 6.20%* | 7.20% |
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