Rates

Once you decide on getting a mortgage, you should know the current mortgage rates. This is due to the fact that your rate will present how much the expected interest you have to pay over the life of your term. Below you will find the fixed rates and the variable ones. These will provide you with rate knowledge you need to get the best mortgage rates going forward.

The prime rate and qualifying rates are primarily influenced by the policy interest rate set by the Bank of Canada (BoC). The prime rate, also known as the prime lending rate, is the annual interest rate Canada’s major banks and financial institutions use to set interest rates for variable loans and lines of credit, including variable-rate mortgages, while the qualifying rates are used to ensure borrowers can handle their payments if rates go up. In other words, lenders use the qualifying rate to calculate your debt service ratios. They want to ensure that your debt ratios are low enough to meet their guidelines.