Over the past two weeks, there have been some notable changes in Canadian mortgage rates. In the insured category, Affinity Credit Union has lowered their 3-year fixed rate by 0.1% to 4.89% and their 5-year fixed rate by 0.2% to 4.34%. Meanwhile, RFA maintained their 5-year variable rate at 4.95%. In the uninsured category, Affinity Credit Union also reduced their 3-year fixed rate by 0.1% to 4.89% and their 5-year fixed rate by 0.25% to 4.34%. Peoples Bank kept their 5-year variable rate steady at 5.75%. As for the big banks, there were no changes in mortgage rates over the past two weeks. BMO maintained their 3-year fixed insured rate at 5.09%, while HSBC held their 5-year variable insured rate at 5.9% and their 5-year fixed insured rate at 4.79%. In the uninsured category, HSBC also kept their rates unchanged, with their 3-year fixed rate at 5.14%, 5-year variable rate at 5.9%, and 5-year fixed rate at 4.79%. In summary, there have been slight decreases in mortgage rates offered by Affinity Credit Union for both insured and uninsured categories, while other lenders have maintained their rates. This could be an indication of increased competition among lenders, providing potential borrowers with more options and better rates.
| Best Rate | Best Lender | Mortgage Type | Best Rate 1 Week Ago | Best Lender 1 Week Ago | 1 Week Change in Best Rate | Best Rate | Best Lender | Mortgage Type | Best Rate 1 Week Ago | Best Lender 1 Week Ago | One Week Change In Best Rate |
|---|---|---|---|---|---|---|---|---|---|---|---|
4.89 | Affinity Credit Union | 3 year fixed | 4.99 | Affinity Credit Union | -0.10 | 4.89 | Affinity Credit Union | 3 year fixed | 4.99 | Affinity Credit Union | -0.10 |
4.95 | RFA | 5 year variable | 4.95 | RFA | 0.00 | 4.95 | RFA | 5 year variable | 4.95 | RFA | 0.00 |
4.34 | Affinity Credit Union | 5 year fixed | 4.54 | Equitable | -0.20 | 4.34 | Affinity Credit Union | 5 year fixed | 4.54 | Equitable | -0.20 |
| Best Rate | Best Lender | Mortgage Type | Best Rate 1 Week Ago | Best Lender 1 Week Ago | 1 Week Change in Best Rate | Best Rate | Best Lender | Mortgage Type | Best Rate 1 Week Ago | Best Lender 1 Week Ago | One Week Change In Best Rate |
|---|---|---|---|---|---|---|---|---|---|---|---|
5.14 | HSBC | 3 year fixed | 5.14 | HSBC | 0.00 | 5.14 | HSBC | 3 year fixed | 5.14 | HSBC | 0.00 |
5.90 | HSBC | 5 year variable | 5.90 | HSBC | 0.00 | 5.90 | HSBC | 5 year variable | 5.90 | HSBC | 0.00 |
4.79 | HSBC | 5 year fixed | 4.79 | HSBC | 0.00 | 4.79 | HSBC | 5 year fixed | 4.79 | HSBC | 0.00 |
The mortgage market has seen some significant changes in interest rates over the past two weeks and one month. Access Credit Union has experienced the largest decrease in interest rates, with a drop of 0.5% for both insured and uninsured 5-year fixed-rate mortgages. Affinity Credit Union has also seen a notable decrease in interest rates, with a 0.7% drop for insured and uninsured 5-year fixed-rate mortgages. On the other hand, Cambrian Credit Union has seen an increase of 0.1% for 2-year fixed-rate mortgages, both insured and uninsured. Peoples Bank has also experienced an increase of 0.1% for 1-year fixed-rate mortgages, both insured and uninsured. Scotiabank and Tangerine have seen the largest increase in interest rates, with a 0.3% rise for 1-year fixed-rate mortgages, both insured and uninsured.
| Lender | Type | Term | Insured Only | Interest Rate | +/- month | +/- 2 weeks |
|---|---|---|---|---|---|---|
Access Credit Union | Fixed | 5 | 0 | 5.49 | -0.50 | -0.50 |
Access Credit Union | Fixed | 5 | 1 | 5.49 | -0.50 | -0.50 |
Affinity Credit Union | Fixed | 2 | 0 | 5.79 | -0.35 | 0.00 |
Affinity Credit Union | Fixed | 2 | 1 | 5.79 | -0.35 | 0.00 |
Affinity Credit Union | Fixed | 3 | 0 | 5.49 | -0.60 | -0.10 |
Affinity Credit Union | Fixed | 3 | 1 | 5.49 | -0.60 | -0.10 |
Affinity Credit Union | Fixed | 4 | 0 | 5.39 | -0.60 | 0.00 |
Affinity Credit Union | Fixed | 4 | 1 | 5.39 | -0.60 | 0.00 |
Affinity Credit Union | Fixed | 5 | 0 | 5.04 | -0.70 | -0.25 |
Affinity Credit Union | Fixed | 5 | 1 | 5.04 | -0.70 | -0.25 |
Affinity Credit Union | Fixed | 7 | 1 | 5.59 | -0.70 | -0.25 |
BMO | Fixed | 2 | 1 | 6.02 | -0.23 | 0.00 |
BMO | Fixed | 3 | 1 | 5.79 | -0.70 | 0.00 |
CIBC | Variable | 5 | 1 | 6.54 | -0.34 | 0.00 |
CIBC | Fixed | 7 | 0 | 6.29 | -0.20 | 0.00 |
CIBC | Fixed | 7 | 1 | 6.29 | -0.20 | 0.00 |
CMLS | Fixed | 1 | 0 | 7.09 | -0.90 | 0.00 |
CMLS | Fixed | 1 | 1 | 7.09 | -0.90 | 0.00 |
CMLS | Fixed | 2 | 0 | 6.09 | -0.20 | 0.00 |
CMLS | Fixed | 2 | 1 | 6.09 | -0.20 | 0.00 |
CMLS | Fixed | 3 | 0 | 5.89 | -0.30 | 0.00 |
CMLS | Fixed | 3 | 1 | 5.89 | -0.30 | 0.00 |
CMLS | Fixed | 5 | 0 | 5.79 | -0.50 | 0.00 |
CMLS | Fixed | 5 | 1 | 5.79 | -0.50 | 0.00 |
Cambrian Credit Union | Fixed | 2 | 0 | 5.4 | -0.20 | 0.10 |
Cambrian Credit Union | Fixed | 2 | 1 | 5.4 | -0.20 | 0.10 |
Cambrian Credit Union | Fixed | 3 | 0 | 5.7 | -0.60 | -0.10 |
Cambrian Credit Union | Fixed | 3 | 1 | 5.7 | -0.60 | -0.10 |
Cambrian Credit Union | Fixed | 4 | 0 | 5.4 | -0.30 | 0.05 |
Cambrian Credit Union | Fixed | 4 | 1 | 5.4 | -0.30 | 0.05 |
Cambrian Credit Union | Fixed | 5 | 0 | 5.5 | -0.55 | -0.10 |
Cambrian Credit Union | Fixed | 5 | 1 | 5.5 | -0.55 | -0.10 |
First Ontario | Fixed | 3 | 0 | 5.84 | -0.60 | 0.00 |
First Ontario | Fixed | 3 | 1 | 5.84 | -0.60 | 0.00 |
HSBC | Fixed | 2 | 0 | 5.24 | 0.20 | 0.00 |
HSBC | Fixed | 2 | 1 | 5.24 | 0.20 | 0.00 |
Investors Group | Fixed | 1 | 0 | 6.6 | 0.25 | 0.00 |
Investors Group | Fixed | 1 | 1 | 6.6 | 0.25 | 0.00 |
Kawartha Credit Union | Fixed | 3 | 1 | 5.79 | -0.30 | 0.00 |
Kawartha Credit Union | Fixed | 5 | 1 | 5.14 | -0.25 | 0.00 |
Peoples Bank | Fixed | 1 | 0 | 5.79 | 0.20 | 0.10 |
Peoples Bank | Fixed | 1 | 1 | 5.79 | 0.20 | 0.10 |
Scotiabank | Fixed | 1 | 0 | 6.79 | 0.30 | 0.00 |
Scotiabank | Fixed | 1 | 1 | 6.79 | 0.30 | 0.00 |
Tangerine | Fixed | 1 | 0 | 6.54 | 0.30 | 0.00 |
Tangerine | Fixed | 1 | 1 | 6.54 | 0.30 | 0.00 |
YNCU | Fixed | 5 | 0 | 5.79 | -0.20 | -0.20 |
YNCU | Fixed | 5 | 1 | 4.79 | -0.20 | -0.20 |
connectFirst | Fixed | 5 | 0 | 5.39 | -0.40 | 0.00 |
connectFirst | Fixed | 5 | 1 | 4.89 | -0.25 | 0.00 |
motusbank | Fixed | 1 | 0 | 5.79 | 0.70 | 0.00 |
Over the past few weeks, interest rates have experienced notable fluctuations. The 5-year bond yields have seen a total percentage change of 64.13% since 2018-12-31, with a 1.68% increase in the past week, a 2.69% decrease two weeks ago, and a 3.74% increase four weeks ago. The long-term bond yields have also experienced a significant total percentage change of 43.19% since 2018-12-31, with more recent changes of 3.04%, 0.68%, and 3.51% over the past 1, 2, and 4 weeks, respectively. Meanwhile, overnight rates have remained stable with no changes in the past 4 weeks. These fluctuations in interest rates, particularly the recent increases in both 5-year and long-term bond yields, may lead to higher mortgage rates for borrowers. As a result, potential homebuyers should closely monitor these trends and consider locking in rates if they anticipate further increases.
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