Canadian Mortgage Interest Rates are very low right now compared to the historic Canadian average. Currently First Foundation has lenders offering a 5 yr fixed rate at 3.29% and a Variable rate at Prime (3%) minus 0.55% or 2.45% (oac).
For a complete list of mortgage rates and terms available, including a list of all the major bank's rates in Canada, check out our Mortgage Interest Rates Page.
Here is a list of the major banks and lenders in Canada comparing the 5 yr. fixed rate. We put everything in one place so you don't have to go shopping all over the internet.
5 Year Fixed Rates in Canada
- First Foundation - 3.29%
- Royal Bank - 3.79%
- TD Canada Trust - 3.79%
- CIBC - 3.79%
- Scotia Bank - 3.59%
- BMO - 3.89%
- Tangerine - 4.09%
- Conexus Credit Union - 3.69%
- Alberta Treasury Branch - 3.79%
***These rates were current as of January 13th 2014 and taken from each bank's website.
If you want to run some calculations, check out our Mortgage Calculators.
Let's take the best available 5 yr fixed rate at RBC and compare it with our best 5 yr fixed rate on a purchase price of $320k with a 5% downpayment with a 25 yr amortization. As RBC is currently offering a rate of 3.79% their payments would be $1,608 a month, while we could arrange payments of $1,525 a month.
Today, on the 5 year fixed rate, compared to the Royal Bank of Canada, First Foundation will save you $83/month or $4,980 over 5 years!
Mortgage up for Renewal?
If your mortgage is up for renewal or you are looking to refinance, and you are looking to get the best rate, consider switching to one of our lenders and we will give you up to $1,000 to help with legal fees or anything else you want to do with it.
So if your mortgage is up for renewal at RBC, by switching with us in January of 2014, you could save close to $6,000 in 5 years for the same mortgage!