What are the Mortgage Rates Today Ontario?

What are the Mortgage Rates Today Ontario?

Mortgage Rates Could Top 6% In July. It's Still a Good Time to Buy, but  Beware of FOMO | NextAdvisor with TIMEMortgage rates in Ontario vary based on your financial situation. Here are today’s mortgage rates in Ontario:


Mortgage rates in Ontario are still at their lowest levels since late 2017.


The average five-year fixed mortgage rate offered by Canada’s major banks was 2.52 percent this week, according to the latest national rate survey issued by mortgage broker CanWise Financial. That’s down from 2.59 percent last week. There was a slight uptick in the average variable rate offered on three-year terms during that time too – from 2.61 percent to 2.64 percent – but it’s worth noting that both of those figures are lower than they were at the end of 2018 as well (at least according to CanWise’s data).


What does all this mean for prospective new homeowners? Well, if you’re thinking about buying a home soon, now may very well be your moment! With these kinds of low mortgage rates available, there will be no better time than now for many would-be buyers looking to secure their own piece of property and start building equity while they’re young enough to take full advantage of it before retirement arrives much later in life.


6.35% – 7 Year Variable Rate


The 6.35% – 7 Year Variable Rate is for a new mortgage, purchase, first mortgage and self-employed borrowers with a down payment of 5% or more.


2.39% – 3 Year Fixed Rate


A 2.39% three-year fixed rate is available for those who are looking to purchase a home in Ontario. This mortgage rate comes with a 595,000 mortgage, and a 25-year amortization.


2.19% – 5 Year Fixed Rate


The best way to go when you want your mortgage term and rate locked in for five years, the 5-year fixed rate is a good option for those who prefer stability and security over flexibility. The lower end of the spectrum tends to be occupied by those who don’t expect any major life changes during their mortgage term (like moving). If you plan on staying put for the next five years, this type of mortgage rates today ontario may be a good choice for you.


2.99% – 10 Year Fixed Rate


A 10-year fixed rate mortgage is a popular option for home buyers who plan to stay in their homes long enough to pay off the loan, or who have no intention of refinancing. It’s also a great choice if you want to minimize your monthly payment and don’t mind locking into a fixed interest rate for the next decade.


6.00% – 7 Year Variable Rate


The lowest variable rate available is 6.00%. The 7-year variable rate will be your best bet if you’re looking for a longer-term mortgage, as it has the cheapest interest rate and longest amortization period.


The 7-year variable rate comes with an annual fee of $500 which can be paid out at closing or included in your monthly payment. This means that you won’t have to pay any upfront fees when getting this mortgage!


As you can see, there are many different mortgage rates today in Ontario. The best way to take advantage of them is to get a free consultation with one of our experts who will be able to help you make the right choice for your situation. Don’t hesitate any longer, call us today!

Skye Marshall

Ivy Skye Marshall: Ivy, a social justice reporter, covers human rights issues, social movements, and stories of community resilience.