Mortgage Rates Canada - September 2022 Update - Fixed and Variable Rates Almost Equal

#CanadaMortgageRates #CanadianRealEstate #canadarealestate

Canada’s Fixed Mortgage Rates are now roughly equal to Variable Rates, leading many to question whether or not its time to lock-in their mortgages.

As the Bank of Canada has raised interest rates by 175bps over the past three months, while fixed rate mortgages have remained relatively unchanged, the cost of borrowing is now roughly equal for both variable and fixed rates.

Mortgage Rates:

Best Insured Mortgage Rate, Fully Featured in July 2022: 4.64 on a Five Year Fixed

Best Insured Mortgage Rate, Fully Featured in August 2022: 4.44 on a Five Year Fixed

Best Insured Mortgage Rate, Fully Featured in September 2022: 4.49 on a Five Year Fixed

Best Insured Variable Mortgage Rate, Fully Featured in September 2022: Prime Minus 1.05

Best Insurable Mortgage Rate, Fully Featured in July 2022: 4.99 on a Five Year Fixed

Best Insurable Mortgage Rate, Fully Featured in August 2022: 4.79 on a Five Year Fixed

Best Insurable Variable Mortgage Rate, Fully Featured in September 2022: Prime Minus .5

Best Uninsurable Mortgage Rate (30 Year AM, Refinancing), Fully Featured in July 2022: 5.24 on a Five Year Fixed

Best Uninsurable Mortgage Rate (30 Year AM, Refinancing), Fully Featured in August 2022: 5.24 on a Five Year Fixed

Best Uninsurable Variable Mortgage Rate, Fully Featured in September 2022: Prime Minus .4

*These are the Best Mortgage Rates currently being offered by myself. I do not guarantee that there are not lower rates elsewhere.

LINKS:

Canada 5 Year Government Bond:

https://www.marketwatch.com/investing/bond/tmbmkca-05y?countrycode=bx

Bank of Canada hikes interest rate by 75 basis points, anticipates another increase:

https://www.ctvnews.ca/business/bank-of-canada-hikes-interest-rate-by-75-basis-points-anticipates-another-increase-1.6058043

Policy interest rate:

https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/

Canadian banks raise prime rates after Bank of Canada hike:

https://financialpost.com/fp-finance/banking/canadian-banks-raise-prime-rates-after-bank-of-canada-hike

Bank of Canada raises rate 75 bps and signals more hikes to come:

https://financialpost.com/news/economy/bank-of-canada-interest-rate-3-25

As rates rise, is now the time to lock in a fixed mortgage? Here’s what to know:

https://globalnews.ca/news/9135060/variable-mortgage-fixed-conversion-interest-rate-canada/

Variable mortgage rate hits record low at sub-1%:

https://www.bnnbloomberg.ca/variable-mortgage-rate-hits-record-low-at-sub-1-1.1627936

Expect higher interest rates for at least two more years, Bank of Canada deputy governor warns:

https://www.thestar.com/tr/news/waterloo-region/2022/09/20/expect-higher-interest-rates-for-at-least-two-more-years-bank-of-canada-deputy-governor-warns.html

Locked In: Is Now the Time to Switch to a Fixed Mortgage Rate?:

https://storeys.com/time-switch-fixed-mortgage-rate/

Think of Powell as Volcker's Wannabe Second Coming:

https://www.bloomberg.com/opinion/articles/2022-09-22/powell-is-volcker-s-wannabe-second-coming-on-inflation-how-long-to-reach-2

Mortgage Financing: Floating Your Way to Prosperity:

https://wowa.ca/static/fixed-vs-variable-study.pdf

Canada’s Most Misconstrued Mortgage Study:

https://www.ratespy.com/the-most-misconstrued-study-in-mortgage-history-03105681

Fixed term mortgages like expensive insurance: report:

https://www.cbc.ca/news/canada/fixed-term-mortgages-like-expensive-insurance-report-1.275888

Canadian home buyers pile into variable loans, blunting impact of rising fixed rates:

https://financialpost.com/real-estate/mortgages/canadian-home-buyers-pile-into-variable-loans-blunting-impact-of-rising-fixed-rates

Fed Chair Powell doubles down on Jackson Hole promises in 75-basis point hike:

https://ca.finance.yahoo.com/video/fed-chair-powell-doubles-down-194540223.html

Mark Mitchell – Mortgage Broker London Ontario
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