Rates
Today’s Rate Snapshot
Variable Starting From
3.70%
5-Year Fixed Starting From
3.99%
Prime Rate
4.45%
These rates are general reference points provided by Mortgage Outlet. Your actual rate depends on qualification, lender guidelines, product type, income structure, credit, and property details. For an accurate quote tailored to your file, please reach out directly.
Fixed vs Variable
A fixed rate stays the same for your mortgage term, while a variable rate can change based on the BoC prime lending rate and/or each lender’s prime lending rate. The decision to go with a variable rate versus a fixed rate depends on your comfort level with the risk associated with the potential that the prime lending rate were to increase and your ability to service the mortgage if that were to happen.
What Affects Your Rate & Approval
What Affects Your Rate & Approval
A low interest rate is only one part of the picture. Mortgage term, amortization, monthly payment amount, early payout penalties, annual lump sum payments and lender conditions are part of the process when analyzing approvals for all borrowers. We provide advice to each borrower/family based on what your financial goals are both short-term and long-term.
