In general, 2017 is a good year for homebuyers to get a mortgage for their home purchases. However, there will be inevitable movements in interest rates because the Bank of Canada is finally ending almost seven years of frozen rates.

It can be recalled that the Central Bank decided to stagnate interest rates in the country as a market reaction to uncontrollable surges in oil prices years ago. But now that the oil crisis has long been over, there is no stopping such interest rate hikes, which many analysts predict could come soon or by December. That adjustment will also reflect on mortgage rates as well as on private mortgages.

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Featured Rates

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LenderRateTerm
Mortgage Lendwise RateLendwise

2.39%

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2.69%

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1.99%

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TermRate
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2.85%

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TypeRate
Line of CreditStarting at

3.00%

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5.99%

Private MortgagesStarting at

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The common question among homebuyers would be, “what is a good mortgage rate in 2017?” To answer this, you have to look at two types of mortgage options based on interest rates—fixed and variable.

 

Fixed-rate Mortgage

Homebuyers who have a fixed-rate mortgage are among those who would not be immediately affected in case mortgage interest rates across the market go up. That is because their rates are fixed on a specified rate for a specific duration. They would have to be wary though when the time to renew their contracts comes. That is because the rates that they might be getting could already be the adjusted and higher one.

Upon checking the market, a five-year mortgage with fixed rate could have an interest ranging from 2.5% to 2.7%. These rates were prevailing prior to the pending interest hike, which when implemented could add in a few percentage points.

While more consumers prefer fixed-rate mortgages in the past, such products are still attractive despite hikes. That is because even if rates continue to go higher in the coming months or years, your home loan would have a fixed rate, which is set when you obtained it. Because rates are expected to further rise over the years, this type seems more attractive these days.

 

Variable-rate Mortgage

In general, homebuyers who are holding variable-rate mortgages are expected to pay more in interest in the coming months. This is because such loans have interest rates that are adjustable based on the interest rates set by the regulators. Thus, if the central bank hikes rates, these borrowers will also surely pay more for higher rates.

But such mortgage products are still more preferred by many homebuyers. That is because their rates are pegged in prevailing market conditions. Interest rates may increase but those could also go down again in the future, depending on market dynamics. When rates go down, variable-rate mortgages tend to be significantly cheaper than the fixed-rates.

 

Comparing the two options and upon checking current market rates in Canada (as of August), a variable-rate home loan could have a rate of about 2% for a five-year term mortgage. On the other hand, a counterpart fixed-rate mortgage could take a rate of about 2.5% to 2.7%. This makes variables much cheaper. Economic analysts and financial services experts are expecting that the adjustments would not be very drastic when interest rates are adjusted soon.

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My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Linderman Beadles
Linderman Beadles
06:16 26 Feb 18
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Gina Carroll
Gina Carroll
05:06 28 Feb 18
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Deane Laflamme
Deane Laflamme
04:40 27 Feb 18
My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Stephnie Boyles
Stephnie Boyles
13:59 15 Nov 17
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Billye Peralta
Billye Peralta
13:38 19 Nov 17
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Moore Hoover
Moore Hoover
02:25 16 Nov 17
We worked with Leon and he provided a thorough and a professional process in re-financing our mortgage. Communication was consistent, he was easy to reach and documents were processed quickly. Most importantly, we got a great rate that has us savings hundreds of dollars per month on our home. These guys really know what they're doing.
Melissa Brown
Melissa Brown
00:12 18 Jul 17
As third time home buyers we couldn't be happier with the service we got from Certified mortgage broker. The team did a great job working on our loan. Everything was fast, easy and transparent. Probably the best mortgage experience i’ve ever had.
Riley Clements
Riley Clements
15:27 20 Jul 17

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