The lowest weekly fixed and variable mortgages in Canada

Take a look at the week’s available fixed-term and variable mortgages and HELOCsRich Pedroncelli/The Associated Press

HSBC has reset the rate for five-year uninsured fixed rates. Its new 5.09-percent offer leads all lenders in the country. It also sells for $5,000 cash, subject to multiple mortgages.

If you are dead in five years and there is a significant chance that you will break the mortgage early, find a lender with a lower down payment than the bank. Mortgage lenders know who these borrowers are.

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In the fixed one-year market, note the large savings for one-year insurance compared to uninsured rates. That’s thanks to lower financing costs for government-backed mortgage insurance where borrowers pay the cost of default insurance.

QuestMortgage’s 4.64-percent fixed-term mortgage insurance is one of the best rates in the country, especially since it includes legal fees and assessments on standard mortgage modifications from other lenders.

If you need a one-year uninsured rate, check deals, compare online and CANNEX. The last category includes good one-year rates from credit unions.

As for exchange rates, next Wednesday we will hear from the Bank of Canada in what is expected to be his last promotion of this tournament. If prime rates jump another 25 basis points (bps) to 6.7 percent, and that’s it, borrowers can consider themselves lucky. But people who are walking a financial tightrope should prepare for higher prices, in case. (The base is 1/100th of a percent.)

What does that preparation involve? This means asking your lender how high your payment can go if rates jump another 50 to 100 bps, and then prove that you have cash. – through savings, borrowing or selling something – to cover the increase in wages.

Low mortgage rates in the country



Period The insurance Deliver Insurance Deliver
1-year tenure 5.74% Ratehub 4.64% QuestMortgage
2-year tenure 5.64% Ratehub 4.64% QuestMortgage
3-year tenure 5.24% Ratehub 4.59% QuestMortgage
4-year tenure 5.19% Ratehub 4.64% QuestMortgage
5-year tenure 5.09% HSBC 4.54% Ratehub
10-year tenure 5.94% HSBC 5.54% It’s something
Exchange 5.90% Ratehub 5.25% It’s something
5-year hybrid 5.57% HSBC 5.94% Scotia eHOME
HELOC * 6.45% HSBC n/a n/a

Source: Robert McLister; data as of January 19

Rates are as of January 19, 2023 from companies that publish online rates and credit in at least nine counties. The insurance rates apply to those who are buying with less than 20 percent down, or those who are replacing a previous mortgage with a new loan. Uninsured rates apply to refinances and purchases over $1-million and may include referral fees. For companies whose prices vary by province, their highest value is shown.


Robert McLister is an interest rate analyst, mortgage broker and director of MortgageLogic.news. You can follow him on Twitter at @RobMcLister.

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