Mortgage Rates Continue to Fall in Canada

Fixed and variable rates reach new lows

Lowest rates in years available now

If you're looking to buy a home in Canada, now is a great time to lock in a low mortgage rate. Rates have been falling steadily for months, and they're now at their lowest levels in years.

As of August 2, 2024, the best mortgage rates in Canada are:

• 5-year fixed: 4.34%
• 3-year fixed: 4.59%
• 5-year variable: 5.40%

These rates are available from a variety of lenders, including banks, credit unions, and mortgage brokers. To find the best rate for your individual circumstances, it's important to shop around and compare quotes from multiple lenders.

If you're not sure where to start, you can use a mortgage comparison website like RATESDOTCA. This website allows you to compare mortgage rates from different lenders side-by-side, so you can easily find the best deal.

Once you've found a lender that you're comfortable with, you can apply for a mortgage online or in person. The application process typically takes a few weeks, and you'll need to provide the lender with information about your income, debts, and assets.

If your application is approved, you'll be able to lock in your mortgage rate and close on your home. Congratulations!