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Mortgage Rates

Term Lowest Fixed Mortgage Rates Lowest Variable Mortgage Rates Prime 3.20%
1-Year 2.64% Get rate
2-Year 2.79% Get rate
3-Year 2.84% Get rate
4-Year 2.99% Get rate
5-Year 2.99% Get rate 2.29 Get rate
5-Year  Quick Close 2.89% Get rate   If you have a purchase closing in the next 30-45 days call me right away!
5-Year        No Frills 2.97% Get rate   Please contact me for more details about this special rate. It's not for everyone
10-Year 3.84% Get rate

 

If you need any help comparison shopping, read our most frequently asked questions below about the current mortgage rates:

Why should I compare mortgage rates?


current mortgage rates Kingston Mortgage ProfessionalsNot all mortgage rates are created equal. Mortgages can have vary with the terms and conditions, in addition to the interest rate. Each mortgage caters to an individual's particular needs. If you want to find the best mortgage for you, you need to compare all of your options.

Should I get an open or closed mortgage?


'Closed' mortgages have lower rates when compared to their 'open' counter parts, and are more popular. Closed mortgages can come in fixed and variable form, but place a restriction on the amount of principal you can pay down each year. If you pay off the entire principal in a closed mortgage before the set term, you will face a penalty, such as a 3-month interest charge.

'Open' mortgages on the other hand, allow you to pay off your entire mortgage balance at any time throughout the term. The drawback is that you pay a premium for that option. People opt for open mortgages if they are planning to move in the short future, or if they are expecting a lump sum of money through an inheritance or bonus, that would allow them to pay off their entire mortgage.

What is the difference between a variable vs. fixed mortgage rate?


Fixed mortgage rates are more popular and represent 66% of all mortgages in Canada. With a fixed mortgage you can "set it and forget it" as you are protected against interest rate fluctuations, so your payment stays constant over the duration of your term.

Variable mortgage rates are typically lower than fixed rates, but can vary over the duration of the term. Variable mortgages are prone to market behavior (via the prime rate) which affects your payments. That means your payment amounts can change over time. A fixed mortgage offers stability as your mortgage rate and payment will remain the same each month, but that security is the reason why fixed interest rates are greater.

How often are My mortgage rates updated?


The mortgage rates you see were updated today. Our mortgage rates are sourced through two methods: Mortgage brokers can log into our platform and update their rates instantaneously; and we source rates from Canadian bank websites to ensure the rates are current.

What are prepayment options?


Prepayment options outline the flexibility you have to increase your monthly mortgage payments or pay down your mortgage principal as a whole. The monthly prepayment option is a percentage increase allowance on your original monthly mortgage payment. For example, if your monthly mortgage payment is $1,000 and your prepayment allowance is 25%, then you can increase your monthly payments up to $1,250. The lump sum prepayment option on the other hand, applies to the original mortgage amount. So, if your lump sum prepayment allowance is 25% on a $100,000 mortgage amount, then you can pay $25,000 off the principal every year.

What is the mortgage rate hold?


The rate hold clause refers to how long before your mortgage renewal date you can lock in the prevailing mortgage rate, should that interest rate be a favourable one. The renewal date is the date on which the term of mortgage expires, not to be confused with the amortization period. So, for example, if you have a 5-year term on your mortgage, and a 90-day rate hold, then within 90 days before the expiration of the term, you have the option to lock in the current mortgage rate.

Source: All data percentages were taken from CAAMP "Annual State of the Residential Mortgage Market in Canada" 2010

If you need more assistance, contact us today to talk more about Kingston mortgage rates. Leo and his expert team are available to help. Whether you are looking to learn more about the current mortgage rates, our first time home buyers solutions, to learn more on pre-approval or refinancing, we've got you covered. Below, you can learn more about all our options, or simply contact us to get started today.

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