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Current Mortgage Rates in Newfoundland

We shop the most competitive brokers, lenders and banks in Newfoundland to bring you today's lowest interest rates, free of charge! Our comparison charts list current Newfoundland rates, and are updated on a daily basis. To compare a certain category, click on the "See All" button for more details.

Rates Updated: May 18, 2012 8:54 AM

Bank of Canada Rates
Prime rate Prime rate Variable mortgage rates are quoted as Prime plus or minus a constant. For example: Prime + .10% or Prime - 0.90%. When there is a change in the prime rate, your variable rate mortgage adjusts accordingly.		3.00%	Qualifying rate Qualifying rate For a variable mortgage or fixed mortgage with a 1-4 year term, lenders are required to use the qualifying rate when determining how much you can afford. Therefore if say, a variable rate increases in the future, you will still be able to afford your mortgage payments.		5.44%

Closed mortgage rates - Newfoundland Closed mortgage rates Closed mortgage rates are the most popular, standard form in Canada. A closed mortgage simply means you pay off your principal on a pre-determined schedule. If you want to put a lump sum against your principal beyond your pre-payment options, you will incur a penalty.
Term	Lowest Fixed Mortgage Rates			Lowest Variable Mortgage Rates
1-Year	True North Mortgage	2.64%	See All	True North Mortgage	3.00% Prime - 0.00	See All
2-Year	True North Mortgage	2.94%	See All
3-Year	True North Mortgage	2.94%	See All	True North Mortgage	2.90% Prime - 0.10	See All
4-Year	True North Mortgage	3.09%	See All
5-Year	True North Mortgage	3.19%	See All	True North Mortgage	2.80% Prime - 0.20	See All
6-Year	PC Financial	3.69%	See All
7-Year	True North Mortgage	3.89%	See All
8-Year	PC Financial	4.02%	See All
9-Year	PC Financial	4.11%	See All
10-Year	True North Mortgage	3.89%	See All

HELOC Rates - Newfoundland HELOC Rates A HELOC rate is a variable interest rate on a line of credit that is secured by your home. As the equity in your home grows, you are able to borrow back up to 80% at the HELOC rate.
HELOC HELOC Rates A HELOC rate is a variable interest rate on a line of credit that is secured by your home. As the equity in your home grows, you are able to borrow back up to 80% at the HELOC rate.	MCAP	3.50% Prime + 0.50	See All
All-in-One All-in-One HELOC An 'All-in-One' rate is one that combines a HELOC with your savings and deposit accounts. So, any deposits offset your debt in a daily interest calculation.	Manulife One	3.50% Prime + 0.50	See All

Cash back mortgage - Newfoundland Cash back mortgage A cash back mortgage returns a lump sum, usually 3-7%, when your mortgage closes. If your principal is, for example, $300,000, a 5% cash back would return to you $15,000 when your mortgage closes.
5-Year	FirstLine Mortgages	4.79% 3% Cash Back	See All
6-Year	TD Bank	6.16% 5% Cash Back	See All
7-Year	PC Financial	5.24% 5% Cash Back	See All
10-Year	PC Financial	5.54% 5% Cash Back	See All

Fixed - Open - Newfoundland Open mortgage rates Open mortgage rates allow you to pay off as much of your principal as you please whenever you wish, without penalty. Open mortgage rates are less popular than closed mortgage rates, but are often used for a short-term mortgage.
Term	Lowest Fixed Mortgage Rates			Lowest Variable Mortgage Rates
1-Year	MCAP	6.30%	See All
3-Year				Bank of Montreal	4.00% Prime + 1.00	See All
5-Year				Scotiabank	3.80% Prime + 0.80	See All

Bank Mortgage Rates - Newfoundland Bank Mortgage Rates Bank mortgage rates are simply rates offered by the big Canadian banks. You should always compare these against the best available rates on the market.
Term	Lowest Fixed Mortgage Rates			Lowest Variable Mortgage Rates
1-Year	ING Direct	3.09%	See All
2-Year	PC Financial	3.10%	See All
3-Year	PC Financial	3.14%	See All	Laurentian	3.20% Prime + 0.20	See All
4-Year	PC Financial	3.20%	See All
5-Year	PC Financial	3.44%	See All	Scotiabank	3.00% Prime - 0.00	See All
10-Year	ING Direct	3.99%	See All

Newfoundland and Labrador Housing Market Forecasts¹

Economic growth in Newfoundland and Labrador will stem from increased pricing in the energy sector fuelling oil production, energy, and mining development. The province will also be increasing infrastructure spending. These strong industries will fuel GDP growth for 2011 and 2012. City centres such as St John’s will see moderate population growth, but rural areas will likely plateau. While Newfoundland and Labrador experienced the highest employment growth in Canada in 2010 at 3.7%, growth will slow closer to national averages throughout 2011 and 2012.

Provnice Wide Data

Year

Housing

Starts

MLS Total

Sales

MLS Average

Sale Price

Newfoundland and Labrador

2010

2011(*)

2012(*)

3,606

3,330

3,170

4,236

4,000

3,900

$ 235,341

$ 243,000

$ 248,000

[1] CMHC

Connecting you to Canada's best mortgage rates

Current Mortgage Rates in Newfoundland

Bank of Canada Rates

Closed mortgage rates - Newfoundland

HELOC Rates - Newfoundland

Cash back mortgage - Newfoundland

Fixed - Open - Newfoundland

Bank Mortgage Rates - Newfoundland

Newfoundland and Labrador Housing Market Forecasts1