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Monday Mortgage Update: August 13, 2012

Mortgage Rate Recap

Last week, mortgage rates in Canada continued to drop, continuing a trend initiated by some of Canada’s largest lenders in mid-July. Laurentian Bank lowered their short-term rates which include the 1-year fixed, the 2-year fixed, and the 1-year fixed open mortgage rate.

Laurentian mortgage rates

RATE TYPEPREVIOUS RATECURRENT RATECHANGE IN BASIS POINTS
1-year fixed closed

3.50%

3.10%

Decrease of 40 bps

1-year fixed open

6.50%

6.30%

Decrease of 20 bps

2-year fixed closed

3.55%

3.35%

Decrease of 20 bps

Where are Canada Mortgage Rates this week?

A history of weekly 5-year fixed mortgage rates and 5-year variable mortgage rates

Canadian Mortgage Rates in 2012

The average discounted mortgage rate in Canada for 2012:

Note:  This is simply a small sample size and does not represent the entire market. It does, however, offer some useful insight.

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