Best Mortgage Rates in Alberta
Compare the most current mortgage rates instantly
Looking for a mortgage in Alberta? We help you find and compare the lowest rates from the Big 6 Banks and top Alberta mortgage brokers. By shopping the best rates in Alberta, you could save thousands on your mortgage. Our comparison charts are free to use and list current rates that are updated twice daily.Rates updated:
|1-yr||2.69% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|2-yr||2.58% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|3-yr||2.56% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|4-yr||2.58% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|5-yr||2.28% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|6-yr||3.75% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|7-yr||2.97% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|10-yr||2.98% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
Prime - 0.25CanWise Financial A Ratehub Company Lic. 12530 Compare all rates
Prime - 1.45MortgagePal.ca Compare all rates
|1-yr||2.69% motusbank Compare all rates|
|2-yr||2.69% motusbank Compare all rates|
|3-yr||2.69% motusbank Compare all rates|
|4-yr||2.69% motusbank Compare all rates|
|5-yr||2.49% HSBC Compare all rates|
|10-yr||2.99% HSBC Compare all rates|
Prime - 0.00CIBC Compare all rates
Prime - 1.21motusbank Compare all rates
Lowest Mortgage Rates in Alberta
Ratehub.ca shops banks, brokers and credit unions to bring you Alberta’s best mortgage rates. Our Mortgage Rate Comparison chart above showcases today’s cheapest mortgage rates in Alberta. To compare all rates within a certain category, click on the "See All" button for more details.
Why should I compare mortgage rates in Alberta?
Mortgages can vary widely based on rates, terms and conditions. Banks, credit unions, and private lenders all have specialized mortgage solutions that cater to specific financing needs. Use our best rates section and education centre to compare and learn about the best mortgage for you at current rates.
Should I get an open or closed mortgage rate in Alberta?
Open and closed mortgages vary both in their interest rates and their terms and conditions. Open mortgages often have higher interest rates, but allow borrowers to make changes to their mortgage payments without restriction. An open mortgage also allows borrowers to make unrestricted lump-sum payments to reduce the principal of their mortgage.
Closed mortgages generally have lower interest rates than their open counter parts. They are the more popular choice in Alberta. You can usually make some increases to monthly payments, or make lump sum payments, however the amounts are restricted and penalties for overpayment will apply.
What is the difference between a variable vs. fixed mortgage rate in Alberta?
Variable mortgages have lower rates than fixed mortgages at the beginning of the mortgage term. Variable interest rates will rise or fall over the term of the mortgage contract because their interest rates are tied to prime.
Fixed mortgages offer the stability of a set mortgage rate for the entire mortgage term. This stability is attractive to many homeowners who rely on the predictable mortgage payments for household budgeting. Historically, 66% of all mortgages in Alberta are fixed.
What is the mortgage ratehold?
Rateholds allow you to lock in Alberta’s current mortgage rates for a certain number of days to benefit from today’s low rates. For example – a 90-day ratehold would allow you to lock in the current mortgage rate for 90 days before your mortgage renewal date or mortgage closing date.
Alberta Housing Market Update1
The Alberta economy is ramping up with the recovery of oil prices. Drilling and energy exploration will increase in 2011 as a result of the provincial crown petroleum and natural gas rights being auctioned off at record levels. The increasing investment in the oil sands projects will also lead to an increase in the Albertan economy. These economic increases will lead to a decrease in the unemployment rate, and both interprovincial migration and international migration will continue to grow throughout 2011 and 2012. These positive increases in the economy and migration will positively affect the Alberta real estate market overall.
|Metropolitan Area||Year||Housing Starts||MLS Total Sales||MLS Average Sale Price|
Alberta Mortgage Brokers
If you want current, personal, advice simply click on the link above to connect with an Albertan mortgage broker near you. Brokers can help by giving you advice on current mortgage deals, your credit history, or help you with a special type of mortgage like cash back or HELOC. Brokers can also help with information on home purchases, lenders, current interest rates , and great mortgage solutions
References and Notes