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Best Kamloops mortgage rates
The rate table shows 5-year fixed mortgage rates in Kamloops. To compare other rate types and terms, click on the filters icon beside the down payment percentage.
As of:
Kamloops mortgage rates: FAQ
What are mortgage rates right now in Kamloops?
As of October 25, 2024, the best 5-year fixed mortgage rate in Kamloops is 4.09%, while the best 5-year variable mortgage rate in Kamloops is at 4.70%.
Be sure to use our rate table above to see the best mortgage rates in Kamloops available to you. Our rate tables are updated regularly throughout the day to reflect any changes in mortgage rates, so you can rest assured that you’re looking at the most current and accurate Kamloops mortgage rates on offer.
What is the prime rate for mortgages in Kamloops?
The prime rate for mortgages in Kamloops and across Canada that most lenders are offering today, December 12, 2024, is currently 5.45%.
What are TD Bank’s mortgage rates today?
As of October 25, 2024, TD Bank offers a 5-year fixed mortgage rate in Kamloops of 4.49% and a 5-year variable rate of 5.44%.
While these are the lowest rates on offer from TD Bank, they are not the lowest rates available in Kamloops. To get the best deal, be sure to shop around using our rate table above. It’s updated automatically throughout the day, so you can be certain you’re seeing the most current mortgage rates in Kamloops.
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Compare current mortgage rates across the Big 5 Banks and top Canadian lenders. Take 2 minutes to answer a few questions and discover the lowest rates available to you.
Getting the best mortgage rates in Kamloops
Jamie David, Sr. Director of Marketing and Mortgages
Why should I compare mortgage rates?
Not all mortgage rates are created equal. In addition to the different interest rates out there, mortgages also vary with what’s offered in their terms and conditions. Each mortgage caters to an individual's particular needs. If you want to find the best mortgage rate and product for you, you need to compare all of your options, and the best way to do that is to talk to a mortgage broker.
Best mortgage rates in Kamloops +
Rates updated:
Rate | Term | Type | Provider |
---|---|---|---|
4.09% | 3 years | Fixed | Big 6 Bank |
4.14% | 5 years | Fixed | Big 6 Bank |
4.44% | 4 years | Fixed | Big 6 Bank |
5.29% | 2 years | Fixed | Big 6 Bank |
5.29% | 7 years | Fixed | Big 6 Bank |
What is the difference between a fixed vs. a variable mortgage rate?
If you choose to get a fixed mortgage rate, your mortgage rate – and, therefore, your mortgage payment – stays the same throughout your entire mortgage term. If you’re risk-averse and/or just feel more comfortable knowing how much you’ll need to budget for each month, you should consider getting a fixed mortgage rate – but know that the security comes with a premium, in the form of a higher interest rate. Of all the mortgages in Canada, 66% currently have fixed rates.
Variable mortgage rates, on the other hand, are historically lower than fixed rates but can vary throughout the duration of your mortgage term. Variable rates are attached to Prime, so if Prime fluctuates up or down, so does your mortgage rate – and, therefore, your mortgage payment. If you’re comfortable taking on some risk, a variable mortgage rate could potentially save you a lot of money throughout the life of your mortgage. Of all the mortgages in Canada, 26% currently have variable rates.
Should I get an open or closed mortgage?
If you’re thinking of moving soon, or if you’re expecting a lump sum of money from an inheritance or bonus, you may want to consider an open mortgage. With an open mortgage, you are able to pay off the entire balance of your mortgage at any time throughout your term – without penalty. The downside is that you have to pay a premium for this option, which comes in the form of a higher interest rate.
Closed mortgages, on the other hand, are the more popular option chosen by Canadian homebuyers, because the interest rates are much lower. With a closed mortgage, the one restriction is that you’re only allowed to pay down a certain amount of your principal each year, as defined in the prepayment options of your mortgage contract. If you pay off the entire balance before your term is up, you’ll be hit with a prepayment penalty.
How often are Ratehub.ca mortgage rates updated?
The mortgage rates you see were updated today. Our mortgage rates are sourced two ways: mortgage brokers can log into our website and update their rates, and we automatically update all the rates found on the websites of Canadian banks.
What is a rate hold?
A rate hold is a time period (typically 30-120 days) during which you can lock in the current best mortgage rate. If rates go down during this time, most lenders will honour the lower rate.
References and Notes
- All data percentages were taken from CAAMP’s Annual State of the Residential Mortgage Market in Canada 2013
Jamie David, Director of Marketing and Head of Mortgages
Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio
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