Best Mortgage Rates in Saskatoon
Compare current mortgage rates in Saskatoon and find the best rate in seconds.
We compare the most competitive brokers, lenders and banks in Saskatoon to bring you today's best mortgages rates, at no cost to you. Our comparison charts list current Saskatoon rates, and are updated every few minutes. To learn more about a particular rate, simply click "Inquire" - an agent will contact you within 1 business day. Don't worry, there are no obligations when you choose to inquire. Advertising DisclosureRates updated:
|1-yr||2.24% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|2-yr||2.24% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|3-yr||2.24% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|4-yr||2.24% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|5-yr||2.04% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|6-yr||3.89% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|7-yr||3.09% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|10-yr||3.29% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
Prime + 0.40CanWise Financial A Ratehub Company Lic. 12530 Compare all rates
Prime - 0.65CanWise Financial A Ratehub Company Lic. 12530 Compare all rates
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Mortgage rates in Saskatoon are expected to moderately rise in early 2017, according to some economists.
Located at the heart of Canada's farming and agricultural export market, Saskatoon has a population of over 260,900 people.
The Saskatoon housing market1
Saskatoon’s housing starts are expected to see even greater declines in 2016 before increasing slightly in 2017 as the local economy improves. Low demand across the Saskatoon Census Metropolitan Area (CMA) continues to favor buyers in the market, and resale housing market prices will continue to face pressure in 2017. However, improving economic conditions will help new home construction increase in 2017.
|Year||MLS® Sales||MLS® Avg Price|
Low mortgage rates in Saskatoon and job growth are expected to help sustain housing demand. However, job growth is stunted by low commodity prices, reducing hiring levels. Lower prices for resale homes and a greater number of listings will help ensure that housing start growth remains modest.
Saskatoon mortgage brokers
Finding a mortgage broker in Saskatoon is beneficial because they can help with your mortgage and financing needs and will handle all the rate negotiations to ensure you get the best mortgage rate in Saskatoon.
Saskatoon mortgage rates: Frequently Asked Questions
Here are a few answers to the most common questions we receive.
How much can I save by comparing Saskatoon mortgage rates?
Getting a mortgage in Saskatoon is probably the biggest financial commitment you’ll make in your life, so it’s important to get a great deal. Comparing mortgage rates from different providers is one of the best things you can do to get a lower rate.
So how much can you save with a lower rate? On a $500,000 mortgage with a 25-year amortization, paying 2.50% instead of 3.0% could save you around $126 a month. Overall, you’d pay $11,767 less in interest over a 5-year term. You can use our mortgage payment calculator to input your own figures, and work out how much you could save by comparing mortgage rates.
Why compare Saskatoon mortgage rates with Ratehub.ca?
Ratehub.ca makes it easy to compare Saskatoon mortgage rates, but pulling rates from the big banks, Saskatoon mortgage brokers, and smaller lenders like credit unions, all in one place. By seeing what’s available in Saskatoon, you’ll be able to make sure you get the best possible deal. We do this at no cost to you.
Are Saskatoon mortgage rates higher than other cities?
Saskatoon mortgage rates can sometimes differ from other Canadian cities, but not just because of the city itself. Mortgage rates are determined by lots of factors, including competition among lenders to offer the lowest rates. Some cities have more competition than others, which generally leads to slightly lower rates. However, the differences are generally small.
What’s the difference between variable and fixed rates?
Variable rates can change over the course of your mortgage term (which can range from 1 to 10 years). On the other hand, fixed rates remain constant throughout your mortgage term, even if the prime rate changes.
The advantage of variable rates is that if rates fall across the market, then your rate will also drop. The downsides are that rates can go up. This would also cause your rate to rise, which means paying more on your regular mortgage payment.
The advantage of fixed rates is that your regular mortgage payments will stay the same for your entire term. However, if prime rates were to drop, you’d be missing out on the savings that a lower rate would offer.
Is it worth getting a mortgage pre-approval?
When buying a new home in Saskatoon it’s generally worth getting a pre-approval. A pre-approval is an in-principal commitment from a lender to offer you a particular rate for a given mortgage. This gives you confidence that the homes you’re looking at are within your budget, and lets you move faster when you’re ready to make an offer.
You can start the pre-approval process by going directly to a lender, or you can apply with the help of a mortgage broker. Remember that you’re not obligated to get a mortgage with a particular lender, even if you’ve been pre-approved by them. Also remember that your pre-approval is not a final guarantee of a particular rate. That’s only confirmed when you make your final application.
Which bank has the best mortgage rates in Saskatoon?
No one bank has the best rates in Saskatoon, or offers the best mortgage in Saskatoon. Mortgage rates change regularly, and different lenders will often run promotions that make them temporarily more competitive. The best way to get a lower mortgage rate is to compare current rates from multiple mortgage providers and brokers.
Remember as well that the best mortgage for you is not necessarily the one with the lowest rate. Your mortgage will be a big part of your life for years to come, and getting one with the right features and terms is sometimes more important than the rate. Getting advice from a Saskatoon mortgage broker is a good way to better understand this, if you’re worried.
Should I use a mortgage broker in Saskatoon?
A mortgage broker can connect you with mortgage products from a range of lenders, both big and small. As well as being connected with multiple lenders, brokers often have access to rates and deals that aren’t available to the public. Generally, getting a mortgage through a broker will help you secure a lower mortgage rate than going directly to your current bank. Mortgage brokers are free for you to use, so there’s no risk in approaching one for a chat.
References and Notes
- Data taken from the CMHC