Posted On Nov 15, 2023

Here's a quick update on what's happening with mortgage rates.
Variable Rates: 
There's been talk that we MIGHT see a 0.25% drop in the Prime Rate as early as April 2024. This will impact variable rate mortgages and lines of credit. 
Fixed Rates:
It seems the fixed rate market (bond yields) has stabilized over the last couple of weeks, after many months of steadily increasing. We even saw a slight drop in the bond yields last week, resulting in SOME fixed rate terms coming down by as much as 0.15%. 
Current best mortgage rates (O.A.C):
  • Fixed rates range from 5.69% - 6.34% (Avg rate = 6.02%)
    Approx $641/month for every $100k based on a 25 yr amortization  
  • Variable rates range from 6.20% - 6.90% (Avg rate = 6.55% with Current Prime Rate of 7.20%)
    Approx $673/month for every $100k based on a 25 yr amortization
*Rates are subject to change without notice.
Danny Bell, AMP
Mortgage Broker | Lic.#M13001996
C. 289-200-9061
T. 905-426-4200
The Mortgage Centre Ltd. | Est. 1993
Reg. #10231