Current Mortgage Rates in Ontario – Find the Best – Lowest Today, lowest home mortgage


Current Mortgage Rates in Ontario

We shop the most competitive brokers, lenders and banks in Ontario to bring you today’s lowest interest rates, free of charge! Our comparison charts list current Ontario rates, and are updated on a daily basis. To compare a certain category, click on the “See All” button for more details.

Find the Lowest Mortgage Rates in Ontario

Find the best mortgage deals in Ontario in the comparison charts above. If you are looking for a home loan and are interested in more than just cheap rates – be sure to also pay attention to the mortgage terms and conditions. Find answers on open vs. closed mortgages, fixed vs. variable mortgages, and prepayment options in the frequently asked questions section below. Visit our Education Centre to learn even more about mortgages through the use of our home buying tools .

Should I get an open or closed mortgage in Ontario?

Closed mortgages are more prevalent than open mortgages because they typically have lower interest rates. These mortgage vary in their prepayment options. Closed mortgage rates can be either fixed or variable. The amount by which a prepayment is available is restricted, and interest penalties are enforced on any overpayment.

In an open mortgage you have the ability to pay down as much principal as you decide to in any given year. Open mortgages are commonly chosen when the borrower is planning to move, or expects to receive a lump sum of money in the near future.

What is the difference between variable vs. fixed mortgage rates in Ontario?

Historically, fixed rate mortgages are the most common choice for mortgage financing. Fixed mortgages have set interest rates that stay consistent for the term of the mortgage. This results in a steady mortgage payment for the mortgage term, and allows homeowners the benefit of exact budgeting and planning.

Variable mortgages generally have lower interest rates. These variable rates are tied to the market prime rate and thus vary over the term of the mortgage. To learn more about fixed vs. variable rate mortgages check out the fixed vs. variable mortgage section.

What are prepayment options?

Prepayment options grant you the right to increase the size of your monthly payments or make a lump sum payment directly towards the principal on your mortgage. The lender sets out the terms of prepayment which allows borrowers to increase payments based on a percentage of your current payment, thereby reducing your amortization period. Conversely, you may wish to make a lump sum payment towards the principal on your mortgage. The percentage by which you are allowed to make this lump sum repayment is based upon your initial principal value.

What is the mortgage ratehold?

A ratehold allows you to hold today’s current mortgage interest rate for a certain period of time. If today’s mortgage rates are favourable, you may want to find a mortgage with a ratehold up until your renewal or closing date. The renewal date is the date on which the term of mortgage expires, not to be confused with the amortization period .

Ontario Housing Market Forecasts 1

The beginning of the year 2010 saw historical record highs for the Ontario housing market. Ontario’s resale home sales and housing starts decreased during the rest of 2010 from this high start. They will continue to decline until late 2011 and early 2012, at which point they will begin to increase in sales volume. In 2012 there will be decreased demand from first-time homebuyers. However, the Ontario real estate market will pick up momentum as a result of higher immigration levels, a stronger economy and strong labour markets.


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