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Current Mortgage Rates Today

Current Mortgage Rates – Mortgage Rates Today

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Mortgage 101: A Mortgage Resource Guide

This guide will help first-time home buyers and seasoned veterans get the information they need to make the correct financial decision regarding their mortgage. Our goal is to provide information and resources for everything you need to know about the mortgage process. Whether you are shopping for your first home or you are already established in a existing home, this page can be your guide. Take the necessary steps to make purchasing your first home or maintaining your existing home a seamless [Read More. ]

Latest Mortgage Information

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Top 10 Loan Modification Lenders

Many Americans have been affected by the recent economic crisis. Millions of homes have gone into foreclosure, and millions of families have lost their homes. If you are at risk for losing your home, the good [Read More. ]

Mortgage Tips Tricks

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The Top 10 Tips to Help Homebuyers Thrive in Today s Current Home Market

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Invest Smarter by Understanding the Top 6 Most Common Mortgage Myths

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Top 5 Mortgage Scams to Watch Out For This Year

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5 Important Reasons Why You Should Pay Off Your Mortgage Sooner Than Later

Tip of the Day

The Mortgage Library

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How to Tell if Current Mortgage Interest Rates Will Continue to Rise

Up until not long ago mortgage rates used to be very low, close to the lowest they have ever been. Rates have decreased to near record lows due to the recent housing market crash, which affected both homeowners and mortgage lenders. While millions of people have lost their [Read More. ]

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Could a 10 Year Mortgage Rate Be Your Best Mortgage Option?

One of the key aspects of finding a good mortgage loan is determining what type of mortgage term works out best for you. Long-term mortgage loans seem more attractive at first glance because the monthly payment is much smaller, but if you factor in the larger interest rate, [Read More. ]

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How the Current Government Shutdown is Affecting FHA Mortgages

The housing market has been recovering steadily lately, but the current government shutdown may interfere with that progress. For the first time in 17 years, the government has partially shut down. Besides other important implications, this shutdown could affect people who [Read More. ]

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Bad Credit Home Loans Are They Possible With Today s Stiffer Regulations?

There are many reasons for having a bad credit score, and you might be wondering if you are still able to buy a home, despite your shortcomings. The truth is that there are no rules set in stone when it comes to bad credit home loans. Some lenders may be more lenient than [Read More. ]

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What is this Difference Between a Home Equity Line of Credit vs Home Equity Loan

When buying a home with a mortgage loan, both you and your lender own parts of the home. The part of the home that you own is represented by the equity which builds up each time you make a payment. Having equity in your home allows you to take out a house equity loan by [Read More. ]

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What Are the Typical Home Equity Loan Requirements

Home equity loans are designed to help homeowners gain quick access to some much needed cash by tapping into the equity in their homes. Home equity loans provide an alternative to taking out other types of loans or opening new credit card accounts. While other forms of [Read More. ]

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Pros and Cons of Home Equity Loans

Home equity loans allow homeowners to take out a loan using the equity accumulated in their home as collateral. Home equity loans give you quick access to money that can be used for a home remodeling project, medical bills or college tuition. A home equity loan can be more [Read More. ]

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Is it Possible to get a Home Equity Loan With Bad Credit?

Getting a home equity loan with poor credit is more difficult, but not impossible. Before you decide to make improvements to your home or decide that you need some quick cash, you need to find out if a lender is willing to give you a home improvement loan and how your loan [Read More. ]


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CBC News – Interest rates are about to go up in Canada – no, for


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Bank of Canada may hike interest rate for 1st time in 7 years next week

Posted:Jul 03, 2017 5:00 AM ET

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The Bank of Canada has held its benchmark rate steady since September 2010. Chris Wattie/Reuters

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After almost a decade of warnings that never came to pass, it appears as though the Bank of Canada is ramping up to hike its benchmark interest rate — possibly as soon as next week.

On July 12, Canada’s central bank will announce its latest decision on where to place its trend-setting interest rate, which has an impact on the rates that Canadian borrowers and savers get for their bank accounts, mortgages and other products.

Eight times a year, the bank’s board of governors meets to assess the latest economic indicators and decide whether Canada’s economy needs a shot in the arm from a rate cut, or a pump of the brakes by way of a hike.

And for the first time in 54 such meetings, it’s looking like the latter is in order.

It’s not like there haven’t been warning signs. By the time Stephen Poloz was named to replace Mark Carney atop the bank in 2013, the central bank had already been on the sidelines for more than two years, its benchmark interest rate set at one per cent.

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Since Stephen Poloz, right, took over the helm of the Bank of Canada from Mark Carney, left, in 2013, the bank has yet to raise interest rates. (Adrian Wyld/The Canadian Press)

But even as the bank kept loans cheap coming out of the financial crisis, the messaging from the top came early and often that Canadians should be forewarned — rates have to go up eventually.

As far back as 2014 Poloz warned Canadians that rates would rise “soon” — before oil’s plunge in 2015 caused the bank to lose its nerve. Instead, the central bank moved in the opposite direction, cutting rates twice that year to bring its rate to 0.5 per cent, where it currently sits.

At the time, those hikes were described as a temporary measure to help a Canadian economy that had been waylaid by an oil price that lost more than 70 per cent of its value in a matter of months. But in recent weeks the bank has started leaving clear signals that despite oil still being in the $40-per-barrel range, those temporary conditions are over and it’s time for a return to normalcy.

It started on June 12, when senior deputy governor Carolyn Wilkins told a Winnipeg audience that Canada’s economy was starting to “pick up” and was showing signs of “moving past” the oil shock.

That prompted speculation that the bank was ready to take its foot off the gas, a notion that was reinforced by a number of pronouncements since then. Poloz told U.S. financial network CNBC this week that “those cuts have done their job.” That may not sound like a ringing endorsement, but economists who monitor the bank say it marks a sea change in messaging.

“If they think those cuts have done their job,” BMO economist Doug Porter told CBC last week, “now they can reverse them.”

He’s not the only one who expects a rate hike. It would be “imprudent to ignore the aggressive communication shift we have seen from the Bank of Canada,” Manulife’s senior economist Frances Donald said.

Since Wilkins’s speech started the speculation, the bank has had more than one chance to walk down those expectations, if it felt her comments were misinterpreted. The fact that the bank hasn’t done so speaks volumes, Donald said.

Currently, bets on the bond market imply there’s about a 60 per cent chance of a rate hike next week, something the Canadian economy hasn’t seen since September 2010.

While nobody’s expecting anything more than a slight 25-point ratcheting-up of the rate to 0.75, the symbolism of such a move is huge. Spurred on by cheap lending and housing prices that have been defying gravity for the better part of a decade, Canadians are now more in debt than ever before.

Technically, the Bank of Canada’s mandate is to manage inflation, not worry about debt loads. But a major move to interest rates would be catastrophic with debt loads sitting so high, which is why the bank seems to be warning borrowers that they’re going to slowly start taking away the punchbowl from homebuyers who’ve overindulged.

As BMO economist Benjamin Reitzes put it, the “desire to instill a bit more discipline in the housing market,” is clearly in the back of the central bank’s mind while telegraphing their change of heart.

Scotiabank economist Derek Holt is among those who thinks a hike is coming next week, and maybe even another one before the year is out. Otherwise its own pronouncements may have painted the bank into a corner, he says.

“The Bank of Canada is going to have a serious credibility problem if it fails to raise interest rates … after providing such an aggressive turn in communications starting one month to the day ahead of the July meeting,” Holt said.


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Today’s Interest Rates and Financial Advice:

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Financial Advice

Would you like to buy a home but worry that you’d never qualify for a mortgage? It’s time to stop guessing and evaluate your chances to land a loan based on everything from how much you make to your credit score. Believe it or not, the odds are in your favor.

November 14th 2017

The average cost of financing a new or used car or truck has stayed low over the past year, making auto loans a bargain by any historical measure. And buyers with reasonably good credit can always take advantage of the discount loans automakers are offering on many models.

November 13th 2017

Lending money to your child is risky business. But if you can avoid the personal pitfalls and convince the federal government that this is really a loan, and not a gift, the Bank of Mom and Dad can be a financial boon for everyone in the family.

November 13th 2017

Here’s how to make all of the right decisions so that you’ll save more, invest wisely and take full advantage of all the tax breaks to build your retirement nest egg.

November 10th 2017

It’s not enough to find a good location at an affordable price. Condo buyers must consider lots of extra costs, from association fees and special assessments to how well the building is maintained and how strictly it enforces rules on everything from noise to pets.

November 10th 2017

You’ve scouted out the best mortgage rate and fought hard to get the best price on your new home. But your bargaining shouldn’t stop there. Here’s how you can save on everything from settlement fees to title insurance.

November 8th 2017

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Interest ing Snapshot

Individual retirement accounts, or IRAs, are a great way to build financial security for you and your family. They’re easy to open and our simple strategy helps you make all the right decisions now, and in the years ahead.

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Selected Historical Interest Rates

Selected Canadian and International Interest Rates including Bond Yields and Interest Arbitrage

(Updated January 2017. All files are in PDF format.)

Starting dates are specified beside each series.

Each series shows its CANSIM ‘V’ identifier.

Selected Historical Canadian Dollar Interest Rates

  • Bank Rate – V122530 — Jan. 1935
  • Treasury Bill Auction – Average Yields
    • 3 Month – V122541 — Mar. 1934
    • 6 Month – V122552 — May 1959
  • Selected Government of Canada Benchmark Bond Yields
    • 2 year – V122538 — June 1982
    • 3 year – V122539 — June 1982
    • 5 year – V122540 — Nov. 1980
    • 7 year – V122542 — Jan. 1985
    • 10 year – V122543 — June 1982
    • long-term – V122544 — Jan. 1976
  • Government of Canada Marketable Bonds, Average Yield
    • 1 to 3 year – V122558 — Jan. 1949
    • 3 to 5 year – V122485 — Jan. 1951
    • 5 to 10 year – V122486 — Jan. 1951
    • Over 10 years – V122487 — Jan. 1919
  • Other Bond Yield Averages (McLeod, Young, Weir) (Terminated)*
    • 10 Provincials – V122488 — Jan. 1948
    • 10 Municipals – V122489 — Jan. 1948
    • 10 Industrials – V122490 — Jan. 1948
  • Other Bonds : Average Weighted Yield (Scotia Capital) (Terminated)*
    • Provincials, long-term – V122517 — Nov. 1977
    • All Corporates, long-term – V122518 — Nov. 1977
    • All Corporates, mid-term – V122519 — Jan. 1980
  • Overnight Money Market Financing (7-day average) – V122514 — Jan. 1975
  • Prime Corporate Paper Rate
    • 1 month – V122509 — Jan. 1956
    • 3 month – V122491 — Jan. 1956
  • Bankers’ Acceptances – 1 month – V122504 — Jan. 1964
  • Commercial Certificates of Deposits (Terminated)
    • 30 day – V122512 — Jan. 1974
    • 90 day – V122513 — Jan. 1971
    • 90 day (average, last week of month) – V122492 — Jan. 1961
  • Chartered Bank Administered Interest Rates
    • Non-Chequable Savings Deposits – V122493 — Apr. 1967
    • Daily Interest Savings (balances over $100,000) – V122528 — May 1989
    • 5 year Personal Fixed Term – V122515 — May 1968
    • Prime Business Loan – V122495 — Jan.1935
    • Conventional Mortgage – 1 year – V122520 — Jan. 1980
    • Conventional Mortgage – 5 year – V122521 — Jan. 1973
  • Trust Company Administered Interest Rates (Terminated)
    • Guaranteed Investment Certificates – 5 year (average of Wednesdays) – V122496 Q1 1951
    • Guaranteed Investment Certificates – 5 year – V122516 — Oct. 1965
  • Mortgage Lending Rates
    • Average Residential Mortgage – 5 years – V122497 — Jan. 1951

Selected Historical U.S. Dollar Interest Rates

  • Federal Reserve Bank of New York – Discount Rate – Terminated – V122149 — Jan. 1955
  • Federal Funds Rate – V122150 — July 1954
  • 3 month Treasury Bills at Monday Tender – Terminated – V122151 — June 1980
  • Government 5 year Bond Yields — V122142 — Jan. 1962
  • Corporate Bonds (Moody’s Aaa) – Terminated – V122146 — Jan. 1983
  • 30 day Commercial Paper – V122144 — Jan. 1997
  • 90 day Commercial Paper – V122141 — Jan. 1997
  • 90 day Certificates of Deposit – Terminated – V122143 — June 1964
  • Prime Rate Charged by Banks – V122148 — August 1955
  • Euro-U.S. dollar Deposits in London, 3 month (Bid) – Terminated – V122140 — Jan. 1971
  • 90 day Premium (+) or Discount (-) U.S. Dollar in Canada – V122505 — Jan. 1962
  • Covered Differential
    • Canada-U.S. 3 month Treasury Bills – Terminated – V122507 — Oct. 1972
    • Canada-U.S. 3 month Short-term Paper – V122508 — Jan. 1997

* Copyright ©, PC-Bond, a business unit of TMX Group Inc.


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Mortgage Basics

This step-by-step guide will help you understand the sometimes-difficult journey to homeownership.

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Top 10 mortgage tips for 2016

Thinking about buying a house? These tips will help you find the best mortgage for you.

Helpful Calculators & Tools

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About our Mortgage Rate Tables

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our “Advertisers”). Other lenders’ terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a “Next” button that can be used to click-through to the Advertiser’s own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertiser’s phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $424,100 May Have Different Loan Terms: If you are seeking a loan for more than $424,100, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

Consumer Satisfaction: If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please click here to provide your comments to Bankrate Quality Control.

Mortgage Calculator Help

Using an online mortgage calculator can help you quickly and accurately predict your monthly mortgage payment with just a few pieces of information. It can also show you the total amount of interest you’ll pay over the life of your mortgage. To use this calculator, you’ll need the following information:

The dollar amount you expect to pay for a home.

The down payment is money you give to the home’s seller. At least 20% down typically lets you avoid mortgage insurance.

If you’re getting a mortgage to buy a new home, you can find this number by subtracting your down payment from the home’s price. If you’re refinancing, this number will be the outstanding balance on your mortgage.

Mortgage Term (Years)

This is the length of the mortgage you’re considering. For example, if you’re buying new, you may choose a mortgage loan that lasts 30 years. On the other hand, a homeowner who is refinancing may opt of a loan that lasts 15 years.

Estimate the interest rate on a new mortgage by checking Bankrate’s mortgage rate tables for your area. Once you have a projected rate (your real-life rate may be different depending on your overall credit picture) you can plug it into the calculator.

Mortgage Start Date

Select the month, day and year when your mortgage payments will start.

Mortgage Calculator: Alternative Use

Most people use a mortgage calculator to estimate the payment on a new mortgage, but it can be used for other purposes, too. Here are some other uses:

1. Planning to pay off your mortgage early.

Use the “Extra payments” functionality of Bankrate’s mortgage calculator to find out how you can shorten your term and net big savings by paying extra money toward your loan’s principal each month, every year or even just one time.

To calculate the savings, click “Show Amortization Schedule” and enter a hypothetical amount into one of the payment categories (monthly, yearly or one-time) and then click “Apply Extra Payments” to see how much interest you’ll end up paying and your new payoff date.

2. Decide if an ARM is worth the risk.

The lower initial interest rate of an adjustable-rate mortgage, or ARM, can be tempting. But while an ARM may be appropriate for some borrowers, others may find that the lower initial interest rate won’t cut their monthly payments as much as they think.

To get an idea of how much you’ll really save initially, try entering the ARM interest rate into the mortgage calculator, leaving the term as 30 years. Then, compare those payments to the payments you get when you enter the rate for a conventional 30-year fixed mortgage. Doing so may confirm your initial hopes about the benefits of an ARM — or give you a reality check about whether the potential plusses of an ARM really outweigh the risks.

3. Find out when to get rid of private mortgage insurance.

You can use the mortgage calculator to determine when you’ll have 20 percent equity in your home. This percentage is the magic number for requesting that a lender wave private mortgage insurance requirement.

Simply enter in the original amount of your mortgage and the date you closed, and click “Show Amortization Schedule.” Then, multiply your original mortgage amount by 0.8 and match the result to the closest number on the far-right column of the amortization table to find out when you’ll reach 20 percent equity.