Best Mortgage Rates 5-Year Variable – Compare Today – s Current 5-Year Variable Rates, 40

5-Year Variable Mortgage Rates

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  • Mortgage rate fluctuates with the market interest rate, known as the prime lending rate or simple prime rate
  • Typically stated as prime plus or minus a percentage
  • 66% of Canadians have 5-year mortgage terms
  • 5-year mortgage rates are driven by 5-year government bond yields

5-year variable mortgage rate defined

A variable mortgage rate fluctuates with the market interest rate, known as the ‘prime rate’, and is usually stated as prime plus or minus a percentage amount. For example, a variable rate could be quoted as prime – 0.8%. So, when the prime rate is, say, 5%, you would pay 4.2% (5% – 0.8%) interest.

The term, which is five years in the case of a 5-year variable mortgage, is the length of time you are committed to a variable type rate and, sometimes, the mortgage payments. With a variable rate, your mortgage payments can be set up one of two ways: a set payment, with the interest portion fluctuating; or, a fixed sum applied to the principal with the fluctuating interest portion changing the overall mortgage payment. For example, in the case of the former, if interest rates go down, more of the mortgage payment is applied to reduce the principal, but the total outlay remains the same.

The term of the mortgage should not be confused with the amortization period, which is the amount of time it takes to pay off your mortgage. So, in the example above, if the principal is reduced more quickly when interest rates fall, then the amortization period is reduced as well.

Popularity of 5-year variable mortgage rates

Although fixed rate mortgages are more popular (66%), 29% of mortgages, a significant minority, have variable and adjustable rates. Fixed rates are also slightly more common for the youngest age groups, while older age groups are more likely to opt for variable rates.

The 5-year term, conversely, is the most common duration. This is logical given that five years is the median between the available term lengths between one and ten years.

Fixed-Rate Mortgages: How They Work, The Truth About, 40 year mortgage.#40 #year #mortgage

Fixed Rate Mortgages

40 year mortgage

A fixed-rate mortgage is the most ordinary and uncomplicated mortgage available to homeowners today. It is also far and away the most popular choice for borrowers.

As the name suggests, the interest rate on a fixed mortgage does not change at all during the entire duration of the loan, which is typically 30 years.

Fixed Mortgages Are Easy to Understand and Surprise-Free

For that reason, fixed-rate mortgages do not have associated mortgage indexes, margins, or caps because they are not variable-rate loans. It s basically a set-it-and-forget-it loan program that s easy to understand.

Another key characteristic of the fixed-rate mortgage is that monthly principal and interest mortgage payments remain constant throughout the life of the loan, to the very last month when the loan is finally paid off.

In other words, there aren t too many surprises with a fixed-rate loan, making it easier for the homeowner to sleep at night. Of course, that certainty does come at a cost, namely, a higher mortgage rate relative to adjustable-rate options.

However, a 30-year fixed might not cost much more than a 5/1 ARM, depending on the rate environment at the time you re shopping for a loan.

For example, a 30-year fixed today might be offered at around 3.75%, while a 5/1 ARM might be available for 3%.

This 0.75% spread is the cost of securing that fixed rate. Or the discount of going with the ARM instead.

On a $200,000 loan amount, we re talking a difference of about $125 per month in mortgage payment. For some folks, that s a small price to pay for a surprise-free mortgage. For others, it means leaving money on the table and paying more than necessary.

That higher rate also means your mortgage balance is paid off slightly slower than the low-rate option, which could be important if you re trying to build equity and eventually refinance.

It s very important to determine what type of loan is right for you early on in the loan process, instead of having your loan officer influence that decision.

While the 30-year fixed is definitely the most popular choice among homeowners, it s not necessarily the right fit for all borrowers. So do your research beforehand!

Types of Fixed-Rate Mortgages

40 year mortgage

The most common type of fixed-rate mortgage is the 30-year fixed, which amortizes over thirty years, with the majority of early payments going toward interest, and the bulk of later payments going toward principal.

The next most popular term for a fixed mortgage is the 15-year fixed loan, which amortizes over fifteen years, bumping up monthly mortgage payments significantly, but reducing the amount of interest paid throughout the duration of the loan considerably.

Many banks and mortgage lenders also offer 10, 20, 25, 40, and 50-year fixed loans as well, though they are far less popular and widespread.

You may also be able to choose your own term, via programs like Quicken s Yourgage, and through similar programs offered by other lenders.

If you want a certain term, just let them know and they might be able to accommodate you. A shorter fixed term means a higher payment, but it also equates to a lot less interest and a home that is free and clear that much faster.

Fixed Mortgages with Interest-Only Options

Some fixed-rate mortgages also feature interest-only periods, which allow homeowners to make interest-only payments during the first five to ten years of the loan term, though the loan will recast once the interest-only period is up to account for any reduced payments made during that period.

In other words, payments after the interest-only period expires will be higher to compensate for lower payments made early on. However, the mortgage is still considered fixed. It is simply recalculated to reflect the remaining number of months and the remaining mortgage balance.

Fixed-Rate Mortgage Benefits

Fixed-rate mortgages are beneficial for a number of reasons, though the fact that your mortgage payment will never change is clearly paramount.

If interest rates rise, homeowners with adjustable-rate mortgages will suffer the consequences of higher monthly mortgage payments, while fixed-rate borrowers can rest assured that their payments will not change under any circumstances.

Fixed mortgage borrowers won’t need to worry too much about where the market is headed either, though it’s wise to monitor interest rates in case a sizable interest rate drop makes it favorable to refinance.

But generally, it’s a pretty stress-free loan choice, and one that’s favored by many government programs (FHA loans, VA loans) for its stability and clear-cut nature.

Put simply, the fixed mortgage is a good choice for the borrower that actually wants to pay off their mortgage, and plans to stay in the home (and with the mortgage) for the foreseeable future.

One Downside of a Fixed Mortgage

The only real negative aspect of a fixed-rate mortgage is the higher interest rate, although these days many fixed mortgages price fairly closely to adjustable-rate mortgages.

Typically, homeowners pay a premium to lock in a fixed mortgage rate, whereas adjustable-rate mortgages may be discounted, especially early on.

So a 30-year fixed mortgage rate may be one percentage point higher than say a 5/1 ARM, but the borrower who goes with the fixed loan is banking on payment stability in exchange for a higher upfront cost. The borrower with the ARM is essentially taking a risk that rates won t rise in the future.

Another small negative associated with a fixed-rate mortgage is the idea that many homeowners will fail to refinance when a good opportunity comes around because they re so obsessed with holding onto their low fixed rate.

Basically a homeowner with a fixed mortgage may avoid refinancing in fear of losing that fixed-rate, whereas an ARM-borrower is always keen to shop around in order to save money.

A homeowner can also lose the advantage of a fixed mortgage if they sell or refinance within a few short years. In that case, they could have just taken out an ARM that was fixed for the first five or seven years and enjoyed a stable rate at a lower price.

But all in all, fixed mortgages are a good choice for a wide range of borrowers because of the relative low risk and lack of surprise. And with fixed mortgage rates at historic lows, there couldn t be a better time to obtain one for the long term.

Check out the chart below, which illustrates the interest rate movement of the popular 30-year fixed-rate mortgage over the course of 2010:

40 year mortgage

30 Year Mortgage Interest Rate Forecast, 30 year mortgage rates.#30 #year #mortgage #rates

30 year mortgage rates

The 12 month forecast for the 30 Year Mortgage Interest Rate is in the table at

the top of this page. is forecasting that 30 Year Mortgage

Interest Rates will be roughly 3.61% in one year. The table shows a HDTFA of

0.39% which suggests that the July, 2017 rate could easily fall between 4.00%

and 3.21%. Forecasts for many other interest rates may be found by clicking

INTEREST RATE FORECAST at the top of this page.


Will the 30 Year Mortgage Interest Rate be higher or lower 5 years from now?

forecasting a probability of 8.3% that the 30 Year Mortgage Interest Rate will be

higher in 5 years. The table shows a probability of 91.4% that the rate will be

lower in 5 years. (June, 2021 rate compared to the June, 2016 rate). 43 YEARS

of historical data were use to calculate probabilities for’s 5

Year Forecast. Check this page each month for updates to the 5 Year

Forecast for the 30 Year Mortgage Interest Rate. The forecast may change

substantially as a result of movement in the indicators used in the forecasting

5 YEAR FORECAST: Various Rates

In 5 years, how high or how low is the 30 Year Mortgage Interest Rate likely to

Mortgage Interest Rates being ABOVE 3.57% in June, 2021 is 8%. The

probability of 30 Year Mortgage Interest Rates being BELOW 3.57% in June,

2021 is 92%. Probabilities for various other rates are shown as well.

Average (Last 12 Months) 3.80%.

Average (Last 10 Years) 4.73%

High (Last 12 Months) 4.05% (July, 2015)

Low (Last 12 Months) 3.57% (June, 2016)

High (Since January, 1964) 18.45% (October, 1981)

Low (Since January, 1964) 3.35% (December, 2012)

The 30 Year Mortgage Interest Rate for June, 2016 averaged 3.57%. That’s 3

basis points lower than the May, 2016 rate of 3.6%, and 41 basis points lower

than the June, 2015 rate of 3.98%. The minor movement in rates from May to

June indicates that the short term rate trend has been relatively flat. If that

market trend continues, we should see an average daily rate in July, 2016 that

is close to 3.54%.

The average rate over the last 10 years was 4.73%. Lower rates over the last

12 months compared to the average rates over the last 10 years serve as an

indicator that the long term rate trend in 30 Year Mortgage Interest Rates is

3.57%. The high annual rate was attained in July, 2015. The market low was

achieved in June, 2016.

Rate data back to January, 1964. The average annual rate during that period

of history was 8.11%. The highest rate was 18.45%. The lowest rate was

3.35%. The market high was attained in October of 1981. The market low was

achieved in December of 2012. Recent rates experienced in June of 2016 are

low relative to the historical 8.11% average.

Interest Rates. For links to longer term charts, look at the links under the five

year chart (above). One link opens a ten year chart. Another opens our longest

term graph on 30 Year Mortgage Interest Rates. Just one glance at our long

term charts can provide tremendous insight into the historical trends of the

financial markets. The data table above presents the history of the 30 Year

Mortgage Interest Rate in numerical format.

Interest Rate Trends ~ Historical Graphs for Mortgage Rates, 30 year mortgage rates.#30 #year #mortgage

30 year mortgage rates

30 year mortgage rates

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30 year mortgage rates

Interest Rate Trends

Three month, one year, three year and long-term trends of national average mortgage rates

on 30-, 15-year fixed, 1-year (CMT-indexed) and 5/1 combined adjustable rate mortgages;

30 year mortgage rates

30 year mortgage rates

One year trends of mortgage rates: 30-Year FRM, 15-Year FRM, 5/1 ARM

* Fully-Indexed Rate = index (1-year CMT) + margin (assuming a 2.75% margin)

30 year mortgage rates

30 year mortgage rates

Three year trends of mortgage rates: 30-Year FRM, 15-Year FRM, 5/1 ARM

* Fully-Indexed Rate = index (1-year CMT) + margin (assuming a 2.75% margin)

30 year mortgage rates

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Best Ontario Mortgage Rates 5-Year Fixed – Compare Today – s Current Ontario 5-Year Fixed

5-Year Fixed Mortgage Rates

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Historical 5-Year Fixed Mortgage Rates From 1973 – Today

5-year fixed mortgage rate defined

The ‘5’ in a 5-year mortgage rate represents the term of the mortgage, not to be confused with the amortization period. The term is the length of time you lock in the current mortgage rate, while the amortization period is the amount of time it will take you to pay off your mortgage. The term acts like a reset button on your mortgage, at which point you must renew the mortgage at a rate available at the end of the term. So, for example, a typical mortgage has a 5-year term and a 25-year amortization period.

When the mortgage rate is ‘fixed’ it means that the rate (%) is set for the duration of the term, whereas with a variable mortgage rate, the rate fluctuates with the market interest rate, known as the ‘prime rate’. So, for example, if the 5-year fixed mortgage rate is 4%, then you will pay 4% interest throughout the term of the mortgage.

An interesting feature of the 5-year fixed mortgage rate is that all borrowers must meet its standards of approval even if they choose a mortgage with a lower interest rate and shorter term. This benchmark is applied not only to reduce risk for the lender, but to give the borrower some breathing room.

Popularity of 5-year fixed mortgage rates

A 5-year mortgage term, at 66% of all mortgages, is by far the most common duration. It sits right in the middle of available mortgage term lengths, between one and 10 years, and, thus, its popularity reflects a risk-neutral average.

A further breakdown of mortgage terms shows that an additional 8% of mortgages have terms exceeding five years, while 26% of mortgages have shorter terms, including 6% with one year or less and 20% with terms from one year to less than four years.

Fixed rates are also most common, representing 66% of total mortgages as well. In terms of age dispersion, fixed rate mortgages are slightly more common for the youngest age groups, and older age groups are more likely to choose variable rate mortgages.

30-Year VA Fixed Conforming Mortgage, Home and Mortgage Center, 30 year fixed mortgage rates.#30 #year

30 Year VA Fixed Rate Mortgages

You’ve served us. Now, we want to help you get ahead with this secure, predictable mortgage.

Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5


The following payment example assumes a loan with points and that the purpose of the loan is to purchase a property, with a loan amount of $ and an estimated property value of . The property is located in Alexandria, VA and is within Fairfax county. The property is an existing single family home and will be used as a primary residence. The rate lock period is 60 days and the assumed credit score is .

At a interest rate, the APR for this loan type is . The monthly payment schedule would be:

  • payments of $ at an interest rate of
  • payments of $ at an interest rate of

If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner’s insurance premiums.


  • Predictable payments
  • Free 60 day rate lock
  • Low down payment

• For home purchases or refinancing

• VA’s 2017 Loan Limits are the same as the Federal Housing Finance Agency’s limits – 2017 Loan Limits (Effective January 1, 2017). Learn More

• Offers not available on investment properties

Applicant is responsible for VA funding fee.

VA Mortgages: The maximum loan amount for a VA loan is the VA County Loan Limits. Can exceed VA County Limits to finance the funding fee on purchases only. Amount of loan will also be determined on available entitlement.

Funds must be used to purchase or refinance a property that will be the primary residence. Refinances of existing VA-guaranteed for purposes of lower interest rate also allowed (is not required to be primary residence).

For purchase applications, please submit a copy of your fully signed ratified purchase agreement to [email protected] in a timely manner to ensure PenFed can meet your closing date.

The applicant is responsible for the following fees and costs at the time of closing: Origination fee, if any, appraisal fee, tax service fee, CLO access fee, title fees, transfer tax fees, credit report fee, flood cert fee, recording fee, survey if required and work verification fee, escrow reserves and interest due until first payment, other cost may be included due to program specific circumstances. This is not intended to be an all-inclusive list.

Escrows may be waived if LTV is 80% or less in all states.

Additional reserve requirements may apply.

If you withdraw an application that was locked and reapply within 30 days, the new application is subject to worst case pricing.

All rates and offers are in effect as of , offered for a limited time and subject to change without notice. Restrictions apply to existing PenFed mortgage borrowers. Other restrictions may apply. Contact your PenFed mortgage consultant for any applicable additional restrictions and details about your loan. To receive any advertised product you must become a member of PenFed by opening a share (savings) account. Federally insured by the NCUA.

We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.

Top national 5-year CD rates pay %, 5 year mortgage.#5 #year #mortgage

Top national 5-year CD rates pay 2.27%

For savers shopping worthy 5-year CD rates, 2016 has been a year of dashed hopes.

Though the Federal Reserve raised interest rates in December 2015, the top yields in the major CD terms didn’t just fail to rise — some actually dropped.

Searching Bankrate’s extensive database of the day’s best CD rates shows that 60-month yields have been hit especially hard, sitting almost two-tenths of a percentage point lower now than in December 2015.

Fortunately, local deals from credit unions and community banks continue to pay up to three-quarters of a percentage point more than the leading national return — over 3% in one instance.

But when will long-suffering savers finally see some improvement among national offers? It depends on how banks react to what we expect the Fed will announce this week. We’ll fill you in on the details.

The top national deals

Today’s top 5-year return sits at 2.27% APY, down from the 2.45% APY you could earn at the time of the Fed’s hike.

5 year mortgage

The drop in the lead only tells part of the story, because while in December savers could earn more than 2.00% APY from 16 national banks, that had dwindled to just two banks until recently.

Fortunately, the number of national CD offers above 2.00% has since risen to five banks, after a handful of banks increased their long-term rates over the past month.

The current leader, paying 2.27% APY, is still State Bank of India-Chicago, which is a U.S. branch of India’s largest bank and is FDIC-insured. It has held the top spot alone for four months now.

While today’s leading rate is a letdown from last December, it’s good to remember that it’s still high above the term’s post-recession low of 1.75% APY, endured in the spring of 2013.

TOP 5-YEAR CD RATES: Nationally Available Bank Deals

Earning more with local deals

Of course, there are always some lucky savers who can outearn the top national rate with certificates of deposit from a community bank or credit union.

These institutions often offer chart-topping yields to savers who live or work nearby or are willing to jump through a hoop or two.

Here’s a baker’s dozen of worthy deals, paying qualified savers as much as 3.05% APY on 5-year terms. One of the credit unions even accepts members nationwide.

As always on the deals below, eligibility requirements will apply. So contact the bank or credit union directly to determine if you qualify.

TOP REGIONAL 5-YEAR CDS: Credit Unions Community Banks

Waiting for higher returns

If you think you might qualify for any of these deals, they’re worth investigating because they pay about three times more than the current average 5-year return of 0.82% APY, according to our weekly nationwide survey of banks and thrifts.

The average return bottomed out at 0.77% APY in the summer of 2013 and gradually rose to 0.89% APY in spring 2015. But since the Fed’s hike in December 2015, it’s eroded from 0.85% to 0.81% APY.

Rewind to February 2007, before irresponsible mortgage lending led the economy over a cliff. Back then, the national average return for 5-year CDs was 4.02% APY.

But with the financial crisis throwing the economy into a tailspin, the Federal Reserve applied the brakes not only by repressing interest rates to record lows in 2008 but by keeping them anchored there for seven years.

That historic era in the Fed’s timeline officially ended when it made a small rate increase in mid-December 2015.

Although the Fed had indicated it would gradually push interest rates higher over the next several years, global and economic news in 2016 has given the rate-setting committee pause.

Indeed, seven of the committee’s eight 2016 meetings have come and gone without any announcement of a further rate increase.

But at this week’s Fed meeting, most economists and Wall Street forecasters finally expect Hike #2 to be announced.

When that does happen, we hope banks will finally begin to react, as 5-year CD rates could certainly use the boost.

Disclaimer: The rates above were verified Dec. 12, 2016. Credit unions and community banks should be contacted directly to determine eligibility for opening accounts with that institution, as well as to verify current rates.

Yeah, I really wished she specified which credit union accepted nationwide membership.

20 year mortgage rates, 20 year mortgage.#20 #year #mortgage

20 Year Fixed Rates

20 year mortgage

As a future homeowner, most likely you re planning to take out a mortgage so that you can finance a home on a schedule that fits your needs and budget. The first decision that you ll have to make is the length of the loan. The most common terms are 15 years and 30 years, but loans are also available for 20 years or 25 years. The longer the loan, the lower the monthly payment. However, with a shorter loan, you ll pay substantially less interest over the life of the loan.

Once you ve determined the length of the loan, you ll have to decide if you want a fixed or adjustable rate mortgage.

  • Fixed rate. A fixed rate loan is a great option if you re planning to stay in your home for a decade or longer, you want consistent principal and interest payments, and/or you re worried about rising interest rates.
  • Adjustable rate. An adjustable rate mortgage may be preferable if you re planning to move within the next few years. Once the fixed portion of the loan is over, you ll be able to refinance and potentially secure a lower interest rate.

Strike the Perfect Balance with a 20 Year Mortgage

If you re having trouble deciding whether a 15 or 30 year mortgage is the right fit, you may want to consider the current 20 year mortgage rates. With a 20 year term, you ll have a lower interest rate than you would with a 30 year mortgage, but your monthly payment won t be as high as it would be with a 15 year mortgage. You ll be able to make your payments comfortably while still building equity in your home fairly quickly.

Paramount Equity Mortgage places a high priority on fast transactions, low mortgage rates, and outstanding customer service. Whether you re purchasing a new home or refinancing an existing home, we have the products that you need. Contact us today to learn more.

The Paramount Pledge™ – Triple Protection

The Paramount Pledge. It is our promise to you that we’ll provide the best rates, won’t charge you an application fee to lock in a rate and will ensure we can close and lock in a rate at the terms we provide.

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Current Mortgage Rates Today – View The Best Mortgage Rates, 15 year mortgage rates.#15 #year

Current Mortgage Rates Today

Current Mortgage Rates – Mortgage Rates Today

15 year mortgage rates

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Mortgage Rates – RBC Royal Bank, 10 year mortgage rates.#10 #year #mortgage #rates

Mortgage Rates

The charts below show current mortgage rates special offers and posted rates for fixed and variable rate mortgages, as well as the Royal Bank of Canada prime rate.

Featured Rates

Fixed and Variable Closed

Special Rates

Fixed Mortgage Rates (1)

Variable Mortgage Rates (3)

Fixed Mortgage Rates (1)

Variable Mortgage Rates (3)

Posted Rates

Fixed Mortgage Rates (1)

Variable Mortgage Rates (3)

Fixed Mortgage Rates (1)

Variable Mortgage Rates (3)

Today’s Royal Bank of Canada Prime Rate:

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Funds must be advanced within 120 days of date of application. Offer may be changed, withdrawn or extended at any time, without notice.

Personal lending products and residential mortgages are offered by Royal Bank of Canada and are subject to its standard lending criteria. Some conditions apply. Special Offers are discounted rates and are not the posted rates of Royal Bank of Canada. Specials Offers may be changed, withdrawn or extended at any time, without notice.

1. Interest rate compounded half-yearly, not in advance. Interest rates are subject to change without notice at any time.

2. The annual percentage rate (APR) is based on a $ 250,000 mortgage for the applicable term assuming a processing fee of $250 (which includes fees associated with determining the value of the property). If there are no cost of borrowing charges, the APR and the interest rate will be the same.

3. Interest rate is compounded monthly, not in advance. This rate may change at any time without notice. Royal Bank of Canada prime rate is an annual variable rate of interest announced by Royal Bank of Canada from time to time as its prime rate.