Personal Finance

Fixed Mortgage Rates in Canada as of February 2024

As of January 2024, Canada’s real estate market continues to be influenced by various economic factors, impacting the fixed mortgage rates available to homebuyers. Fixed-rate mortgages remain a popular choice for those seeking stability in their monthly payments.

Several prominent banks, including BMO, CIBC, National Bank of Canada, RBC, Scotiabank, and TD Bank, have established their fixed-rate offerings for various terms.

Canadian Fixed Mortgage Rates

Canadian Mortgage Rates

Bank 1-Yr Fixed Rate 3-Yr Fixed Rate 5-Yr Fixed Rate 5-Yr Variable Rate (Closed) 5-Yr Variable Rate (Open)
BMO 7.84% 7.05% 6.89% 7.20% 8.90%
CIBC 7.44% 6.99% 6.84% 7.20% 10.50%
National Bank of Canada 7.89% 7.14% 7.04% 7.20% N/A
RBC 7.84% 7.05% 6.89% 7.20% 10.50%
Scotiabank 7.84% 7.04% 6.89% 7.65% 10.40%
TD Bank 7.84% 7.14% 7.04% 7.35% 8.35%

As of January 2024, fixed mortgage rates in Canada continue to play a pivotal role in shaping the real estate landscape.

The prevailing fixed mortgage rates in Canada exhibit a degree of resilience amid economic fluctuations. Lenders are currently offering competitive rates.

Fixed Mortgage Rates in Canada

The stability of fixed-rate mortgages provides borrowers with a sense of security, as the interest rate remains constant throughout the agreed-upon term, usually ranging from one to five years. This shields homeowners from the impact of potential interest rate hikes during that period.

Prospective homebuyers need to stay informed about market trends and economic indicators that may influence mortgage rates.

Consulting with financial experts and mortgage brokers can aid in making well-informed decisions, ensuring individuals secure the most favorable rates based on their unique financial situations.

These rates are indicative of the current economic climate and play a crucial role in influencing homebuyers’ decisions, shaping the real estate market in Canada as we progress into the new year.

As the real estate landscape evolves, monitoring fixed mortgage rates in Canada remains crucial for anyone considering a home purchase or looking to refinance existing loans.

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Stay updated on market conditions to make informed financial choices in this ever-changing economic environment.

Canadian Mortgage Payment Calculator

Canadian Mortgage Payment Calculator