| Current Rates |
| Todays Prime: | 3.50 | |
| Term | Broker | Bank |
| 6 Month: | 5.90 | 5.90 |
| 1 Year: | 4.25 | 5.60 |
| 2 Year: | 5.05 | 6.25 |
| 3 Year: | 5.15 | 6.25 |
| 4 Year: | 4.79 | 6.45 |
| 5 Year: | 4.89 | 6.75 |
| 6 Year: | 6.10 | 7.00 |
| 7 Year: | 6.25 | 7.20 |
| 10 Year: | 6.45 | 7.35 |
| 15 Year: | N/A | N/A |
| 18 Year: | N/A | N/A |
| 25 Year: | N/A | N/A |
| No Down: | 7.00 Cash back | N/A |
| Variable 1: | 4.10 | N/A |
| Variable 2: | N/A | N/A |
| Local: | 1 - 403 - 313 - 0606 |
| Toll Free: | 1 - 877 - 699 - 0719 |
| Updated: | Dec 28, 2008 |
|
Variable Rate Mortgages
A Variable Rate Mortgage is a mortgage that is based on the prime lending rate. This type of mortgage can also be referred to as a floating rate mortgage or an ARM -adjustable rate mortgage.
There are many different Variable rate mortgages to choose from. Some have teaser rates for the first few months. Some have caps so your payments never exceeds a set dollar amount. The majority of adjustable rate mortgages offer rates below prime and the option to convert to a fixed term at any time.
Before choosing a Variable Rate Mortgage, it is wise to call Western Canada Mortgage and have a Mortgage Broker assist you. There are things you have to know before making a wise decision such as:
- How is the Interest calculated? Monthly or Semi Annually?
- Should you decide to convert to a fixed term later on, is your fixed rate going to be at the brokers discounted rates or posted rates?
- What are your payout penalties?
Having the correct information will help you and your mortgage broker decide which variable is right for you!
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