| Current Rates |
| Todays Prime: | 2.75 | |
| Term | Broker | Bank |
| 6 Month: | 4.45 | 4.65 |
| 1 Year: | 2.55 | 4.30 |
| 2 Year: | 3.09 | 3.95 |
| 3 Year: | 2.90 | 4.40 |
| 4 Year: | 3.79 | 5.04 |
| 5 Year: | 3.65 | 5.39 |
| 6 Year: | 4.39 | 5.80 |
| 7 Year: | 4.80 | 6.40 |
| 10 Year: | 5.14 | 6.85 |
| 15 Year: | 9.25 | N/A |
| 18 Year: | 9.25 | N/A |
| 25 Year: | 9.35 | N/A |
| No Down: | 5.39 | N/A |
| Variable 1: | 2.05 | N/A |
| Variable 2: | N/A | N/A |
| Local: | 1 - 403 - 313 - 0606 |
| Toll Free: | 1 - 877 - 699 - 0719 |
| Updated: | Sep 03, 2010 |
|
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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