Current Rates
Todays Prime:6.70  
TermBroker Bank
6 Month: 5.80 7.25
1 Year: 6.05 7.09
2 Year: 5.74 6.59
3 Year: 4.84 6.44
4 Year: 5.24 6.34
5 Year: 4.34 6.34
6 Year: N/A N/A
7 Year: 6.29 7.00
10 Year: 6.58 7.49
No Down: N/A N/A
Variable 1: 5.80 N/A
Local: 1 - 403 - 313 - 0606
Toll Free: 1 - 877 - 699 - 0719
Updated: May 01, 2023

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Variable Rate Mortgage

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 which is an 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 variable rate mortgages offer mortgage 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 rate mortgage is right for you!

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