Consider more than Current Mortgage Rates in Calgary, AB |
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| Term | Posted Rate | MBN Rate |
| Prime | 3.500% | 3.500% |
| 6 month | 7.450% | 5.900% |
| 1 year | 6.450% | 3.950% |
| 2 year | 5.990% | 5.890% |
| 3 year | 6.700% | 5.150% |
| 4 year | 6.050% | 4.640% |
| 5 year | 6.090% | 4.790% |
| 10 year | 7.150% | 6.450% |
| Open | 5.500% | 4.300% |
| Variable | 4.500% | 4.300% |
Prime rate is currently 3.500%
Updated: Jan. 05, 2009
*All rates subject to certain terms and conditions, OAC
While MBN Mortgage can offer you one of the lowest rates available in Canada we also offer a range of home mortgage products with rate plans, terms and conditions to suit all needs. Having access to current mortgage rates is important, but mortgage rates shouldn’t be the only consideration when you are choosing a mortgage—or a mortgage broker, for that matter.
What else is important? There is a unique and complex balance between mortgage rate, term, amortization period, down payment and lender insurance fees. Each factor influences payment, equity, and your overall cost of borrowing.
Is Rate the Deciding Factor on a Home Loan / Mortgage Payment?
Most Canadians base real estate purchases or mortgage refinance decisions on rate alone. The perception is that rate is the only factor that will affect a home loan / mortgage payment. However, by varying amortization, increasing or decreasing down payment amounts, and considering interest-only mortgages, you can adjust an overall payment to fit a particular budget or home ownership goal.
When you are discussing current mortgage rates with your MBN Mortgage specialist, we will work with you and our preferred mortgage lenders to find the best mortgage solution. This will include your best mortgage rate, but will take into account all of the other factors important to you as well.
Mortgage Rate, Refinance, Lenders Information and More...
Do you know what determines current mortgage rates? There are a couple of factors, but the most relevant is the Bank of Canada “overnight lending rate”. Approximately every 6 weeks, the Bank of Canada will advise the banks and the public of their target for this rate. The overnight rate is the interest rate at which major financial institutions borrow and lend one-day (or "overnight") funds among themselves. Banks and mortgage lenders will translate the overnight rate into a ‘prime lending rate’.
Banks and financial institutions base most of their current mortgage rates on this prime rate. After the Bank of Canada meets, it is interesting to watch how mortgage rate, refinance mortgages, home equity loan mortgages, and other loan rates fluctuate.
