In the “Annual State of the Residential Mortgage Market in Canada” some very interesting mortgage stats were released…see how your mortgage stacks up:
- The average homeowner mortgage interest rate is 3.02%, a small drop from the average of 3.07% recorded a year ago.
- For mortgages on homes purchased during 2016, the average rate is 2.76%.
- For mortgages renewed this year, the average interest rate is 2.70%.
- Looking further, for borrowers who renewed a mortgage during 2016, a majority (64%) saw their interest rate drop.
- Among all borrowers who renewed in 2016, on average their interest rates fell by 0.40 percentage points.
- Mortgage rate discounting remains widespread in Canada. So far this year, the average actual rate for 5-year fixed-rate mortgages (2.72%) has been 1.94 percentage points lower than “posted” rates (which have averaged 4.66%).
If you are looking to lock into a lower rate, please don’t hesitate to contact me!