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!