Lowest fixed and variable mortgage rates in Canada for December 14 2023

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Lock-In Lovers Rejoice: Canada’s Fixed Rates are Falling

Mortgage rates are finding gravity quickly. In the last week, almost every leading fixed term is down anywhere from five to 20 basis points.

Wednesday’s Federal Reserve bombshell will keep the party going. We expect further cuts through Monday.

Among the deals of the week:

Floating rates are all the rage. You can now find insured five-year ARMs at just 5.85 to 5.95 per cent from Nesto, Ratehub and Butler Mortgages. For less commitment, you’ll find three-year varieties from Citadel Mortgages for 6.1 per cent.

Interestingly, however, the lowest nationally available uninsured variable just went up. HSBC boosted its bank-leading variable by five bps to 6.55 per cent as floating-rate demand picks up.

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The lowest-advertised uninsured bank rate we track is from HSBC at 5.69 per cent. But regional brokers like Butler Mortgage are undercutting it by 20 bps, or 5.49 per cent.

For insured borrowers who want to buck market rate-cut expectations and lock in long-term, Butler Mortgage has the lowest rate in the nation, a 4.89 per cent five-year fixed.

If you have lender commitment issues, True North Mortgage has a solid new, fully-open adjustable-rate mortgage at prime minus 0.50 per cent (6.7 per cent). It’s currently only available for default-insured mortgages and insurable mortgages with 35 per cent equity or more. It’s the cheapest no-penalty mortgage we track.

Rates were sourced from the MortgageLogic.news Canadian Mortgage Rate Survey on Dec. 14, 2023. We include only providers who advertise rates online and lend in at least nine provinces. Insured rates apply to those buying with less than a 20 per cent down payment or switching a pre-existing insured mortgage to a new lender. Uninsured rates apply to refinances and purchases over $1-million and may include applicable lender rate premiums. For providers whose rates vary by province, their highest rate is shown.

Robert McLister is an interest rate analyst, mortgage strategist and editor of MortgageLogic.news. You can follow him on Twitter at @RobMcLister.