The Mortgage Store Online (TMSO) announces that fixed mortgage rates for Canadian home loans have risen this week for the second time in the past two months. Rates had remained stable for just over a month, from April 21st 2007 when the last increase in rates occurred, to present.

Previous lowest rates in Canada have climbed from 5.20% to 5.44% this month. These current best rates of 5.44% can be kept by borrowers for a full 5 years.

Other fixed rates that borrowers can keep for 1 year have climbed from 5.40% to 5.45%, and rates borrower’s can keep for 3 years jumped the most, from 5.20% to 5.65%.

Fixed rates for interest-only mortgages (the lowest payment mortgage option for consumers) have climbed from 5.44% to 5.49%, and can be kept for 5 years.

So how much does this rate increase affect a Canadian borrower’s mortgage payments? Janovich, president and co-founder of TMSO answers: “For a $100,000 mortgage loan that a borrower takes 35 years to pay-off, with the new lowest rate of 5.44%, borrowers will pay $529.14/month in regular mortgage payments, when they would’ve paid $513.94/month with the previous best rate of 5.20%. So basically, it’s an increase in mortgage payments of about $15/month for every $100,000 of mortgage,” says Janovich.

Payments for interest only mortgages in Canada, with the new interest only best rate of 5.49% will give borrower’s interest-only payments of $457.50/month: up $4.17/month from payments of $453.33/month with last months interest only rate of 5.44%.

Get free current rate quotes from one of The Mortgage Store Online’s licensed mortgage agents. Just fill out the rate quote form or call (866) 880-2577.

For regular Canadian home mortgage rate updates, subscribe to our RSS feed, or visit our current rates page for accurate current mortgage rate information.

If you have questions about fixed mortgage rates or our home mortgage services, contact one of The Mortgage Store Online’s brokers by using the contact form or calling (866) 880-2577 today.



You May be Interested In More Best Articles!