Alberta’s Best Mortgage Rate - 3.59 on a 5 year fixed 3.49 on a 3 year fixed
Current Mortgage rates 3.59% 5 year fixed
We saw a roller coaster ride on the fixed mortgage rates for 2009, 2010 and now it looks like 2011 will be no different. In the 2009 summer Alberta had the lowest mortgage rate of 3.5% for a 5 year fixed. Then a month later it had shot up to 4.5%. Then because of the bond rate Alberta again had the lowest mortgage rates at 3.69%. Current mortgage rates again started to increase for October and the first part of November of 2009. Most of the branch mortgage specialists of the Major Banks were sitting at close to 4.49% on a 5 year fixed. At the end of 2009 the bond market softened up a bit, and rates declined slightly. The best mortgage rate for Alberta or anywhere was 3.89% on a 5 year fixed. Right around December of 2009 I had all these reports that the banks were going to jump the rates up. Then the banks, true to their nature the opposite happened in the beginning of February 2010. Rates dropped. Now after the banks raising rates in January of 2011, now they are back down to the 3.5% range.
The lowest fixed rates we have ever seen is 3.49% on a five year fixed, we are know currently at a 3.59% on a 5 year fixed and there are only a few lenders offering it. One great thing about this mortgage is it can be used purchases, and Mortgage refinances but it can only be held for 30 days from the time I submit the application.
The bank of Canada has been saying for the last year that rates are going up and they have but they have also come right back down. So it is left to us to guess as no one seems to have a clue what is going on. Generally when the economy isn’t doing so hot they keep the rates low. Our economy and especially the housing market are definitely showing all the signs of the recession being over. The problem is it isn’t that simple. You have to consider the increase in our dollar, increase in Jobs, problems with our Southern Neighbors and pretty much every other economic situation in the world. Imports, Exports, an increase of printing money and whole bunch or other factors and the rates are a result of all of that.
Everyone seems to have their guesses about what this will happen to the fixed and variable but as consumer confidence continues to grow I feel that we will continue to see rates low for the most part of 2011 and then look for the roller-coaster ride of rates trending upwards in 2012 until we get back to normal rates of 5 – 6%. Because of the uncertainty, many will still be working hard to get Alberta’s best mortgage rate locked in.
Whatever you decide to do make sure that you are picking they type of rate that makes sense for you unless you have a crystal ball of course.
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Calgary Alberta Mortgage Broker
alberta lowest mortgage rates
No problem, I can say a few words about my experience.
- What were your financing needs were and how I was able to help?
I needed to arrange Mortgage financing for the purchase of a new Calgary home. I did not expect any trouble with being approved but I wanted to discuss the best plan for my situation. After asking a couple qualifying questions, I felt you got right down to the information I was looking for.
- Did you feel you received the best current mortgage rate at the time?
The rate you got me was the best rate I could find, and I did my due diligence. Scotiabank, the bank I got my last mortgage with and have been dealing with for 15 years, could not come within 0.5% of the fixed rate you offered me through CIBC Firstline.
A friend of mine is building a new house and is required to use the Calgary Mortgage Broker provided by the builder. He was offered 3.99% from CIBC Firstline the same week you offered me 3.69%. I told him what I was getting and he complained to his Calgary Alberta Mortgage Broker. The best they could do for him was 3.69% over four years instead of five. In short, I am happy with the lowest Alberta mortgage rate I received at the time.
