what are mortgage rates in ontario

The mortgage rates in Ontario vary depending on several factors, including the type of mortgage, economic conditions, and individual borrower circumstances. As of November 2023, the average mortgage rates in Ontario are approximately 7.14% for a three-year fixed mortgage, 6.89% for a three-year fixed mortgage from BMO, and 5.84% for a five-year fixed mortgage from DUCA. Its important to note that these rates are subject to change and may vary based on individual factors such as credit score, income, and loan type. When looking for the best mortgage rates in Ontario, borrowers should also consider the mortgage type, ease of application, prepayment penalties, customer service, and any other fees not included in the APR. Additionally, external factors such as the Bank of Canada’s overnight rate and the bond market influence mortgage rates in Ontario. Its advisable for potential homebuyers to consult with mortgage lenders or brokers to get the best rate possible for their specific property-buying circumstances and financial situation.