While the typical interest rate on mortgage loans is 3.26%, the highest and lowest mortgage rates Canadian borrowers can receive often depend on a wide range of factors. Those who study mortgage rate trends in Canada are noticing that more low-risk borrowers are springing for 30-year mortgages. Before attempting to get one of these desireble mortgages, there are three things that every potential buyer should know could impact their mortgage rates today.
The Down Payment
No matter what the mortgage rate trends may be, one thing that will always make an impact is the size of the down payment that a prospective borrower can put together. A number of lenders prefer the minimum of 20% down, which was proposed recently by Federal Finance Minister Jim Flaherty. If this kind of payment ca