Lowest Mortgage Interest Rates Calgary
3.99%
3 years fixed
P-0.85%
5 year variable
3.99%
5 year Fixed
Calgary Real Estate Market Overview
As of December 20, 2024, mortgage rates in Calgary are competitive, with 5-year fixed rates as low as 4.14% and 5-year variable rates around 4.30%. In the Calgary real estate market, the total residential benchmark price reached $587,900, reflecting a year-over-year increase of just under 4%. Prospective buyers are advised to compare mortgage rates to secure the most favourable terms.
Calgary Market Report Summary
November 2024: Single-family home prices in Calgary real estate market increased from 7.0% to $680,200; townhouses/multiplexes increased 6.5% to $463,100; condos climbed 7.7% to $342,300.
November 2024 : Rents dropped 6.0% to $1,959.
December 20, 2024: Lowest mortgage rates in Calgary are 4.14% (5-year fixed).
Buyers should compare mortgage rates for the best options.
Competitive Calgary Mortgage Interest Rates
| Rate Term | Promotional Rate |
|---|---|
| 1 year | 5.39 % |
| 2 year | 5.34 % |
| 3 year | 4.44 % |
| 4 year | 4.54 % |
| 5 year | 4.39 % |
| 3 year fixed | 3.99% |
| 5 year variable | P-0.85 |
Economic Factors Affecting Mortgage Interest Rates in Calgary
Interest Rates
Rising interest rates are driving up mortgage rates in Calgary, making borrowing more expensive.
Inflation
Higher inflation affects affordability, impacting buyer decisions in the Calgary real estate market.
Housing Demand
Strong demand and limited supply contribute to fluctuating rates, influencing overall costs.
Employment Growth
Job availability in key industries impacts income levels and mortgage access.
Wage Trends
Fluctuating wages affect affordability for homebuyers
Economic Stability
The performance of industries like oil, gas, tech, and finance influences income and consumer confidence.
Other Factors Affecting Interest Rates
Economic Trends and Bank of Canada Rate Updates
Buyers are encouraged to compare mortgage rates to find the best options in this dynamic market.
Loan Type and Term
Fixed-rate loans offer stability, while variable rates benefit from Bank of Canada mortgage rates.
Property Location and Type
Calgary’s unique real estate market affects factors affecting mortgage rates, with property risks influencing loan terms.
Credit Score and Financial Health
A strong credit score is among the key factors affecting mortgage rates, often leading to better terms and lower costs.
How to Compare Current Mortgage Rates in Calgary
Using Online Tools and Calculators
Utilize mortgage calculators to estimate payments and assess affordability. Online platforms provide up-to-date rate comparisons, aiding in informed decision-making
Reaching Out to Local Mortgage Brokers
Consulting local mortgage brokers Calgary offers personalized advice and access to exclusive rates, enhancing your mortgage comparison Calgary.
Comparing Terms, Fees, and Prepayment Options
Beyond interest rates, evaluate loan terms, associated fees, and prepayment conditions to ensure the mortgage aligns with your financial goals.
By following these steps, you can effectively find the mortgage rates in Calgary and secure the most favourable terms.
Tips to Secure the Best Mortgage Interest Rate in Calgary
Improve Your Credit Score: Boosting your credit score helps you secure low mortgage rates. Pay bills on time, reduce debt, and avoid new credit inquiries.
Save for a Larger Down Payment: A bigger down payment lowers rates.
Lock in Rates During Economic Lows: Lock in when rates are low to secure low mortgage rates.
Consult Calgary Mortgage Brokers Advice: Brokers offer access to competitive rates.
Compare Multiple Lenders: Shop around for the best deal.
Opt for a Shorter Loan Term: Lower rates for shorter terms.
Consider Paying Mortgage Points: Pay upfront fees to lower your rate if staying long-term.
Why you should choose us Lowest Mortgage Rates in Calgary
Choose us for the best mortgage rates in Calgary with personalized guidance, competitive options, and expert insights personalized to your needs. Our commitment to transparency and partnerships with top lenders ensures you secure low mortgage rates effortlessly. Trust our experience and local expertise to simplify your homeownership journey.
Commonly asked questions
Qualification depends on factors like credit score, income, debt-to-income ratio, and down payment. Our website offers a pre-qualification tool to give you an idea of your eligibility.
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You can apply online through our secure portal or schedule an appointment with us.
