When you’re ready to find a new home or commercial investment, knowledge of mortgage rates in Ottawa should be a top priority. However, that’s a lot of researching and organizing information. Instead of doing the legwork yourself, trust in the Chris Allard Mortgage Team to shop around on your behalf and find you the best available mortgage rate from a lender you can trust.
We are committed to creating customized mortgage solutions that suit your needs and budget. We’ll support you through every step of your journey, helping you focus on finding a property you love.
Find Your Best Mortgage Rate
As mortgage agents, we’re unbiased, and we work without ties to any particular lender. That means we can obtain rates on your behalf from various banks, credit unions and mortgage companies, along with alternative lending sources for private mortgages, helping you secure a rate that works with your budget.
The rate you qualify for depends on factors like your credit score. In addition, the amount you can offer for a down payment will determine whether CMHC insurance is required. Our connections with mortgage lenders within Ottawa and elsewhere across Canada mean that we’re able to negotiate great rates on your behalf.
It’s also important to note that mortgage rates vary from coast to coast and even from city to city. Keep in mind that mortgage rates in Ottawa may differ from those outside the city.
When you’re ready to find a new home or commercial investment, knowledge of mortgage rates in Ottawa should be a top priority. However, that’s a lot of researching and organizing information. Instead of doing the legwork yourself, trust in the Chris Allard Mortgage Team to shop around on your behalf and find you the best available mortgage rate from a lender you can trust.
We are committed to creating customized mortgage solutions that suit your needs and budget. We’ll support you through every step of your journey, helping you focus on finding a property you love.
Find Your Best Mortgage Rate
As mortgage agents, we’re unbiased, and we work without ties to any particular lender. That means we can obtain rates on your behalf from various banks, credit unions and mortgage companies, along with alternative lending sources for private mortgages, helping you secure a rate that works with your budget.
The rate you qualify for depends on factors like your credit score. In addition, the amount you can offer for a down payment will determine whether CMHC insurance is required. Our connections with mortgage lenders within Ottawa and elsewhere across Canada mean that we’re able to negotiate great rates on your behalf.
It’s also important to note that mortgage rates vary from coast to coast and even from city to city. Keep in mind that mortgage rates in Ottawa may differ from those outside the city.
Ottawa Housing Market
Ottawa has a fast and ever-growing housing market. As of December 2022, the city continues to be experiencing a seller’s market. Although not as prevalent as during the height of the pandemic, competition for properties is high, with bidding wars and multiple offers still occasionally occurring heading into the new year.
When you find yourself in a bidding war over a house, condo, or other property you love, knowing you’ve secured a low-interest rate on your mortgage is key. Before you start your house hunt, consult with Chris Allard’s team to obtain pre-approval and secure an ideal rate for your home loan.
Frequently Asked Questions
Our team frequently fields some of the same questions from clients regarding current mortgage rates in Ottawa and techniques we use to find the best rates out there. We’ve answered some of the most common questions asked below:
Throughout the course of 2022, fixed and variable interest rates have increased, with predictions that variable rates are expected to rise slightly in early 2023 before peaking and declining. Variable rates are based on the Bank of Canada’s key policy interest rate, which increased from 0.25% to 4.25% throughout 2022. Fixed rates are based on the 5-year bond yield and have recently shown signs of decline throughout December 2022.
As of December 2022, the Bank of Canada’s policy interest rate rose to 4.25% and is expected to increase slightly in the first quarter of 2023 in an effort to stunt inflation. While this number isn’t an exact reflection, it carries some weight regarding prime mortgage rates. Borrowers can expect small spikes in both variable and fixed rates, which will eventually level off and decline once inflation cools toward the end of the year or into 2024.
While you can shop around to compare current mortgage rates in Ottawa between lenders, it’s often easier on your time and energy to leave it to a mortgage broker like the Chris Allard Mortgage Team. With our years of experience and access to various lenders, we can shop around on your behalf and find you the best available mortgage rate.
Lenders calculate mortgage rates based on various factors, including local and federal economic trends, the Bank of Canada’s policy interest rates, and your specific credit score, income, and property. It’s important to note that rates are also calculated based on the type of mortgage you choose. For example, if you choose a fixed-rate mortgage, your interest rate will stay consistent throughout the mortgage term. Alternatively, a variable-rate mortgage may fluctuate interest based on current economic conditions.
Fixed rates provide security and protection during economic instability and the Bank of Canada’s fluctuating interest rates. This means that if the policy interest rate increases, your mortgage rate will not change. Fixed rates are priced based on the bond market. Variable rates, on the other hand, are mostly impacted by the Bank of Canada and vary with current economic trends. While this means that you may experience more interest on your mortgage, it also means that when these rates decrease, you will reap those benefits.
Mortgage rates in Ontario vary depending on a lot of factors, including whether you select a fixed or variable rate, your mortgage term, and of course, which lender you choose to accept a mortgage from.
As of December 2022, you can typically expect the interest rate on a five-year fixed mortgage to range from 4% to 6%. However, it’s important to remember that borrowers applying for a mortgage from a traditional, best-rate lender, including their bank, need to undergo a stress test to ensure they can continue to handle their mortgage payments if interest rates grow over the course of their loan. That means any person or family applying for a new mortgage must be capable of making payments on a loan with an interest rate as high as 2% higher than the currently available rates on the market.
Refinancing is a great way to take advantage of lower interest rates when you’re in a financial position to do so. It’s also ideal for consolidating high-interest debt into a lower-cost mortgage loan. Additionally, refinancing helps lower mortgage payments, achieved by the rate reduction. You can also extend the amortization period if you hope to lower your mortgage payments or refinance to borrow against your home’s equity.
Contact Us
To find out more about Ottawa’s current mortgage rates and the process of applying for a mortgage with the Chris Allard Mortgage Team, contact us today.
Ottawa Housing Market
Ottawa has a fast and ever-growing housing market. As of December 2022, the city continues to be experiencing a seller’s market. Although not as prevalent as during the height of the pandemic, competition for properties is high, with bidding wars and multiple offers still occasionally occurring heading into the new year.
When you find yourself in a bidding war over a house, condo, or other property you love, knowing you’ve secured a low-interest rate on your mortgage is key. Before you start your house hunt, consult with Chris Allard’s team to obtain pre-approval and secure an ideal rate for your home loan.
Frequently Asked Questions
Our team frequently fields some of the same questions from clients regarding current mortgage rates in Ottawa and techniques we use to find the best rates out there. We’ve answered some of the most common questions asked below:
Throughout the course of 2022, fixed and variable interest rates have increased, with predictions that variable rates are expected to rise slightly in early 2023 before peaking and declining. Variable rates are based on the Bank of Canada’s key policy interest rate, which increased from 0.25% to 4.25% throughout 2022. Fixed rates are based on the 5-year bond yield and have recently shown signs of decline throughout December 2022.
As of December 2022, the Bank of Canada’s policy interest rate rose to 4.25% and is expected to increase slightly in the first quarter of 2023 in an effort to stunt inflation. While this number isn’t an exact reflection, it carries some weight regarding prime mortgage rates. Borrowers can expect small spikes in both variable and fixed rates, which will eventually level off and decline once inflation cools toward the end of the year or into 2024.
While you can shop around to compare current mortgage rates in Ottawa between lenders, it’s often easier on your time and energy to leave it to a mortgage broker like the Chris Allard Mortgage Team. With our years of experience and access to various lenders, we can shop around on your behalf and find you the best available mortgage rate.
Lenders calculate mortgage rates based on various factors, including local and federal economic trends, the Bank of Canada’s policy interest rates, and your specific credit score, income, and property. It’s important to note that rates are also calculated based on the type of mortgage you choose. For example, if you choose a fixed-rate mortgage, your interest rate will stay consistent throughout the mortgage term. Alternatively, a variable-rate mortgage may fluctuate interest based on current economic conditions.
Fixed rates provide security and protection during economic instability and the Bank of Canada’s fluctuating interest rates. This means that if the policy interest rate increases, your mortgage rate will not change. Fixed rates are priced based on the bond market. Variable rates, on the other hand, are mostly impacted by the Bank of Canada and vary with current economic trends. While this means that you may experience more interest on your mortgage, it also means that when these rates decrease, you will reap those benefits.
Mortgage rates in Ontario vary depending on a lot of factors, including whether you select a fixed or variable rate, your mortgage term, and of course, which lender you choose to accept a mortgage from.
As of December 2022, you can typically expect the interest rate on a five-year fixed mortgage to range from 4% to 6%. However, it’s important to remember that borrowers applying for a mortgage from a traditional, best-rate lender, including their bank, need to undergo a stress test to ensure they can continue to handle their mortgage payments if interest rates grow over the course of their loan. That means any person or family applying for a new mortgage must be capable of making payments on a loan with an interest rate as high as 2% higher than the currently available rates on the market.
Refinancing is a great way to take advantage of lower interest rates when you’re in a financial position to do so. It’s also ideal for consolidating high-interest debt into a lower-cost mortgage loan. Additionally, refinancing helps lower mortgage payments, achieved by the rate reduction. You can also extend the amortization period if you hope to lower your mortgage payments or refinance to borrow against your home’s equity.
Contact Us
To find out more about Ottawa’s current mortgage rates and the process of applying for a mortgage with the Chris Allard Mortgage Team, contact us today.
