January Mortgage Interest Rate Update

In the past month, we’ve seen interest rates move lower, partially because of the Bank of Canada’s declaration that Canada is now officially in the midst of a recession. That doesn’t, however, mean it’s not a good time to buy – mortgage interest rates are at historical lows right now, and the housing market has a fair amount of inventory sitting there waiting to be purchased. Without further ado, here are January’s mortgage interest rates!

1 year: 3.89%
2 year: 4.59%
3 year: 3.75%
4 year: 4.29%
5 year: 4.39%
7 year: 6.00%
10 year: 6.30%
Variable/ARM: 3.80%
HELOC: 4.00%

Note: Rates are current as of January 26, 2009.