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Mortgage Rate History

History of Average Variable vs 5 Year Mortgage Rates Since 2003

Since the beginning of 2003, we have aggregated an average of mortgage rates of products qualified for by our Canadian clients on both 5 year and variable rate mortgages. Here is a table spanning over ten years of mortgage rate history:

Year Variable Rate 5 Year Rate Best Rate? Best Over Worst
20143.00%5.30%Variable2.30 percentage points
20133.00%5.23%Variable2.23 percentage points
20123.00%5.27%Variable2.27 percentage points
20113.00%5.40%Variable2.40 percentage points
20102.60%5.57%Variable2.97 percentage points
20092.42%5.72%Variable3.30 percentage points
20084.79%7.10%Variable2.31 percentage points
20076.10%7.01%Variable0.91 percentage points
20065.76%6.64%Variable0.88 percentage points
20054.40%5.98%Variable1.58 percentage points
20043.95%6.27%Variable2.32 percentage points

Posted Mortgage Rates for 1, 3, and 5 Year Terms

Here are the average 1, 3, and 5 year term mortgage rates over the last ten years:

Year 1 Year Rate 3 Year Rate 5 Year Rate Best Rate? Best Over Worst
20143.14%3.87%5.30%1 Year Rate2.16 percentage points
20133.08%3.73%5.23%1 Year Rate2.15 percentage points
20123.18%3.91%5.27%1 Year Rate2.09 percentage points
20113.53%4.29%5.40%1 Year Rate1.87 percentage points
20103.49%4.28%5.57%1 Year Rate2.08 percentage points
20094.10%4.64%5.72%1 Year Rate1.62 percentage points
20086.72%6.91%7.10%1 Year Rate0.38 percentage points
20076.86%7.03%7.01%1 Year Rate0.17 percentage points
20066.26%6.42%6.64%1 Year Rate0.38 percentage points
20055.01%5.56%5.98%1 Year Rate0.97 percentage points
20044.62%5.68%6.27%1 Year Rate1.65 percentage points

Notable Canadian Interest Rate Observations for the Last 10 Years

Average Prime Rate in Canada: 3.89%
Highest Prime Rate observed: 6.25% on Wednesday, July 11th 2007.
Lowest Prime Rate observed: 2.25% on Wednesday, April 22nd 2009.

Average 1-Year Fixed Mortgage Rate in Canada: 4.67%
Highest 1-Year Rate observed: 7.35% on Wednesday, December 26th 2007.
Lowest 1-Year Rate observed: 3.00% on Wednesday, September 12th 2012.

Average 3-Year Fixed Mortgage Rate in Canada: 5.23%
Highest 3-Year Rate observed: 7.55% on Wednesday, December 26th 2007.
Lowest 3-Year Rate observed: 3.55% on Wednesday, March 13th 2013.

Average 5-Year Fixed Mortgage Rate in Canada: 6.01%
Highest 5-Year Rate observed: 7.54% on Wednesday, December 26th 2007.
Lowest 5-Year Rate observed: 5.14% on Wednesday, February 1st 2012.

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Mortgage Brokers
The bank doesn't work for you, but your broker does. Your mortgage broker's job is to help you navigate all of your options until they find the one right for you, and our brokers are very good at their jobs.
Mortgage Brokers Work for You
Below is a listing of our most popular mortgage product inquiries made using our online mortgage application for clients in Charlottetown.

Mortgage Product Type Inquiries
First-time Home Buyer23.85%
New Purchase22.94%
Mortgage Pre-approval15.60%
No Money Down discontinued14.68%
Refinance/Consolidate Debt13.76%