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Mortgage Rate History in Canada

Often the best way to determine where interest rates are going or could go is to look to the past to see traditional trends. Mortgage rates have not always been as low as they are today, so seeing the mortgage rate history in Canada may just put into perspective the opportunity that these rates offer to potential home owners today. Looking to the past can also give us a good comparison between fixed and floating terms to see historically what has done better over the long haul.

The chart below will show you the average 5 year fixed rate vs the prime lending rate over the past 25 years (the rates are taken from January of each year). This is of course no indication as to where things are going but as mentioned this mortgage rate history does add some historical perspective that we think you will find useful!

Year 5 Year Fixed Avg Year Prime Rate
1989 12.24 1989 10.50
1990 12.01 1990 10.00
1991 12.13 1991 9.50
1992 9.71 1992 6.50
1993 9.47 1993 6.00
1994 7.33 1994 6.00
1995 10.60 1995 8.50
1996 8.02 1996 8.50
1997 7.14 1997 8.25
1998 6.90 1998 8.50
1999 6.72 1999 7.75
2000 8.34 2000 8.50
2001 7.58 2001 9.00
2002 6.62 2002 4.75
2003 6.26 2003 4.25
2004 5.78 2004 4.00
2005 5.60 2005 5.25
2006 5.65 2006 7.25
2007 5.91 2007 8.25
2008 6.81 2008 6.00
2009 5.78 2009 3.25
2010 4.80 2010 3.25
2011 4.55 2011 3.25
2012 4.31   2012 3.25
2013 4.14   2013 3.25
25 Year Average 7.37 25 Year Average 6.54

 

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More Mortgage Information

Historical Mortgage Interest Rates in Canada

Best Mortgage Rates
TERM BEST RATES
Variable Sale!!   2.25
1 Year   2.29
2 Year   2.24
3 Year   2.34
4 Year   2.49
5 Year Sale!!
2.54
10 Year   3.64
Bank of Can Rate   4.64

These Mortgage Rates Are Updated Daily


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