Guide to Mortgage Rates and Current Rates

Whether you’re looking to buy your dream house or purchase your first property in Canada, we know you’ve got a lot of choices to make. Fixed or variable rate, closed or open mortgage rate – it can all seem a bit daunting, especially if you’re not quite sure what it all means.  


I’m Leo Ragusa, and together with my team at Mortgage Professionals, we’re committed not only to finding you the most competitive mortgage rates in Kingston, but also to helping you understand all your options. We’re all about enabling you to make confident, well-informed decisions.


Just down below, we’ve got a super detailed chart of the current mortgage rates in Kingston. You can use it to get the lowdown on the different rates available and how they’re affected by various terms and factors. 


To help you get even more clued up, we’ve got a handy FAQ section further down the page. We highly recommend taking a moment to read through this detailed resource to get a better grasp on what’s involved in securing a mortgage in Kingston, and how different terms might be more or less beneficial for you.


Once you’ve had a good look through all the information on this page and feel ready to take the next step, just give us a shout! My team and I would be thrilled to sit down with you and help you secure a fantastic, low rate mortgage.

Current Mortgage Rates

Mortgage rate comparison logo

If you need any help comparison shopping, read our most frequently asked questions below about the current mortgage rates in Kingston:

Not all mortgage rates are the same. They can differ based on terms, conditions, and of course, interest rates. The best mortgage fits your unique needs like a glove. To find your perfect fit, you’ll need to compare options. And guess what? That’s where I, Leo, come in. I’m here to help you sift through the rates in our area and find your ideal match.

‘Closed’ mortgages have lower rates when compared to their ‘open’ counter parts, and are more popular. Closed mortgages can come in fixed and variable form, but place a restriction on the amount of principal you can pay down each year. If you pay off the entire principal in a closed mortgage before the set term, you will face a penalty, such as a 3-month interest charge.

‘Open’ mortgages on the other hand, allow you to pay off your entire mortgage balance at any time throughout the term. The drawback is that you pay a premium for that option. People opt for open mortgages if they are planning to move in the short future, or if they are expecting a lump sum of money through an inheritance or bonus, that would allow them to pay off their entire mortgage.

Fixed mortgage rates are more popular and represent 66% of all mortgages in Canada. With a fixed mortgage you can “set it and forget it” as you are protected against interest rate fluctuations, so your payment stays constant over the duration of your term.

Variable mortgage rates in Kingston are typically lower than fixed rates, but can vary over the duration of the term. They are prone to market behavior (via the prime rate set by the Bank of Canada) which affects your payments. That means your payment amounts can change over time. A fixed mortgage offers stability as your mortgage rate and payment will remain the same each month, but that security is the reason why fixed interest rates are greater.

Mortgages rates on our website are updated in real time as they are sourced directly from the banks and mortgage lenders that operate in Kingston. Please note that these rates will differ depending on your credit score, stress test score, and other variables.

The rate hold clause refers to how long before your mortgage renewal date you can lock in the prevailing mortgage rate, should that interest rate be a favourable one. The renewal date is the date on which the term of mortgage expires, not to be confused with the amortization period. So, for example, if you have a 5-year term on your mortgage, and a 90-day rate hold, then within 90 days before the expiration of the term, you have the option to lock in the current mortgage rate.

Source: All data percentages were taken from CAAMP “Annual State of the Residential Mortgage Market in Canada” 2010


Do You Need More Help?

Just give us a call and we can chat about how to get the best mortgage rates in Kingston. I’m Leo, and along with my fantastic team, we’re here and ready to assist.


Maybe you’re curious about the current mortgage rates, need some advice tailored for first-time homebuyers, or want to delve into the nitty-gritty of pre-approval or refinancing. Whatever your queries or needs are, we’ve got your back! We’re excited to start this journey with you today!