Guide to Mortgage Rates and Current Rates

Whether you are purchasing your first home or your dream home, there are many different options to consider. Fixed vs. variable rate, closed vs open mortgage rate, it can become overwhelming trying to make these decisions if you are unsure what they mean. Leo Ragusa and the Mortgage Professionals will not only work hard to find you the best mortgage rates available, our team is dedicated to helping you make an educated and informed decisions.

Below you can browse our detailed chart for current Kingston mortgage rates. Throughout this page, you can learn more about the different rates available and how they are affected by different terms and other variables. Many of these rates fall below three percent and are the best mortgage rates in Kingston.

To help further educate you about the different options available, our frequently asked questions section located below can assist you. We recommend that you read through this detailed section of our website to better understand what is involved with securing a mortgage in Kingston, and how different terms can be more or less beneficial to you.

After reviewing all of the information on this page and you are ready to move forward with the application process, please do not hesitate to contact us. Leo and our team would be happy to meet with you and help you secure a low rate mortgage.

Current Mortgage Rates

1-Year 2.69% Get Rate
2-Year 2.69% Get Rate
3-Year 2.69% Get Rate
4-Year 2.69% Get Rate
5-Year 2.69% Get Rate 2.90% - Get Rate
5-Year Quick Close 2.59% Get Rate If you have a purchase closing in the next 30-45 days call me right away!
5-Year No Frills 2.74% Get Rate Please contact me for more details about this special rate. It's not for everyone.
10-Year 3.04% Get Rate

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

Not all current mortgage rates are created equal. Mortgages can vary with the terms and conditions, in addition to the interest rate. Each mortgage caters to an individual’s particular needs. Therefore, if you want to find the best mortgage rate for you and your situation, you need to compare all of your options. Leo can assist you in comparing mortgage rates in the area and finding the best one.

‘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 are typically lower than fixed rates, but can vary over the duration of the term. Variable mortgages are prone to market behavior (via the prime rate) 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.

The mortgage rates you see were updated today. Our mortgage rates are sourced through two methods: Mortgage brokers can log into our platform and update their rates instantaneously; and we source rates from Canadian bank websites to ensure the rates are current.

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?

If you need more assistance, contact us today to talk more about how to get the best mortgage rates in Kingston. Leo and his expert team are available to help. Whether you are looking to learn more about the current mortgage rates, our first time home buyers solutions, to learn more on pre-approval or refinancing, we’ve got you covered. Below, you can learn more about all our options, or simply contact us to get started today.