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The Best Mortgage Rates in London

You'll find the best mortgage rates in London on RateSupermarket.ca below.
We compare over 500 mortgage rates in one search from the top lenders including the big banks, credit unions, specialty lenders and different mortgage brokers. You can be sure you're getting the best mortgage rates and saving money.

Best Mortgage Rates London

Best Variable Closed Mortgage Rates

Company Rate Term Offers & details Get details
3.00% 1 Year CASH BACK with our Discount Real Estate Commission program Get Rate
2.80% 3 Years Get Rate
2.90% 5 Years Get Rate

Rates updated February 3, 2012 09:30:38

Best Variable Open Mortgage Rates

Company Rate Term Offers & details Get details
4.00% 3 Years Get Rate
3.75% 5 Years Get Rate

Rates updated February 3, 2012 09:30:38

Best Fixed Closed Mortgage Rates

Company Rate Term Offers & details Get details
4.40% 6 Month Get Rate
2.49% 1 Year Ranked #1 broker in Ontario!!!! Offered by Chartered Bank Get Rate
2.59% 2 Years Refinance and Purchases. High Ratio only. Get Rate
2.79% 3 Years Refinance and Purchases. High Ratio only. Get Rate
2.89% 4 Years Refinance and Purchases. High Ratio only. Get Rate
3.19% 5 Years Get Rate
3.77% 6 Years Get Rate
3.79% 7 Years Get Rate
4.12% 8 Years Get Rate
4.21% 9 Years Get Rate
3.79% 10 Years Get Rate
8.35% 25 Years Get Rate

Rates updated February 3, 2012 09:30:38

Best Fixed Open Mortgage Rates

Company Rate Term Offers & details Get details
6.20% 6 Month Get Rate
6.30% 1 Year Get Rate

Rates updated February 3, 2012 09:30:38

More About London

  • Population: 489,300 (Stats Canada 2009)
  • A 1.5% employment growth is expected in 2010 and 2011.
  • High unemployment rate
  • Net migration to remain stable around 2,500 for 2010 and 2011.

London Mortgage Rates Will Slowly Increase in 2010.

The CMHC best case scenario, expect mortgage rates will continue to slowly increase in 2010 with a one year mortgage rate to be in the 3.6 to 4.8% range and the three and five year mortgage rates to be in the 4.2 to 6.7% range. In 2011, CMHC forecasts that the one year mortgage rate will be in the range of 5.0 to 6.0% whereas, the three and five year mortgage rate will be in the range of 5.6 to 7.2%. However, if the economy recovers at a faster rate than expected, mortgage rates may increase at a more rapid rate.

CMHC London area housing market

CMHC predicts a 5% increase in MLS sales in 2010, than easing in 2011. First time home buyers are expected to be impacted by increasing mortgage rates and rising prices. With the low mortgage rates experienced at the beginning of 2010, a large number of first time home buyers were brought into the market.

A balanced resale market will support modest price growth in 2010 and 2011. Resale prices will increase approximately 2% in 2010 and only 1% in 2011. Single starts will raise 9% in 2010, but decline in 2011 due to higher inventory costs. The average price of a single home will decrease nearly 3% in 2010 and is forecast to remain flat.

Unfortunately, the CMHC doesn't report on London specifically regarding the housing and mortgage market, however, we've included the closest surrounding areas.

Census Metropolitan Area Total Housing
Starts
MLS sales MLS average
price
Mortgage rates
(1 year)
Mortgage rates
(5 year)
Hamilton
2009 1,860 12,680 $290,946 - -
2010 (F) 2,925 13,600 $315,000 3.60-4.80% 4.20-6.70%
2011 (F) 2,625 12,600 $324,000 5.00-6.00% 5.60-7.20%
Toronto 2009 25,949 89,255 $396,154 - -
2010 (F) 34,400 101,000 $444,000 3.60-4.80% 4.20-6.70%
2011 (F) 32,600 85,500 $452,000 5.00-6.00% 5.60-7.20%

Source = CMHC
MLS = Multiple Listings Service
*Last updated January 2010.