Best of Finance 2013: Mortgages

Best Mortgages Canada stats

Did you shop for a mortgage rate last year? If so, you likely got a great rate compared to years past. 2013 was a banner year for discounted mortgage rates – one that saw the lowest historic rate record broken time and again.

But mortgage shoppers also faced their fair share of drama, as a volatile global economy called into question the cost of borrowing for Canadians. Here, we break down the top game changers affecting mortgage rates in 2013.

Mortgage Moments of 2013

It’s been a roller coaster of a year for mortgage rates. From record low mortgage rate wars to widespread global unease, here are the biggest Canadian mortgage newsmakers of 2013.

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2013 Mortgage Rate Statistics

How did the best 5-year fixed and variable mortgage rates perform over the course of the year? Check out these month-to-month breakdowns of the best rates and how they’re affected by national economic data.

Head to Head

Month Fixed Rates Variable Rates
January
February
March
April
May
June
July
August
September
October
November
December
2.84
2.79%
2.74%
2.62%
2.62%
2.64%
2.88%
2.99%
3.19%
3.23%
3.24%
3.24
2.55%
2.50%
2.45%
2.50%
2.45%
2.40%
2.25%
2.40%
2.35%
2.35%
2.35%
2.35%

Average 2013 Mortgage Value

Month Mortgage Amount
January
February
March
April
May
June
July
August
September
October
November
December
$308000
$287000
$264000
$257000
$261000
$246000
$250000
$252000
$254000
$252000
$254000
256000

Best 5 Year vs Bond Yields

Month Fixed Rates Bond Yields
January
February
March
April
May
June
July
August
September
October
November
December
2.84
2.79%
2.74%
2.62%
2.62%
2.64%
2.88%
2.99%
3.19%
3.23%
3.24%
3.24
1.50%
1.32%
1.29%
1.19%
1.47%
1.84%
1.74%
1.90%
1.89%
1.71%
1.73%
1.73%

5 Year Variable vs Prime Rate

Month Variable Rates Prime Rate
January
February
March
April
May
June
July
August
September
October
November
December
2.55
2.50%
2.45%
2.50%
2.45%
2.40%
2.25%
2.40%
2.35%
2.35%
2.35%
2.35
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%

How Much Would You Save?

When we say you can save big by comparing your mortgage rate, we’re not talking small peanuts – the difference really can be hundreds of thousands of dollars over the course of your mortgage! Check out the highest rate offered by lenders this year, compared with the lowest – and the savings to be had! 
Average Canadian Homebuyer Highest and Lowest Fixed Rates

Month Highest Fixed Rate Lowest Fixed Rate
January
February
March
April
May
June
July
August
September
October
November
December
5.24%
5.24%
5.24%
5.24%
5.14%
5.89%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
2.84%
2.79%
2.74%
2.62%
2.62%
2.64%
2.88%
2.99%
3.19%
3.23%
3.24%
3.24%

Highest and Lowest Variable Rates

Month Highest Variable Rate Lowest Variable Rate
January
February
March
April
May
June
July
August
September
October
November
December
5.00%
5.00%
5.00%
5.00%
5.00%
5.60%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
2.55%
2.50%
2.45%
2.50%
2.45%
2.40%
2.25%
2.40%
2.35%
2.35%
2.35%
2.35%

Annual Savings With Lowest Rates

Month Lowest Fixed Rates Lowest Variable Rates
January
February
March
April
May
June
July
August
September
October
November
December
$5,760
$5,868
$5,976
$6,252
$6,000
$7,872
$7,620
$7,368
$6,924
$6,828
$6,804
$6,804
$5,784
$5,904
$6,012
$5,904
$6,021
$7,656
$8,688
$8,688
$8,796
$8,796
$8,796
$8,796

25 Year Savings With Lowest Rates

Month Lowest Fixed Rates Lowest Variable Rates
January
February
March
April
May
June
July
August
September
October
November
December
$144,000
$146,700
$149,400
$156,300
$150,000
$196,800
$190,500
$184,200
$173,200
$170,700
$170,700
$170,700
$144,600
$147,600
$150,300
$147,600
$150,300
$191,400
$217,200
$217,200
$219,900
$219,900
$219,900
$219,900

Whats the Best Mortgage Feature

Related Topics

Mortgage News / Mortgages / RSM News

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