As of August 21, 2024, the interest rates have been updated, and it is crucial for homeowners, potential buyers, and real estate professionals to understand the current rates to make informed decisions. This article will break down the current interest rates, including fixed and adjustable-rate mortgages (ARMs), home equity lines of credit (HELOC), and specialized programs like CMLS Smart Cash. The target audience includes individuals across Canada, particularly in provinces like Alberta (AB), British Columbia (BC), Ontario (ON), Saskatchewan (SK), and Manitoba (MB), where some specific programs are available.
Interest rates are a fundamental aspect of the mortgage industry, influencing the cost of borrowing for home purchases and refinancing. The CMLS Financial has provided an updated rate sheet that reflects the current market conditions. Here’s a comprehensive overview of the interest rates as of August 21, 2024.
| Term | LTV | Fixed | ARM (Adjustable-Rate Mortgage) |
|---|---|---|---|
| CMLS Home Line (HELOC) | - | - | P + 0.50% |
| 5 Year (Insured / Insurable) | High Ratio or Up to 65% | 4.69% | P - 0.90% |
| 65.01 - 70% | 4.89% | P - 0.75% | |
| 70.01 – 80% | 4.89% | P - 0.60% | |
| 3 Year Uninsured | Up to 80% | 6.34% | - |
| 5 Year Uninsured | Up to 80% | 5.59% | - |
| CMLS Insured and Insurable | High Ratio or Up to 65% | 4.84% (3-Year) | - |
| 65.01 - 80% | 5.14% (3-Year) | - | |
| 4 Year | High Ratio or Up to 65% | 4.69% | - |
| 65.01 - 80% | 4.94% | - | |
| 5 Year Rate Advantage | High Ratio or Up to 65% | 4.64% | - |
| 65.01 - 80% | 4.84% | - | |
| 5 Year Promo (Extra 20bps) | High Ratio or Up to 65% | *4.69% | *P - 0.95% |
| 65.01 - 70% | *4.89% | *P - 0.70% | |
| 70.01 – 80% | *4.89% | *P - 0.55% | |
| CMLS Uninsured Rates | Up to 80% Owner Occupied | 5.09% (3-Year) | - |
| Up to 80% Owner Occupied | 5.04% (5-Year) | P + 0.20% | |
| Up to 70% Rentals | 6.59% | P + 0.45% | |
| 5 Year – Preferred Uninsured | Up to 80% Owner Occupied | *5.59% | *P - 0.50% |
| CMLS Pre-Approval Rate | 5 Year High Ratio Insured | 4.79% | - |
| CMLS Smart Cash (Available in AB, BC, ON, SK, MB) | - | - | - |
| 5 Year Smart Cash | Up to 95% Insured | 4.94% (1%) | - |
| Up to 65% | 4.94% (1%) | - | |
| 65.01 – 80% | 5.14% (1%) | - | |
| Up to 95% Insured | 5.19% (2%) | - | |
| Up to 65% | 5.19% (2%) | - | |
| 65.01 – 80% | 5.39% (2%) | - | |
| Up to 65% | 5.39% (3%) | - | |
| 65.01 – 80% | 5.59% (3%) | - | |
| Up to 65% | 5.94% (5%) | - | |
| 65.01 – 80% | 6.14% (5%) | - |
Note: P = CMLS Prime Rate of 6.70% as of August 21, 2024.
These rates are crucial for various stakeholders:
The CMLS Smart Cash program is available in Alberta, British Columbia, Ontario, Saskatchewan, and Manitoba, offering competitive rates for high-ratio insured mortgages. This program is especially beneficial for first-time homebuyers or those with a lower down payment.
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