The report finds that rates remain relatively steady, with 30-year fixed-rate mortgages hovering around 4%, 15-year fixed-rate mortgages remaining at 3.375%, and 5/1 adjustable rate mortgages at 3.125%. Home equity lines of credit (HELOCs) are also seeing similar rates, ranging from 4.75-4.875% depending on the loan term.
An analysis of Vantage Mortgage Group’s weekly rate tracker shows that mortgage rates have remained relatively consistent since the beginning of the year. Interest rates for 30-year fixed-rate mortgages have hovered around the 4% mark since January, while other mortgage rates such as 15-year fixed-rate mortgages and 5/1 adjustable rate mortgages have seen slightly more variation, but still staying within a narrow range. This stability in mortgage rates indicates that the market is healthy and indicates that potential homebuyers can expect to receive competitive rates if they decide to purchase a home in the near future.
Insight into the HELOC market reveals that rates here have been similarly steady since the beginning of the year, ranging from 4.75-4.875%, depending on the loan term. This may be beneficial to those wanting to access home equity, as they can qualify for competitive rates with favourable terms and conditions.
Overall, Vantage Mortgage Group’s weekly rate tracker provides insight into the current mortgage market, indicating that rates are steady and that potential homebuyers can expect to receive competitive interest rates on their mortgages. Similarly, those looking to access their home equity can expect to find favourable terms and conditions when obtaining a HELOC. The report ends with information on local mortgage markets, highlighting rates in specific regions and offering insight into what potential homebuyers can expect when shopping for a mortgage in their area.
This article was contributed on Sep 27, 2023
