Find the Best Cambridge Mortgage Rates

As of Monday, September 16, 2024, mortgage rates in Cambridge are 4.19% for a 5-year fixed loan and 4.69% for a 3-year fixed loan. To get the best deal, compare rates from different lenders.

High interest rates are making it tough for Cambridge residents to qualify for mortgages and buy homes. While it's hard to predict exactly when rates will drop, experts expect a gradual decrease over the next few years.

Home prices are still high. In July 2024, the national average home price fell 3.9% to $724,800. In Ontario, the average price dropped 4.5% to $877,300.

Toronto's average price decreased by 5.0% to $1,097,300, while Ottawa’s average price rose slightly by 0.1% to $648,900. Hamilton saw a 3.3% decrease, bringing its average price to $843,500.

When you're looking for a mortgage in Cambridge, several factors can affect your mortgage rate. Here’s what you need to know:

• Credit Score: Credit score is an important part of getting a mortgage. Higher scores usually mean lower rates because lenders see you as less risky. Keep your credit in good shape to get the best deal.
• Loan Amount: The amount you borrow can affect your mortgage rate. Larger loans might have slightly higher rates. Smaller loans might get better rates.
• Down Payment: A bigger down payment can reduce your rate. It shows lenders you’re financially stable and reduces their risk.
• Loan Term: The length of your loan matters. Shorter terms, like 15 years, often have lower rates than longer terms, like 30 years.
• Market Conditions: Interest rates can fluctuate based on the economy. In periods of economic strength, interest rates may be higher. When it’s weaker, rates might be lower.
• Type of Mortgage: Fixed-rate mortgages typically have different rates compared to adjustable or variable-rate mortgages. Choose based on your financial plans and risk tolerance.