Rates starting from 4.29%
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Get the Best Deals at the Lowest Rate in Cambridge

Find the best mortgage rates in Cambridge! If you’re buying your first home or searching for the lowest rates, our mortgage broker in Cambridge is here to help. We offer a range of great options to make homeownership more affordable. Our team is dedicated to making the mortgage process easy and stress-free, guiding you from start to finish. We’ll work with you to find the best deal for your needs, so you can focus on enjoying your new home. Let us help you turn your homeownership dreams into reality with the right mortgage solution.

Today's Mortgage Rates in Cambridge: What You Need to Know

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.

So are you looking to make a smart purchase? Get the key insights for buyers in details you need to navigate the market confidently.

Type of Mortgage Rates in Cambridge

You have many options when looking for a mortgage in Cambridge. Understanding these options can help you determine which one best suits your needs.

  • Fixed Rate Mortgages: These mortgages have a fixed interest rate for the entire term, usually 5 or 10. Your monthly payments remain the same, making financial planning easier. Ideal if you want stability and plan to stay in your home for a long time.
  • Variable Rate Mortgage: With a variable-rate mortgage, your interest rate may change based on market conditions. While you may initially get a lower rate, it can fluctuate, which means your premiums could go up or down. If costs remain low, this option can save you money.
  • Adjustable-Rate Mortgages: Like variable rates, adjustable-rate mortgages start with a fixed rate for a few years, then switch to a rate that can change This provides an initial savings but carries the risk of it coming with a larger payment later.
  • First-Time Buyer Programs: Cambridge also offers programs for first-time buyers. These usually include a lower down payment or additional financial support to help you get started.
Mortgage brokers in Canada help you find the best mortgage for you. It makes your home-buying process easier and more affordable.

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Key Factors Influencing Your Mortgage Rate in Cambridge

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.

Additionally, you can explore our guide for homebuyers , which is here to help. From finding the right property to securing the best mortgage rates, we’ve got you covered.

FAQ
A fixed-rate mortgage keeps the same interest rate for the entire loan term, making monthly payments predictable. On the other hand, a variable-rate mortgage has an interest rate that can go up or down. However, it depends on market changes, which means your payments could change over time.
Mortgage rates in Cambridge depend on several things, including: - The Bank of Canada’s benchmark interest rate - Your credit score - The size of your down payment - The type of property you're buying (residential or rental) - Economic conditions
A good mortgage rate varies depending on market trends, but as of 2024, rates generally range from around 5% to 6%. You can check with local lenders to find the most competitive rate for your specific situation.
To get the best mortgage rate, you can: - Improve your credit score - Make a larger down payment - Shop around and compare rates from different lenders - Consider both fixed and variable rate options
Mortgage rates in Cambridge can rise or fall based on economic conditions and decisions made by the Bank of Canada. It's hard to predict with certainty, but staying informed about market trends can help you make a better decision.

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