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.
Get the Best Deals at the Lowest Rate in Cambridge
Explore the most competitive mortgage rates in Cambridge. Whether you are a first-time buyer or looking to get the lowest rate, our mortgage broker Cambridge offers the best options. It makes homeownership more affordable and the mortgage process smooth and stress-free.
Today's Mortgage Rates in Cambridge: What You Need to Know
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.
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.
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