Current Newfoundland and Labrador Mortgage Rates

Rates updated as of December 3, 2020 11:12:01

Nesto Mortgage Rates

TermFixed
1-YR1.71%Mortgage financing companyGet this rateCompare all rates
2-YR1.69%Mortgage financing companyGet this rateCompare all rates
3-YR1.63%Mortgage financing companyGet this rateCompare all rates
4-YR1.68%Mortgage financing companyGet this rateCompare all rates
5-YR1.49%Mortgage financing companyGet this rateCompare all rates
6-YR2.59%Big bankGet this rateCompare all rates
7-YR2.18%Mortgage financing companyGet this rateCompare all rates
10-YR2.79%Mortgage financing companyGet this rateCompare all rates
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TermVariable
1-YRNo rates at the moment
2-YRNo rates at the moment
3-YR2.35%Mortgage financing companyGet this rateCompare all rates
4-YRNo rates at the moment
5-YR1.50%Mortgage financing companyGet this rateCompare all rates
6-YRNo rates at the moment
7-YRNo rates at the moment
10-YRNo rates at the moment
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Broker Mortgage Rates

TermFixed
1-YR1.74%First NationalGet this rateCompare all rates
2-YR1.69%MCAPGet this rateCompare all rates
3-YR1.69%MCAPGet this rateCompare all rates
4-YR1.74%First NationalGet this rateCompare all rates
5-YR1.69%First NationalGet this rateCompare all rates
7-YR2.34%CMLS FinancialGet this rateCompare all rates
10-YR2.95%First NationalGet this rateCompare all rates
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TermVariable
1-YRNo rates at the moment
2-YRNo rates at the moment
3-YR2.45%CMLS FinancialGet this rateCompare all rates
4-YRNo rates at the moment
5-YR1.70%CMLS FinancialGet this rateCompare all rates
7-YRNo rates at the moment
10-YRNo rates at the moment
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Mortgage Rates with HELOC

TermFixed
1-YR2.54%HELOC ratePrime +1.00%ScotiabankGet this rateCompare all rates
2-YR2.34%HELOC ratePrime +1.00%ScotiabankGet this rateCompare all rates
3-YR2.24%HELOC ratePrime +1.00%ScotiabankGet this rateCompare all rates
4-YR2.19%HELOC ratePrime +1.00%ScotiabankGet this rateCompare all rates
5-YR1.89%HELOC ratePrime +1.00%ScotiabankGet this rateCompare all rates
7-YR2.54%HELOC ratePrime +1.00%ScotiabankGet this rateCompare all rates
10-YR2.94%HELOC ratePrime +1.00%ScotiabankGet this rateCompare all rates
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TermVariable
1-YRNo rates at the moment
2-YRNo rates at the moment
3-YR3.20%HELOC ratePrime +1.00%ScotiabankGet this rateCompare all rates
4-YRNo rates at the moment
5-YR1.70%HELOC ratePrime +1.00%ScotiabankGet this rateCompare all rates
7-YRNo rates at the moment
10-YRNo rates at the moment
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Bank Mortgage Rates

TermFixed
1-YR2.54%ScotiabankGet this rateCompare all rates
2-YR2.14%Equitable BankGet this rateCompare all rates
3-YR2.14%TD BankGet this rateCompare all rates
4-YR2.04%TD BankGet this rateCompare all rates
5-YR1.79%Equitable BankGet this rateCompare all rates
6-YR2.69%TD BankGet this rateCompare all rates
7-YR2.54%ScotiabankGet this rateCompare all rates
10-YR2.94%ScotiabankGet this rateCompare all rates
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TermVariable
1-YRNo rates at the moment
2-YRNo rates at the moment
3-YR3.20%ScotiabankGet this rateCompare all rates
4-YRNo rates at the moment
5-YR1.70%ScotiabankGet this rateCompare all rates
6-YRNo rates at the moment
7-YRNo rates at the moment
10-YRNo rates at the moment
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About Newfoundland and Labrador

Newfoundland and Labrador form the most easterly province of Canada. On Newfoundland island, the Norse archaeological site L’Anse aux Meadows is the reputed settlement of Viking explorer Leif Ericson. Gros Morne National Park, on the Gulf of St Lawrence, has cliffs, waterfalls and glacial fjords. Southeastern capital city St John’s is known for the 17th-century Signal Hill citadel, with a hillside walking trail.

Key facts about Newfoundland and Labrador:

  • St John’s is the oldest city in North America, appearing on maps as early as 1519
  • Newfoundland is the 15th largest island in the world
  • There are no snakes, skunks, deer, porcupines or groundhogs on the island of Newfoundland
  • Moose are not native to Newfoundland, but after being introduced in 1904, today there are more than 115,000 on the island
  • There are more pubs per square foot on George Street in St John’s than anywhere else in Canada
  • Two dog breeds are named after the province: the enormous, gentle, web-footed Newfoundland and the most popular dog breed in the world, the Labrador
  • In the 1950s, Gander, Newfoundland was the world’s busiest airport! Before the invention of the jetliner, Gander was the launch point and refueling station for almost all transatlantic flights
  • Newfoundland has one of the most spectacular whale populations in the world. 22 species of whales live in the waters around the province

 

About the Newfoundland and Labrador Housing Market

The St John’s housing market has been resilient in the face of difficult circumstances, which have impacted real estate activity since the beginning of 2020. Prior to the start of the pandemic, St John’s and surrounding areas were hit with a massive snowstorm that led to a state of emergency, with businesses shutting down for more than a week. As the state of emergency was lifted at the end of January, St John’s housing market activity skyrocketed and the high continued until the onset of COVID-19 in mid-March. While the pandemic prompted a market slowdown at the end of March and into April, it was a very different story in May and June, which saw some properties selling in less than a day, with multiple offers and selling prices over asking. The St John’s housing market has not seen this type of action since 2012. The market is expected to remain steady, with a 2% increase in average residential sale prices anticipated for the remainder of 2020.

 

What are the Different Types of Mortgages?

  • Fixed Mortgages. Fixed-rate mortgages make up 70% of all mortgages in Canada. A fixed-rate mortgage keeps your interest rate steady over the term of your mortgage (1-10 years). There’s no doubt that the five-year fixed-rate mortgage is the most common choice selected by Canadian homeowners. But, this isn’t the best option for everyone, regardless of its popularity. Fixed-rate mortgages appeal to homebuyers who are looking for a dependable payment schedule, manage a tight monthly budget or are generally more conservative. For instance, Millennials with large mortgages relative to their income may be better off opting for the peace of mind provided by a fixed rate and payments. 
  • Variable Mortgages. A variable-rate mortgage fluctuates with the lender’s prime rate throughout your mortgage term. While your mortgage payment will remain the same over your term, your interest rate may change based on market conditions. So, if the prime rate rises or falls, this impacts the amount of principal you pay off each month. When rates on variable-rate mortgages drop, more of your payment is applied to your principal balance. And, conversely, if rates increase, more of your payment will go towards the interest portion of your mortgage. Historically, variable rates have paid off for Canadians over time.

 

How nesto Works

We offer all the help of a mortgage broker, without the commission. Simply put, our salaried mortgage advisors are rewarded based on your satisfaction. We’re here to help you reach your goal and guide you through the complicated world of home financing. #yesyoucan #empowermentisthenewsexy

Every mortgage professional knows the market’s best rates every time they check their email. Only a few of them will give you that rate without making you work for it. nesto’s here to change the industry for this very reason. You always get the best rate upfront with nesto.

Newfoundland and Labrador Mortgage payment calculator