Mortgages rates in Canada and the United States are very different in comparison at an aesthetic value. What this means is that when you at a chart of Canadian mortgage rates and one of United States mortgage rates, there are many noticeable differences about the charts.
One of the key differences is percentage rate that is given; on average, as the years increase for duration of a mortgage, the percentage of interest increases. In both Canadian mortgage rates and United States mortgage rates, this is a common theme. Essentially, the belief behind the increase in interest is that it is assurance given to the lender, of the legitimacy in that the loan is higher risk endeavor.
However, when it comes to looking at the interest rates, there is a substantial different in nominally. For Americans looking for a 15 year mortgage loans, the current rates are anywhere between 3.6 to 4.0% on the market; this is for a 15 year fixed mortgage loan. Mortgage rates in Canada are much higher; the same 15 year fixed mortgage rate plan has a 9.25% interest rate.
Even the professionals on the Canadian market have state that mortgage rates in Canada regarding long-term mortgages are substantially higher, but the deficit between Canadian mortgage rates and United States mortgage rates is vast. However, Canadian mortgage rates and plans have a significantly larger range overall, giving more options to their consumers.
