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On, you can submit a mortgage application for many different types of mortgage products. However, the two main options for most homebuyers are conventional and the high ratio mortgage. A conventional mortgage contract requires the homebuyers to put down at least 20% of the purchase price of hte home as a down payment. Whereas a high ratio mortgage contract means that homebuyers have put down less than 15% of the total price of the home. With a high ratio mortgage, homebuyers are also required to purchase mortgage insurance. This means that rates offered in high ratio mortgage contracts are often lower, but it’s important to speak with an advisor about what’s best for you.

Conventional 5-year fixed mortgage rates vs. high ratio 5-year fixed mortgage rates in Alberta

DateAverage Conventional RateAverage High Ratio Rate
04/20 2.85%2.52%
05/20 2.52%2.26%
06/20 2.34%2.06%
07/20 2.19%1.99%
08/20 2.15%1.95%
09/20 2.01%1.80%
10/20 1.90%1.72%
11/20 1.82%1.61%
12/20 1.73%1.56%
01/21 1.71%1.50%

Last Updated: February 1, 2021

Variable or fixed mortgage rates: which one is best?

You can save a ton of money by shopping around for a mortgage, but how do the best variable rates compare to the best fixed rates? To find out, we compared the 5-year fixed rate mortgages and the 5-year variable rate mortgages that Canadians have applied for on our site. Turns out, variable rates have been lower in recent months.

5-year fixed vs. 5-year variable mortgage rates in New Brunswick

04/20 2.33%2.77%
05/20 2.11%2.46%
06/20 2.04%2.39%
07/20 2.02%2.36%
08/20 2.02%2.33%
09/20 1.95%2.02%
10/20 1.83%1.94%
11/20 1.69%1.73%
12/20 1.72%1.80%
01/21 1.63%1.99%

Last Updated: February 1, 2021

Your New Brunswick mortgage questions, answered.

Looking for mortgage info? Check out our Home Buyers Guide.

Variable or fixed: which is more popular?

While variable rate loans have typically come with lower rates than fixed rate loans, the last year has seen a number of economic curveballs. As a result, for a period of time in the first half of 2020, fixed rates on were actually lower than variable mortgage rates, which means that more users opted for a fixed rate mortgage. As we enter the final quarter of 2020, this trend appears to have reversed itself. Because fixed and variable rates have been so close for the duration of 2020, no matter which type of mortgage you apply for on, you’ll be getting a great deal.

About New Brunswick

New Brunswick is the largest of Canada's three Maritime Provinces. It's a must-see destination for nature lovers, offering a whirlwind of natural wonders, including the Bay of Fundy, which has the world's highest tides (up to four-storeys high!), and the Saint John River. Not surprisingly, the New Brunswick economy is centered around natural resource industries such as forestry, mining, fisheries, and mixed farming. It's also home to the McCain Foods empire — one-third of the world's French fries come from New Brunswick's Florenceville-Bristol.

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