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There are so many mortgage options out there, it’s easy to get confused. To get you started, there are two main types of mortgage contracts you’ll likely be applying for. The first type is a conventional mortgage contract, which requires the homebuyers to contribute at least 20% of the purchase price of the home as a down payment. The second type is a high-ratio mortgage, which is the type of mortgage contract you’ll be offered if you put down less than 20% of the purchase price as a down payment. High ratio mortgages require the homebuyers to purchase mortgage insurance, which means that rates are often lower than those of conventional mortgages.

Conventional 5-year fixed mortgage rates vs. high ratio 5-year fixed mortgage rates in Newfoundland and Labrador

DateAverage Conventional RateAverage High Ratio Rate
04/20 2.78%2.55%
05/20 2.45%2.29%
06/20 2.31%2.18%
07/20 2.14%1.99%
08/20 2.01%1.86%
09/20 1.93%1.79%
10/20 1.91%1.78%
11/20 1.84%1.69%
12/20 1.82%1.63%
01/21 1.82%1.62%
02/21 1.69%1.55%

Last Updated: March 1, 2021

Variable or fixed mortgage rates: which is lower?

You can obviously save a ton of money by shopping around for a mortgage, but how do the best variable rates stack up against the best fixed rates? We compared rates on 5-year fixed rate mortgages and 5-year variable rate mortgages on Variable rates are historically lower, which can result in huge savings over time. However, at a few points in 2019 and 2020, rates on variable and fixed mortgages were only marginally different. Regardless of which mortgage type you choose, you're getting a great deal on 

5-year fixed vs. 5-year variable mortgage rates in Newfoundland and Labrador

04/20 2.24%2.77%
05/20 2.07%2.45%
06/20 2.06%2.38%
07/20 2.01%2.29%
08/20 2.08%2.31%
09/20 1.90%1.95%
10/20 1.88%1.94%
11/20 1.77%1.76%
12/20 1.71%1.74%
01/21 1.63%1.71%
02/21 1.50%1.63%

Last Updated: March 1, 2021

Your Newfoundland and Labrador mortgage questions, answered.

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

Variable or fixed: which is more popular?

When deciding between a variable and fixed mortgage rate, there are a lot of things to consider. A fixed mortgage rate is often appealing to homebuyers who are less risk-averse, while variable rate mortgages have been known to come with more risk, but lower rates. On, variable rates have beat out fixed rates in terms of saving homebuyers money for years. However, 2020 has seen some unexpected economic turns, which have left variable and fixed rates almost equal. While variable rates are still a bit lower, you’ll be getting a great deal either way.

About Newfoundland and Labrador

Newfoundland and Labrador is the easternmost province in Canada and is made up of the island of Newfoundland and mainland Labrador. Its name comes from the Portuguese "Terra Nova," which means "New Found Land" and from the Portuguese navigator who explored the region, João Fernandes Lavrador. Over 90% of the population resides on the island, which is also the site of the province's capital, St. John’s. While Newfoundland has faced tough economic challenges in the past, recent years have seen the once 'have-not' province return to prosperity. The main pillars of its economy continue to be energy, fishing, financial services, and mining.

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