
When buying insurance, should you go with a broker or a direct writer?
Neither is consistently cheaper than the other, but they do have meaningful differences.
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LowestRates.ca brings Saskatchewan borrowers the lowest rates from the top mortgage brokers and banks operating in the province. Comparing rates on our site is free and takes just a few moments.
Check out the charts below to find out how much you can save on interest and see how the province’s housing market has been performing.
1.39%
1.49%
1.99%
In Canada, there are two main types of mortgage products homebuyers can secure when purchasing a home. These include the conventional mortgage contract and the high ratio mortgage contract. A conventional mortgage refers to a contract where the homeowners have put at least 20% of the home’s price towards a down payment. A high ratio mortgage refers to a contract where the homeowners have put less than 20% of the home’s price towards a down payment. Homebuyers with high ratio mortgages also need to purchase mortgage insurance from the CMHC, which often means that high ratio mortgage rates are slightly lower than conventional mortgage rates. An lender or broker can give you more insight into which type of mortgage might work for you.
Date | Average Conventional Rate | Average 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% |
Last Updated: February 1, 2021
How do the best variable rates stack up against the best fixed rates? We compared LR.ca 5-year fixed rate mortgages and LR.ca 5-year variable rate mortgages that Canadians have applied for on our site to find out. Turns out, variable rates are just a bit lower. For Saskatchewan borrowers looking for the lowest rate, variable is the way to go. If you want your payments and interest rates to stay the same for the entire mortgage term, then fixed is a better option.
Month | Fixed | Variable |
---|---|---|
04/20 | 2.24% | 2.74% |
05/20 | 2.08% | 2.53% |
06/20 | 1.95% | 2.37% |
07/20 | 1.95% | 2.20% |
08/20 | 1.92% | 2.34% |
09/20 | 2.04% | 1.95% |
10/20 | 1.91% | 1.94% |
11/20 | 1.82% | 1.68% |
12/20 | 1.63% | 1.73% |
01/21 | 1.62% | 1.70% |
Last Updated: February 1, 2021
Looking for mortgage info? Check out our Home Buyers Guide.
After you’ve determined how much money you’re able to put down to purchase your home, you’ll then need to decide whether you prefer a variable or fixed rate structure. While variable rates have been known to yield more savings for homebuyers, there are a number of factors to consider when making the decision. For instance, your risk tolerance might influence whether a fixed or variable rate is more appropriate for you.
Sitting between Alberta and Manitoba, the province of Saskatchewan is located in the heart of the prairies. This is Canada's very own “big sky country,” a place for people who love wide open spaces and friendly people. A province with seemingly endless farmland and vast stretches of wilderness and parks, Saskatchewan is also home to the bustling city of Regina, its capital and commercial centre. The province's economy relies heavily on natural resources, with Saskatchewan producing more than half of Canada's wheat and a major portion of its oil refining capacity.
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Get your free quotes nowNeither is consistently cheaper than the other, but they do have meaningful differences.
With interest rates this low, the “right” choice isn’t clear cut. Let’s break down the good and the bad of fixed versus variable.