Fixed Rates
- Know what your payment amount will be throughout your term
- Choose a payment schedule that suits your lifestyle – monthly, bi- weekly, semi-monthly or weekly
- Pay down your mortgage faster. You can increase your payment by 20% or make a lump sum payment of up to 20% of the original amount each year – in addition to your regular payments – with no penalty or administration fee
Adjustable Rates
- Your rate and payment decrease any time the RMG Prime Rate goes down
- You can switch to an RMG fixed rate mortgage at anytime with no penalty
- Pay down your mortgage faster. You can increase your payment by 20% or make a lump sum payment of up to 20% of the original amount each year – in addition to your regular payments – with no penalty or administration fee
Discover how much your mortgage payments could be and compare different mortgage options.
Current Prime Rate
The prime rate is the annual interest rate used to set interest rates for variable loans and lines of credit, such as the RMG adjustable rate mortgage. The prime rate is primarily influenced by the policy interest rate set by the Bank of Canada.
See Prime Rate History
See Prime Rate History
5.45%
Frequently asked questions about mortgage rates
Why do interest rates change?
Interest rates change depending on a wide range of factors. Things such as the Bank of Canada Rate, unemployment, and the economy all play roles in determining interest rates.
How does a prime rate change affect my mortgage payments?
If you are on an adjustable rate mortgage and if the RMG Prime Rate changes, your mortgage payment will change to reflect the fluctuation in the prime rate.
The strength behind RMG Mortgages
Find out if an RMG Mortgage is right for you. A professional mortgage broker can help.
Find out if an RMG Mortgage is right for you. A professional mortgage broker can help.