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Rates are based on an average mortgage of $300,000
| Insured | 80% LTV | 65% LTV | Uninsured | Bank Rate | |
|---|---|---|---|---|---|
| 1-year fixed rate | 4.99% | 5.60% | 5.60% | 5.99% |
7.49%
|
| 2-year fixed rate | 6.09% | 5.64% | 5.64% | 6.24% |
7.09%
|
| 3-year fixed rate | 5.64% | 5.69% | 5.69% | 5.79% |
6.70%
|
| 4-year fixed rate | 5.49% | 5.54% | 5.54% | 5.54% |
6.49%
|
| 5-year fixed rate | 5.24% | 5.49% | 5.49% | 5.49% |
5.84%
|
| 7-year fixed rate | 5.49% | 5.44% | 5.44% | 5.85% |
6.70%
|
| 10-year fixed rate | 6.14% | 6.14% | 6.14% | 6.00% |
7.25%
|
| 3-year variable rate | 6.10% | 6.70% | 6.70% | 6.10% |
8.60%
|
| 5-year variable rate | 5.95% | 6.10% | 6.10% | 6.10% |
6.95%
|
| HELOC rate | 7.20% | 7.20% | 7.20% | 7.20% | N/A |
| Stress test | 6.99% | 7.44% | 7.44% | 7.49% | N/A |
Moncton, New Brunswick, is the largest urban centre in New Brunswick and is located at the geographic centre of the Maritime provinces.
The city has a relatively small population of just over 145,000. It’s earned the nickname “Hub City” due to its central location in the region and history as a Maritime railway and land transportation hub.
Moncton has a long history of overcoming past economic shocks, most notably the collapse of the shipbuilding industry, after which it rebuilt itself into a railway town. When CNR’s locomotive shops disappeared in the late 1980s, it successfully rebuilt itself yet again.
As the second largest Census Metropolitan Area in the Maritime provinces, Moncton homebuyers enjoy reasonably competitive rates consistent with other Atlantic Canada locations. That said, they’re generally higher somewhat than the country’s most competitive big-city markets.
Here’s a quick look at the recent history of Moncton mortgage rates, relative to the lowest national rates, as of year-end.
| Year |
NB 5-year Fixed |
Canada 5-year Fixed |
NB Variable |
Canada Variable |
|---|---|---|---|---|
| 2017 | 2.81% | 2.84% | 2.34% | 2.24% |
| 2018 | 3.44% | 3.50% | 3.04% | 2.76% |
| 2019 | 2.46% | 2.66% | 2.84% | 2.80% |
| 2020 | 1.69% | 1.52% | 1.70% | 1.17% |
| 2021 | 2.07% | 2.07% | 1.35% | 1.14% |
Moncton mortgage rates are forecast to follow the national average with somewhat of a premium due to the deeper economic downturn in the province. After falling to historic lows in 2020 and early 2021, rates began to rise by the spring of 2021.
The housing market in Moncton—and New Brunswick as a whole—has traditionally lagged other Canadian markets, but that changed post-pandemic.
As of the summer of 2021, house prices in Greater Moncton averaged $260,100, a 33.5% increase over the previous year’s price.
The region as a whole has benefited from scores of big-city homeowners in Ontario cashing in at today’s high values and searching more affordable options in Atlantic Canada.
The same advice we offer to mortgage shoppers across the country applies equally to Moncton mortgage shoppers. Take the time and make an effort to juxtapose the mortgage options available to you. Then pick the option that appears to offer the lowest borrowing cost over a 5-year timeframe—or less if you need a short-term mortgage. Factor in things like prepayment penalties (be especially wary of big bank fixed-rate penalties), porting flexibility and early refinance options.
The spread between Moncton’s best and worst mortgage rates for well-qualified borrowers can be over a full percentage point, for the very same term. If you unknowingly accept a lender’s first rate offer, and it falls on the high side of that spread, you could end up paying thousands of dollars more than necessary, versus had you explored more alternatives.
RATESDOTCA helps you compare the best Moncton mortgage rates from the most reputable mortgage providers in the province. We display offers from both top lenders and top brokers licensed in the province.
Compare the interest savings of your rate to the best rates in Moncton using this payment calculator.
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