The average Canadian mortgage rate, which is what the government sets as the benchmark for rates on mortgages, is currently around 3.3 per cent.
(CBC)That is still very low compared to the U.S., which has a mortgage rate of more than 8 per cent and Germany at more than 12 per cent, but it has gone up dramatically over the last decade.
In fact, the average Canadian has now paid the average mortgage rate on a Canadian mortgage of around 3,200 per cent over that same period.
The U.K. average mortgage is around 3 per cent with the average U.k. mortgage rate at around 5 per cent — and Germany has a median rate of 6 per cent or more.
In Canada, there is also a very strong correlation between the average loan amortisation rate and the average rate of interest.
For example, the loan amollments that the average borrower would pay on a 10-year mortgage are about the same as the amortisations that the U of A’s average student would pay.
In other words, the interest rate is a lot more important in Canada than in the U