London Mortgage Rates

As of May 19, 2024 at 7:59 PM ET
WOWA Trusted and Transparent
Lowest Mortgage Rates in London
As of May 19, 2024
Term
April 2024London Housing Market
Average Home Price-
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Current Mortgage Rates in London
As of May 19, 2024 at 7:59 PM ET
Mortgage Term
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Mortgage
Amount
Home Price
Amortization
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Insured Rates

What are the best mortgage rates in London, Ontario?

As of May 19, 2024,

  • The best 1-year fixed insured mortgage rate is 6.63%, which is offered by BMO logo BMO
  • The best 2-year fixed insured mortgage rate is 6.09%, which is offered by BMO logo BMO
  • The best 3-year fixed insured mortgage rate is 5.04%, which is offered by Coast Capital logo Coast Capital
  • The best 4-year fixed insured mortgage rate is 5.04%, which is offered by Coast Capital logo Coast Capital
  • The best 5-year fixed insured mortgage rate is 4.74%, which is offered by Coast Capital logo Coast Capital
  • The best 10-year fixed insured mortgage rate is 6.03%, which is offered by BMO logo BMO
  • The best 5-year variable insured mortgage rate is 6.25%, which is offered by First National logo First National

London at a Glance

Welcome to the city of London, Ontario! Located in southwestern Ontario, this bustling city is known as “The Forest City” due to the area once being a large forest. Now with a metro population of 543,551 that's steadily growing and a strong economy, London is a popular destination for individuals and families looking to settle down and make a home. It's especially attractive for those looking for affordable housing options, with plenty of competitive mortgage rates available.

In addition to competitive mortgage rates, London also offers a diverse range of neighborhoods and housing options to fit any budget or lifestyle. The city is also home to several reputable colleges and universities, namely Western University (The University of Western Ontario) and Fanshawe College, making it an ideal location for students and young professionals.

London's economy is thriving, with a strong presence in industries such as healthcare, education, manufacturing, and technology. This translates to steady job growth and opportunities for career advancement. With a low cost of living compared to other major cities in Canada, you can truly get more value out of your hard-earned money while living in London.

London’s Best Mortgage Rates

If you're considering purchasing a home in London, it's important to compare current London mortgage rates and how they can impact your home affordability. Currently, the best mortgage rate for London, Ontario, is 4.74% for a 5-year term by Coast Capital. London fixed mortgage rates for a 5-year term currently range from 4.74% to 6.84%.

These mortgage rates can vary depending on factors such as your credit score, term length, down payment, and type of mortgage. It's important to keep in mind that mortgage rates can vary significantly between lenders. It's always recommended to shop around and compare different London mortgage lenders to ensure you're getting the best possible rate and terms for your specific financial situation.

In general, mortgage rates in London, just like in other areas of the country, tend to be influenced by the Bank of Canada's overnight rate, inflation rates, and economic trends. That’s because fixed mortgage rates move based on Canadian bond yields, while variable mortgage rates move based on the Bank of Canada’s policy rate changes.

For example, if the Bank of Canada increases its overnight rate, lenders may also increase their variable mortgage rates to compensate for the higher cost of borrowing money. On the other hand, if there is a decrease in inflation rates or a slowdown in the economy, London mortgage rates may decrease as bond yields fall.

London, Ontario’s Housing Market

Minimum Income to Buy an Average Home in London:

The average home in London costs $ as of April 2024. This means that you’ll need to make at least $NaN year to afford a home in London, and you’ll need to make a down payment of at least $NaN.

That’s far less than how much homes cost in Toronto, or even surrounding cities such as Mississauga and Brampton. This makes London one of the more affordable cities to buy a home in Ontario.

Lender Information

LenderNumber of LocationsMortgage Inquiry
Phone #
Alterna SavingsAlterna Savings has no branches in London. 1-877-560-0100
BMOBMO has 12 branches in London.General Inquiries- 1-844-837-9228
Caisse AllianceCaisse Alliance has no branches in LondonNo Direct Number
Canada LifeCanada Life has no branches in LondonNo Direct Number
Canadian WesternCanadian Western Bank has no branches in London.No Direct Number
CIBCCIBC has 10 branches in London.1-866-525-8622
CMLSCMLS Financial has no branches in London.1-888-995-2657
DesjardinsDesjardins has no branches in London.1-844-626-2476
Dominion LendingN/A
DUCADUCA Credit Union has no branches in London.1-866-900-3822
EquitableEquitable Bank is a digital bank and has no branches in London.1-888-334-3313
First NationalFirst National has no branches in London. No Direct Number
First OntarioFirst Ontario Credit Union has no branches in London. General Inquiries: 1-800-616-8878
HSBCHSBC has 1 branch in LondonGeneral Inquiries: 1-888-310-4722
ICICIICICI Bank has no branches in London.No Direct Number
Investors GroupInvestors Group has 2 branches in London.No Direct Number
Kawartha Credit UnionKawartha Credit Union has no branches in London.Contact Centre: 1-855-670-0510
LaurentianLaurentian Bank has no branches in London.1-866-522-4655
ManulifeManulife Bank has no branches in London.1-877-765-2265
MCAPMCAP has no branches in London.1-800-265-2624
MeridianMeridian has 1 branch in London.1-866-592-2226
Mortgage AllianceN/A
motusbankMotusBank is a digital bank and has no branches in London.1-833-696-6887
National BankNational Bank has 2 branches in London.1-855-755-9533 (Option 4)
Northern BirchNorthern Birch Credit Union has no branches in LondonNo Direct Number
QuestMortgageN/A
RapportRapport Credit Union has no branches in LondonNo Direct Number
RateHub/CanwiseN/A
RBCRBC has 11 branches in London.1-800-769-2511
ScotiabankScotiabank has 12 branches in London.1-877-303-8879
Simplii FinancialSimplii Financial is a digital bank and has no branches in London. 1-888-866-0866
TangerineTangerine Bank has no branches in London.1-888-826-4374
TDTD Bank has 17 branches in London.1-800-722-3098
YNCUYNCU has 1 branch in LondonNo Direct Number
This calculator is provided for general information purposes only. WOWA does not guarantee the accuracy of the information shown and is not responsible for any consequence that arise from the use of the calculator and its results. Any financing products shown are subject to terms and conditions and may not be available in certain regions.