Looking for our MIC/Alt Lending? tekfund.ca


Salmon Arm/Shuswap Current (Posted) Mortgage Rates

A list of the current posted rates at local (Salmon Arm and the Shuswap area) banks that you can visit in-person.

Lender Product Name Rate Term Variable/Fixed Insurance
Prospera Credit Union 5-Year Fixed 4.74% 5-year Fixed Insured
RBC RBC High Ratio Mortgage 4.84% 5-year Fixed Insured
RBC 5-Year Smart Fixed 4.84% 5-year Fixed Insured
Valley First Financial 5-Year Fixed 4.89% 5-year Fixed Insured
Interior Savings 5-Year Insured 4.89% 5-year Fixed Insured
First National Financial 5-Year fixed 4.89% 5-year Fixed Insured
Merix Financial 5-Year Insured 4.99% 5-year Fixed Insured
SASCU Financial 5-Year Fixed Closed 4.99% 5-year Fixed Uninsured
CIBC CIBC 5-year Insured 5.04% 5-year Fixed Insured
BMO BMO Smart Fixed 5.14% 5-year Fixed Uninsured
TD 5-Year Fixed Closed 5.15% 5-year Fixed Insured
Revelstoke Credit Union Revelstoke Credit Union 5.15% 5-year Fixed Insured
Interior Savings 5-Year fixed 5.29% 5-year Fixed Uninsured
Merix Financial 5-Year Fixed 5.34% 5-year Fixed Uninsured
First National Financial 5-Year Uninsured 5.49% 5-year Fixed Uninsured
Scotiabank Scotia Flex Value Mortgage-Closed 5 Year Term 5.69% 5-year Fixed Insured
First West Financial 5-Year Variable 6.05% 5-year Fixed Insured
RBC 5-Year Variable 6.34% 5-year Variable Insurable
Valley First Financial 5-Year Variable 6.35% 5-year Fixed Insured
SASCU Financial 5-Year Variable 6.45% 5-year Variable Insured
Prospera Credit Union 5-Year Variable 6.54% 5-year Fixed Uninsured
Scotiabank 5-Year Fixed 6.79% 5-year Fixed Insured
Revelstoke Credit Union Revelstoke Credit Union 6.84% 5-year Fixed Uninsured
BMO 5-Year Variable 6.95% 5-year Variable Insured
CIBC CIBC 5-Year Variable 6.95% 5-year Variable Insured
TD 5-Year Variable 6.97% 5-year Variable Insured
Revelstoke Credit Union 5-Year Variable 7.2% 5-year Variable Insured

What about that 4.xx rate I saw online?

That's a heck of a great question! Many websites out there use what are called "Teaser Rates" to get potential clients to reach out to them first. Teaser rates are usually special or 'promo' rates that apply to specific situations (usually minimum city population sizes, or certain minimum down payment etc.) That doesn't mean the rate doesn't exist, it just means that it probably doesn't apply to most borrowers.

Others advertise low rate for restrictive mortgages called "Low Rate Basic Mortgages" - sometimes also called a "FlexValue" or some other catchy term. These mortgages usually have incredibly prohibitive penalties and pre-payment terms. Many of the lenders we work with offer these particular products (in addition to their normal mortgages) and are available to our clients. We just don't like to advertise them, because, well, we wouldn't use a LRB mortgage ourselves, so why would we put a client into one?

At Tekamar, we try to avoid using teaser rates - we just don't think they're that honest.

Instead, the rates we advertise rates for mortgage products we're getting for the vast majority of our clients. Sure we have access to most of those rates but we'd rather advertise the rates we're likely to reccomend and place our clients in. This is a pretty big topic, and we'd be happy to chat about it with you further, so give us a shout and ask about why we don't like LRB mortgages!

When where these rates updated?

Last Updated: June 10, 2024

Rates change almost as quickly as the weather. We try our best to stay ahead of it, but the above rates may be off by a few days or so. We attemt to update them once a week.