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Southwestern Ontario, Ontario Updated March 11, 2026

Best Mortgage Rates in
London

Affordable university city with significant price correction

🏠
Avg. Home Price $580,000 -5.1% YoY
🏢
Avg. Condo Price $365,000
📅
Days on Market 38
⭐
Best 5-Yr Fixed 3.84%
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📊 Rate Comparison

Compare Mortgage Rates in London

Updated March 11, 2026

Today's Best Mortgage Rates

Compare discounted rates from Canada's top lenders. These are actual rates you can get - not posted bank rates.

Prime Rate
4.45%
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Best 5-Yr Fixed
3.84%
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Best Variable
3.45%
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Featured Mortgage Rates

Best discounted rates available today – sorted by lowest rate

Term Lender Best Rate
5-Year Variable National Bank 3.45% Get This Rate
3-Year Fixed National Bank 3.69% Get This Rate
4-Year Fixed National Bank 3.79% Get This Rate
5-Year Fixed RFA Mortgage 3.84% Get This Rate
2-Year Fixed First National 4.19% Get This Rate
1-Year Fixed MCAP 4.49% Get This Rate
7-Year Fixed National Bank 4.54% Get This Rate
10-Year Fixed MCAP 4.69% Get This Rate

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* Rates shown are discounted rates for insured mortgages. Rates may vary based on credit profile, down payment, and property type. Subject to change without notice. OAC.

🏙️ Market Overview

London Mortgage Market Overview 2026

London represents exceptional value in Ontario's real estate landscape. At $580,000 average, first-time buyers need only $32,500 down (5% with CMHC insurance) to enter the market. The city has seen a 5.1% correction, creating a strong buyer's market. Western University and healthcare sector employment provide stability. London attracts remote workers and GTA refugees seeking affordable, family-friendly communities.
💡 Local Insights

Mortgage Tips for London Buyers

Expert advice tailored to the local London real estate market.

First-Time Buyers

London offers some of Ontario's best first-time buyer value with minimal down payment requirements.

Min. down payment: $29,000 (5% of avg. price)

Refinancing

Lower prices mean faster equity building—consider refinancing for rental property investments.

Investment Property

Western University and Fanshawe College create consistent student rental demand.

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📍 Neighborhoods

Popular Areas in London

Downtown
Old North
Byron
Masonville
Hyde Park
Wortley Village
🏦 Local Lenders

Top Mortgage Lenders in London

We compare rates from these and 50+ other lenders to find you the best deal.

TD Canada Trust
RBC
Libro Credit Union
DUCA
Meridian
❓ FAQ

Frequently Asked Questions About Mortgages in London

Why is London so much cheaper than the GTA?

London lacks the transit connectivity and employment density of the GTA. However, remote work has changed this equation—many buyers now prioritize affordability and space over commute times.

Get the Best Mortgage Rate in London

Work with a local mortgage expert who understands the London market. We compare rates from 50+ lenders to save you thousands.

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