Current Mortgage Rates
Compare today's best mortgage rates from Canada's top lenders. Find the lowest rates for fixed, variable, and all term lengths.
Bank of Canada Prime
4.45%%
Best 5-Year Fixed
3.89%
Best Variable
3.50%
Today's Best Mortgage Rates
| Lender | Term | Type | Rate | Product |
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* Rates shown are for informational purposes. Actual rates may vary based on credit profile, down payment, and property type. Contact us for your personalized rate.
5-Year Fixed Rate History
Mortgage Rate History
Historical rates shown for informational purposes. Past performance does not indicate future rates.
How Mortgage Rates Are Determined
Understanding what influences mortgage rates helps you make better timing decisions and negotiate effectively with lenders.
Fixed Rates
Fixed mortgage rates are primarily influenced by:
- Government of Canada Bond Yields: 5-year fixed rates closely track 5-year bond yields
- Inflation expectations: Higher expected inflation = higher fixed rates
- Lender competition: More competition = lower spreads over bond yields
- Economic outlook: Uncertainty often pushes rates higher
Variable Rates
Variable rates are tied to the prime rate, which follows:
- Bank of Canada Overnight Rate: Prime typically moves with the BoC's rate decisions
- Monetary policy: BoC raises rates to fight inflation, lowers to stimulate economy
- Lender discounts: The spread (prime - X%) varies by lender and competition
What Affects Your Personal Rate
Beyond market rates, your specific rate depends on:
- Credit score: 680+ for best rates, lower scores may add 0.25-1%+
- Down payment: 20%+ gets conventional rates; under 20% requires insurance
- Property type: Owner-occupied gets better rates than investment properties
- Income stability: Salaried employees often get better rates than self-employed
- Mortgage features: More restrictive terms (limited prepayment) = lower rates
Fixed vs Variable: Which Is Right for You?
Choose Fixed If:
- You prefer payment predictability
- You're on a tight budget
- Rates are expected to rise
- You sleep better with certainty
Choose Variable If:
- You want the lowest starting rate
- You may break your mortgage early
- Rates are expected to drop
- You can handle payment fluctuations
Frequently Asked Questions
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