- Insured mortgages (under 20% down) usually get the lowest rates.
- Variable rates move with prime (4.45% in October 2026).
- Bids include the full terms: prepayment, penalty method, rate hold and fees.
What are today's best mortgage rates in Canada?
| Term | Rate | Lender type | Shelf / note | Payment on $400,000 |
|---|---|---|---|---|
| 5-year fixed | 4.04% | Credit union | uninsured | $2,113/mo |
| 5-year fixed insured | 3.89% | Monoline | insured | $2,080/mo |
| 5-year variable | 3.70% | Brokerage | prime − 0.75% | $2,046/mo |
| 3-year fixed | 4.19% | Monoline | uninsured | $2,145/mo |
| 2-year fixed | 4.54% | Bank | uninsured | $2,223/mo |
| 1-year fixed | 4.89% | Bank | uninsured | $2,301/mo |
| HELOC | 4.95% | Bank | prime + 0.50% | — |
| 2nd mortgage | 8.49% | MIC | 12-month, plus lender fee | — |
Payments on a $400,000 mortgage, 25-year amortization, fixed rates compounded semi-annually. Prime 4.45% (Bank of Canada policy rate 2.25%), October 7, 2026.
Fixed vs variable: which is better?
A fixed rate locks your payment for the term. A variable rate moves with prime and usually starts lower. Over the last decades variable has often cost less, but not always; it depends on where rates go. Model both with the fixed vs variable calculator.
Why do rates differ by down payment?
Lenders price by risk and funding cost. Insured mortgages are cheapest to fund; uninsured (20%+ down) and refinances are priced higher; rentals and alternative lending higher again. See insured and uninsured rates.
Mortgage rates by province
Frequently asked questions
Why is my bank's posted rate higher than these bids?
Posted rates are list prices; most borrowers qualify for discounts. Bids show the discounted rate up front.
How often do mortgage rates change?
Lenders reprice fixed rates as bond yields move, sometimes weekly. Variable rates change when prime changes.
Are these rates guaranteed?
Each bid is guaranteed by the lender for its rate hold, subject to the conditions listed on the bid.
- Bank of Canada: Policy interest rate (checked October 7, 2026)
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