Today's best variable discounts
| Term | Rate | Lender type | Shelf / note | Payment on $400,000 |
|---|---|---|---|---|
| 5-year variable | 3.70% | Brokerage | prime − 0.75% | $2,046/mo |
| HELOC | 4.95% | Bank | prime + 0.50% | — |
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.
Variable vs adjustable
Both move with prime. With an adjustable-rate mortgage the payment changes; with a variable-rate mortgage the payment stays the same and the split between interest and principal changes.
Should I lock in my variable rate?
Most variable mortgages let you convert to a fixed term without penalty. Locking in makes sense when you need payment certainty; compare the fixed rate offered with bids from other lenders first.
Frequently asked questions
What is a capped variable rate?
A variable rate with a maximum it can reach during the term.
MBWritten by the MortgageBids.ca editorial team. Last updated October 7, 2026. General information only; your lender confirms terms for your file.
Sources
- Bank of Canada: Policy interest rate (checked October 7, 2026)
Related
Challenge your mortgage rate
Connect with verified lenders and brokers bidding on your mortgage. Free for homeowners, three short steps.