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.
Licensed mortgage brokers bid alongside banks, credit unions and private lenders on MortgageBids.ca. One broker bid can tap dozens of lenders, and on most prime mortgages the lender pays the broker, not you. Why use a mortgage broker · Get broker and lender bids
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 brokers and lenders first.
Frequently asked questions
What is a capped variable rate?
A variable rate with a maximum it can reach during the term.
- Bank of Canada: Policy interest rate (checked October 7, 2026)
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