Today's Mortgage Rates
Mortgage rates change daily. The rates below refresh on every visit and show indicative best-available benchmarks from our rate API — not the posted rates your bank advertises.
Today's Best Available Rates
Rates are indicative and subject to change without notice. Your actual rate depends on down payment, credit score, amortization, and property type.
Types of Mortgage Rates
Understanding the difference between rate structures helps you choose the mortgage that fits your life — not just the one with the lowest number.
Fixed Rate
Your rate stays locked for the entire term. Predictable payments, protection against rate increases.
Variable Rate
Your rate moves with the Bank of Canada's prime rate. Historically lower over time, but with some payment risk.
Open Mortgage
Allows you to pay off your mortgage at any time without penalty. Higher rates, but maximum flexibility.
Closed Mortgage
Lower rates in exchange for limited prepayment privileges. Most Canadian mortgages are closed.
Posted Reference Rates
These are the conventional mortgage rates published by the major banks in Canada. Broker clients typically pay significantly less — see our live rates above.
The Bank of Canada publishes these figures as posted benchmarks. The rate you are offered at a branch or online can still differ based on promotions, relationship pricing, and your qualifications.
Last updated: —
Historical Rate Trends
How Canadian mortgage and prime rates have moved over time. Pan and zoom to explore any period.
Interactive line graph: use drag or touch to move along the time axis, and a scroll or trackpad to zoom. Current posted reference rates for these series appear in the Bank of Canada section above. Chart data: Bank of Canada.
What Affects Your Mortgage Rate?
Lenders set rates based on several factors including your credit score, down payment size, amortization period, and the property type. The Bank of Canada's overnight rate heavily influences variable and short-term fixed rates.
Posted bank rates are rarely what you actually pay. Brokers negotiate directly with lenders and have access to rate discounts that aren't available to the public.
Approximately, a 0.25% rate difference on a $600,000 mortgage over five years can be on the order of $7,500 in interest — illustration only; your outcome depends on amount, term, payment frequency, and lender.
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Mortgage Rate FAQ
Plain-language answers to the questions we hear most often about mortgage rates.
How often do mortgage rates change?
Variable rates change when the Bank of Canada adjusts its overnight rate (8 times per year). Fixed rates move more frequently based on bond market yields and can change daily.
What's the difference between a fixed and variable rate?
A fixed rate stays the same for your entire term, so your payments are predictable. A variable rate fluctuates with the prime rate — if rates go down, you pay less; if they go up, you pay more.
Is a 5-year fixed rate always the best choice?
Not necessarily. The best term depends on your situation — how long you plan to stay in the home, your risk tolerance, and where rates are headed. Many borrowers benefit from shorter terms or variable rates in falling-rate environments.
What is the Bank of Canada rate?
The Bank of Canada's overnight rate is the key interest rate it uses to influence borrowing costs. When it rises, prime rate rises, making variable mortgages more expensive. When it falls, variable rates decrease.
Can I get a better rate through a broker?
Yes, in most cases. Mortgage brokers have access to wholesale rates from multiple lenders that are typically lower than what banks advertise publicly. Because we submit one application to many lenders, they compete for your business.
What does 'prime minus' mean?
Variable rate mortgages are often quoted as 'prime minus X%' — for example, 'prime − 0.90%'. If prime rate is 5.45%, your rate would be 4.55%. Your payment may vary if the prime rate changes.
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