Rate matters. Context matters too.
Mortgage rates can change frequently.
Use this page to understand the market. Then compare the rates actually available for your transaction.
Rates can vary by
- Lender
- Mortgage type
- Insured or uninsured status
- Term
- Fixed or variable structure
- Property
- Loan-to-value
- Borrower circumstances
- Product features
Current mortgage rates
Published by the Bank of Canada. Posted rates are updated weekly; the policy rate daily.
Last updated: Oct 15, 2026 (latest Bank of Canada data)
- BoC policy rate2.25%as of Oct 15, 2026
- Prime rate4.45%as of Oct 14, 2026
- Posted 1-yr fixed5.49%as of Oct 14, 2026
- Posted 3-yr fixed6.05%as of Oct 14, 2026
- Posted 5-yr fixed6.19%as of Oct 14, 2026
Posted is not what most people pay
The big banks’ posted 5-year fixed rate is 6.19%. Posted rates are the banks’ sticker price. Most borrowers are offered a lower, discounted rate, and what you are offered depends on your file: income, down payment, credit, property and whether the mortgage is insured.Mortgage rules last reviewed: September 29, 2026
Rates lenders publish on their own websites
Collected automatically from each lender's public rates page and refreshed every few hours. Use them as a benchmark: a lender's advertised rate is a starting point, and the rate you're offered depends on your file.
Last updated Oct 18, 2026, 1:22 p.m.
- DesjardinsCredit union · source
- 1-yr fixed
- —
- 3-yr fixed
- —
- 5-yr fixed
- 4.69% (lowest shown)
- 5-yr variable
- 4.10%Reduced variable
- Meridian Credit UnionCredit union · source
- 1-yr fixed
- —
- 3-yr fixed
- 4.49% (lowest shown)
- 5-yr fixed
- 4.74%
- 5-yr variable
- 3.64% (lowest shown)Variable = prime − 0.81%
- FirstOntario Credit UnionCredit union · source
- 1-yr fixed
- 5.49%
- 3-yr fixed
- 4.94%
- 5-yr fixed
- 5.04%
- 5-yr variable
- 4.05%
- RBC Royal BankBig bank · source
- 1-yr fixed
- 5.14%
- 3-yr fixed
- 4.99%
- 5-yr fixed
- 5.14%
- 5-yr variable
- 4.15%
- National Bank of CanadaBig bank · source · updated 2026-10-18
- 1-yr fixed
- 5.49%
- 3-yr fixed
- 5.04%
- 5-yr fixed
- 5.14%
- 5-yr variable
- —
- Libro Credit UnionCredit union · source · updated 2026-10-07
- 1-yr fixed
- 5.39%
- 3-yr fixed
- 5.09%
- 5-yr fixed
- 5.14%
- 5-yr variable
- 4.15%Variable = prime − 0.30%
- TangerineDigital bank · source · updated 2026-10-16
- 1-yr fixed
- 5.99%
- 3-yr fixed
- 4.94%
- 5-yr fixed
- 5.19%
- 5-yr variable
- 3.95%
- CIBCBig bank · source · updated 2026-10-09
- 1-yr fixed
- 5.09% (lowest shown)
- 3-yr fixed
- 5.09%
- 5-yr fixed
- 5.34%
- 5-yr variable
- 4.20%Variable Flex
- TD Canada TrustBig bank · source
- 1-yr fixed
- —
- 3-yr fixed
- 5.24%
- 5-yr fixed
- 5.39%
- 5-yr variable
- 4.29%
- DUCA FinancialCredit union · source
- 1-yr fixed
- 5.14%Insured high-ratio mortgages only
- 3-yr fixed
- 4.49%Insured high-ratio mortgages only
- 5-yr fixed
- 4.39%Insured high-ratio mortgages only
- 5-yr variable
- 4.29%Insured high-ratio mortgages only
- Alterna SavingsCredit union · source · updated 2026-10-01
- 1-yr fixed
- 5.69%Signature: 20%+ down payment
- 3-yr fixed
- 4.59%Smart Start: insured only (under 20% down)
- 5-yr fixed
- 4.69%Smart Start: insured only (under 20% down)
- 5-yr variable
- 3.70%Smart Start: insured only (under 20% down)
| Lender | 1-yr fixed | 3-yr fixed | 5-yr fixed | 5-yr variable |
|---|---|---|---|---|
Desjardins Credit union · source | — | — | 4.69% (lowest shown) | 4.10% Reduced variable |
Meridian Credit Union Credit union · source | — | 4.49% (lowest shown) | 4.74% | 3.64% (lowest shown) Variable = prime − 0.81% |
FirstOntario Credit Union Credit union · source | 5.49% | 4.94% | 5.04% | 4.05% |
RBC Royal Bank Big bank · source | 5.14% | 4.99% | 5.14% | 4.15% |
National Bank of Canada Big bank · source · updated 2026-10-18 | 5.49% | 5.04% | 5.14% | — |
Libro Credit Union Credit union · source · updated 2026-10-07 | 5.39% | 5.09% | 5.14% | 4.15% Variable = prime − 0.30% |
Tangerine Digital bank · source · updated 2026-10-16 | 5.99% | 4.94% | 5.19% | 3.95% |
CIBC Big bank · source · updated 2026-10-09 | 5.09% (lowest shown) | 5.09% | 5.34% | 4.20% Variable Flex |
TD Canada Trust Big bank · source | — | 5.24% | 5.39% | 4.29% |
DUCA Financial Credit union · source | 5.14% Insured high-ratio mortgages only | 4.49% Insured high-ratio mortgages only | 4.39% Insured high-ratio mortgages only | 4.29% Insured high-ratio mortgages only |
Alterna Savings Credit union · source · updated 2026-10-01 | 5.69% Signature: 20%+ down payment | 4.59% Smart Start: insured only (under 20% down) | 4.69% Smart Start: insured only (under 20% down) | 3.70% Smart Start: insured only (under 20% down) |
Highlighted = lowest rate without special conditions among the lenders shown. Rates with conditions (for example, insured mortgages only) show them underneath. “—” = not advertised on the lender’s site.
These are the lenders’ own direct rates as advertised on their websites, not rates offered by Perett Mortgages. They may have changed since they were collected, and each lender’s conditions apply (check the source link). Special offers are typically for new customers with strong applications and may require default insurance. Showing 12 of 12 lenders tracked. E.&O.E.
The lowest rate is not automatically the lowest-cost mortgage.
A mortgage with a slightly lower rate can have different:
- Prepayment privileges
- Penalties
- Portability
- Refinance options
- Restrictions
- Fees
- Or qualification requirements
The better comparison is:
What do I get for this rate, and does the mortgage fit what I plan to do?
Business owners: qualification comes before rate optimization.
If one lender will not support enough of your income, its attractive advertised rate may not be relevant to your application. For a self-employed borrower, the sequence is:
- 1
Understand the income
- 2
Identify realistic lender routes
- 3
Compare rates, terms and features
That keeps the rate conversation grounded in mortgages you may actually be able to obtain.
Fixed vs. variable
Fixed rate
Generally provides a set interest rate for the mortgage term.
This can provide greater payment or interest-cost predictability, depending on the mortgage structure.
Variable rate
The interest rate can change as the lender’s applicable prime rate changes.
Depending on the mortgage, that may change the payment, the portion going to principal, or both.
There is no universally correct choice.
The decision depends on:
- Risk tolerance
- Cash flow
- Expected holding period
- Mortgage features
- And the available pricing
Why the headline rate may not tell the whole story
Where applicable, APR can incorporate certain borrowing costs beyond the stated interest rate.
When comparing mortgages, make sure you understand:
- The stated rate
- Relevant fees
- Conditions
- And product restrictions
Do not compare two mortgages solely because the percentages look similar.
The rate you pay and the rate used to qualify you can be different.
For many uninsured mortgages at federally regulated lenders, borrowers are currently qualified using the greater of:
The contract rate + 2 percentage points
or
5.25%
Certain eligible straight switches at renewal are treated differently.
Qualification rules depend on the transaction and lender.
Don’t shop for a rate in isolation.
Shop for the mortgage that fits the file and the goal.
No credit check to start · Initial review at no cost · Nothing submitted without your approval