We compare mortgage rates from top lenders so you get the best rate available. Check out the current rate offerings for fixed and variable term mortgages.
If you see a lower advertised rate, ask us about it! With our large network of Canadian lenders, chances are we can offer that rate or lower.
Latest Interest Rates for Purchases and Transfer (Renewal Mortgages)
Published Weekly, rates in percentage.
Source: Bank of Canada: Interest Rates Offered by Chartered Banks
A mortgage interest rate is the percentage charged on your loan by the lender. It determines how much extra you pay on top of the principal over the life of your mortgage.
Here’s a breakdown of the differences between Fixed Rate, Variable Rate, and Adjustable Rate Mortgages (ARM):
Stays the same for the entire term.
Fluctuates based on the lender’s prime rate but payments stay the same.
Fluctuates based on the lender’s prime rate, and payments adjust accordingly.
Fixed and predictable.
Stay the same, but if rates rise, more of the payment goes to interest and less to principal (and vice versa).
Change when interest rates change—if rates go up, payments increase. If rates go down, payments decrease.
No impact—rate is locked in.
Rate changes affect how much of the payment goes to interest vs. principal.
Rate changes affect both interest and payment amount.
Low—predictable costs.
Moderate—rate risk exists, but payments remain stable.
High—risk of increasing payments if rates rise.
Those who want stability and predictability.
Those who want some flexibility and can handle potential rate changes.
Those who can manage fluctuating payments and want to take advantage of falling rates.
Rates are influenced by:
Bank of Canada policy rate → Directly affects variable rates and indirectly influences fixed rates.
Inflation expectations → Higher inflation often leads to higher rates.
Mortgage type and term → Shorter terms usually have lower rates than longer terms.
Borrower profile → Credit score, income, down payment, and debt levels affect the rate offered.
Variable rates → Can change anytime based on the lender’s prime rate, which tracks the Bank of Canada rate.
Fixed rates → Locked for the term, but market conditions influence new term rates at renewal.
Work with a mortgage broker to compare multiple lenders.
Maintain a good credit score and low debt-to-income ratio.
Consider a larger down payment to reduce risk for the lender.
Shop early, especially before your mortgage term ends, to take advantage of competitive rates.
Posted rate → Lender’s advertised rate; rarely the rate you’ll get.
Contract rate → The actual rate you negotiate for your mortgage. Your broker helps you secure the best contract rate.
APR stands for Annual Percentage Rate. It’s a measure that shows the true annual cost of borrowing, expressed as a percentage. APR includes:
Interest rate – The base rate charged by the lender on your mortgage.
Fees and charges – Some lenders include application fees, legal fees, or mortgage insurance in the calculation (depending on the lender and type of loan).
Why It Matters:
APR gives you a more complete picture of your borrowing costs than just the interest rate.
It allows you to compare different mortgage products more accurately, because two mortgages with the same interest rate can have very different APRs if one has higher fees.
Example:
Mortgage A: 5% interest, low fees → APR ≈ 5%
Mortgage B: 5% interest, higher fees → APR ≈ 5.3%
Even though the interest rate is the same, the APR shows the true annual cost of the loan.
Fixed rate → Payments stay the same, interest portion may decrease over time.
Variable rate → Payments can increase if rates rise. Planning a buffer in your budget helps manage fluctuations.
Yes. At renewal or even mid-term (with potential penalties), switch lenders for a better rate.
Decide if fixed or variable fits your risk tolerance.
Lock in rates when market conditions are favorable.
Use a broker to compare deals and negotiate better terms.
Consider paying down principal faster to reduce the impact of rising rates.
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Disclaimer
¹ The lender offers personal lending products and residential mortgages and is subject to those lending criteria, terms and conditions. Offers may be changed, withdrawn or extended at any time without notice. Interest rates are provided for information purposes only.
² Source: Bank of Canada’s Key Interest Rates.
³ Mortgage Qualifying Rate (MQR), also known as the mortgage stress test rate for insured mortgages, is set by the Department of Finance.
⁴ Mortgage Qualifying Rate (MQR) for uninsured and uninsurable mortgages is set by the Office of Superintendent of Financial Institutions (OSFI).
