Mortgage Factory

Mortgage Rates

Canada's Best Rates

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.

Mortgage Rates


Mortgage Rates

3-Year Fixed¹
5-Year Fixed¹
(Prime -1.00%)
5-Year Variable¹
Qualifying Rate²
"Stress Test"
Bank of Canada
Overnight Rate³
Bank of Canada
Prime Rate³


More than a Number

The Bank of Canada’s Prime Rate influences variable and adjustable interest rates. The Prime Rate is reviewed eight times per calendar year, at which point the bank may choose to lower, raise, or keep the pace the same.

More Than A Number

A fixed-rate mortgage is where the interest rate remains the same throughout the term of the loan. Your mortgage payment will be fixed and will not change over the loan term, typically 5 years.

Fixed-rate mortgages are popular among homebuyers because they offer stability and predictability. With a fixed-rate mortgage, you can budget your monthly expenses more accurately, as you know exactly how much you will be paying toward your mortgage.

One of the drawbacks of a fixed-rate mortgage is that the interest rate is typically higher than the initial interest rate of a variable/adjustable-rate mortgage. However, with a variable, the interest rate can fluctuate over the loan term, making it harder to budget your monthly expenses.

The terms “variable mortgage rate” and “adjustable mortgage rate” are often used interchangeably. The rate is typically based on the prime rate set by the Bank of Canada or the lender’s prime rate, but they differ. 

Here is the difference:

Adjustable Mortgage Rate: 

An adjustable mortgage rate, also known as an (ARM), is a mortgage interest rate that can change over the term. The interest rate can increase or decrease based on changes in the prime rate, affecting your mortgage payment. This means your monthly mortgage payment can increase or decrease depending on the fluctuations in interest.

(ARM, changes impact the mortgage payment directly).

Variable Mortgage Rate: 

A variable mortgage rate, also known as a (VRM), is a mortgage interest rate that can change over the term based on changes in the prime rate, affecting your mortgage amortization. This means your mortgage amortization, the total length to which your mortgage is paid, can increase or decrease depending n the fluctuation in interest.

(VRM, changes impact the amortization).

These rates have many benefits over a Fixed Interest Rate, particularly the Adjustable Mortgage Rate.


Interest rates posted for selected products by the major chartered banks

Published Weekly, rates in percentage. Source: Bank of Canada: Interest Rates Offered by Chartered Banks


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Legal Disclaimer

¹ Personal lending products and residential mortgages are offered by the lender and are 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 OSFI’s guideline B-20 sets the minimum qualifying rate for mortgages. It is the greater of the contractual mortgage rate plus two percent or the five-year benchmark rate published by the Bank of Canada.
³ Bank of Canada’s published rate values.