Mortgage Rates

Competitive Mortgage 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


Latest Interest Rates

Fixed Closed

Popular rates for Purchase and Switch Mortgages. Closed term, Fixed rates.¹

3-Year Fixed
5-Year Fixed

Variable Closed

Popular rates for Purchase and Switch Mortgages. Closed term, Variable (VRM) and Adjustable (ARM) rates.¹

5-Year VRM
5-Year ARM
P -1.00%
Qualifying Rate²
Bank of Canada
Overnight Rate³
Bank of Canada
Prime Rate³
Yes, I would like to receive email updates from Mortgage Factory Inc. You can unsubscribe to emails at any time.


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


Mortgage News

Too Early For Rate Decrease: Bank Of Canada

Too Early For Rate Decrease: Bank of Canada

The Bank of Canada’s Governing Council is hesitant to pinpoint when they might begin easing interest rates, as indicated in the summary of discussions from their January 24 meeting.

Mortgage Porting Bring Your Mortgage With You

Mortgage Porting: Bring Your Mortgage With You

Suppose you are committed to a five-year mortgage term with two years left until renewal. However, recent changes in your life, such as a new job offer requiring relocation or the need for more space due to a growing family, necessitate an early exit from

Real Estate Upswing In December

Real Estate Upswing in December

After an uneventful November and the tension of a cooling year-end market, the national real estate figures for December have defied expectations. A surprising upswing of 8.7% monthly compared to November, with 38,135 property transactions. On an annual basis, sales activity saw a 3.7% increase.

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.


We use cookies to enhance your browsing experience, serve ads, content, analyze our traffic and perform necessary functions to ensure you get the best experience. By clicking "Accept", you consent to our use of cookies.

Learn more about M Factory’s Privacy Policy and Cookies.