Today's Best Mortgage Rates
Available through Canada Mortgage Source. We work with major Canadian banks, credit unions, and monoline lenders to find the best rate for your situation.
Fixed-Rate Mortgages
A fixed-rate mortgage locks your interest rate for the full term. Your payment doesn't change, even if the Bank of Canada moves rates up or down. About 70% of Canadian borrowers choose fixed.
| Term | Rate | Best for | Notes |
|---|---|---|---|
| 1-year fixed | 5.39% | Borrowers betting on lower rates within 12 months | |
| 2-year fixed | 4.94% | Short-term commitment with mid-term certainty | |
| 3-year fixed | 4.59% | A balance between flexibility and rate certainty | Often the sweet spot in the current rate environment |
| 4-year fixed | 4.49% | Mid-length commitment | |
| 5-year fixed | 4.39% | Long-term rate certainty (most popular term) | About 60% of Canadian borrowers choose this term |
| 7-year fixed | 5.14% | Long-term planners locking out rate volatility | |
| 10-year fixed | 5.49% | Maximum rate stability, lowest flexibility | Rarely chosen; break penalty drops after year 5 |
Variable-Rate Mortgages
A variable-rate mortgage moves with the prime rate. Your rate is expressed as Prime ± a number, so when the Bank of Canada changes the overnight rate, your interest rate changes within a day or two. Better when rates are falling, riskier when rates are rising.
| Term | Rate | Best for | Notes |
|---|---|---|---|
| 3-year variable | 4.65% | Borrowers expecting rate cuts, comfortable with risk | Prime - 0.30% |
| 5-year variable | 4.55% | Borrowers expecting rate cuts, comfortable with risk | Prime - 0.40% |
HELOC Rates
A Home Equity Line of Credit is a revolving credit facility secured against your home's equity. You can draw, pay down, and re-draw funds throughout the term. Most HELOCs are open (no fixed payment schedule, interest-only minimums) and priced at Prime + a number.
| Type | Rate | Best for | Notes |
|---|---|---|---|
| Open HELOC | 6.45% | Equity access for renovations, debt consolidation, or investment | Prime + 1.50%, interest-only payment option |
Bank of Canada's published 5-year rate
For context, the Bank of Canada's most recent published 5-year conventional mortgage rate (the long-running average of major bank posted rates) is 6.05% as of January 7, 2026.
Posted bank rates have historically run 1.5% to 2% above what real borrowers actually pay. The rates above are what's available to qualified clients through our brokerage relationships — meaningfully below the BoC's published reference. See full rate history →
How Canadian mortgage rates actually work
Posted vs. real rates
When a major bank advertises a "posted" rate of, say, 5.99% for a 5-year fixed, that's their starting position — not the rate most borrowers actually receive. Banks routinely discount from posted; brokers like us routinely beat the bank's discounted rate. The rates on this page reflect what we can actually source for qualified borrowers.
Why rates vary by term
Shorter-term rates (1-2 year) and longer-term rates (7-10 year) are usually more expensive than 3-5 year rates because of how Canadian banks fund mortgages. Most retail mortgage funding comes from 5-year wholesale debt, which is why 5-year terms tend to have the most competitive rates and the deepest lender selection.
Why your quoted rate may differ
The rates above assume a borrower with strong credit, stable employment, an insurable mortgage (less than 20% down with default insurance, or a low-ratio file under $1M), and a property in a major urban market. Specialty programs (self-employed, new to Canada, recently discharged bankruptcy) carry slight premiums; small-town or rural properties may add basis points; very strong files sometimes qualify for additional rate discounts.
When rates change
Fixed rates move with Government of Canada bond yields, which shift daily. Variable rates move with the Bank of Canada overnight target, which changes only at scheduled BoC announcements. The rates above are typically refreshed weekly; for the most current quote, use our calculator or contact us directly.