Current Mortgage Rates in Canada (Updated Daily)
JUMP TO: This week's mortgage rates | Our Nerdy take on current mortgage rate trends | Which Big Six bank has the best current mortgage rates? | How does the prime rate affect mortgage rates? | Is now a good time to get a mortgage?
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip payment not available.Very good annual pre-payment. Best rate from Marathon Mortgage 3.50%5 yearvariable $3,880monthly payment Other rates from Marathon Mortgage4.34% 5 year fixed $4,238 per month 4.54% 3 year fixed $4,325 per month |
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip payment not available.Very good annual pre-payment. Best rate from Meridian 3.59%5 yearvariable $3,917monthly payment Other rates from Meridian3.99% 3 year fixed $4,086 per month 4.24% 5 year fixed $4,194 per month |
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip payment not available.Very good annual pre-payment. Best rate from Pine Financial 3.60%5 yearvariable $3,922monthly payment Other rates from Pine Financial4.29% 3 year fixed $4,216 per month 4.34% 5 year fixed $4,238 per month |
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip payment not available.Very good annual pre-payment. Best rate from Radius Financial 3.60%5 yearvariable $3,922monthly payment Other rates from Radius Financial4.39% 5 year fixed $4,259 per month 4.44% 3 year fixed $4,281 per month 4.89% 1 year fixed $4,481 per month |
 Lender highlights Some mortgage features.Good monthly pre-payment.Skip a payment.Good annual pre-payment. Best rate from Scotia Bank 3.65%5 yearvariable $3,942monthly payment Other rates from Scotia Bank3.65% 5 year variable $3,942 per month 4.04% 3 year fixed $4,108 per month 4.24% 5 year fixed $4,194 per month 4.59% 1 year fixed $4,347 per month 5.35% 10 year fixed $4,690 per month |
This week's mortgage rates | August 31 - September 6, 2026
Posted rate | Discounted rate | |
|---|---|---|
6.09% | 4.74% (insured) 4.84% (uninsured) | |
6.49% | 4.59% (insured) 4.94% (uninsured) | |
6.09% | 4.69% (insured) 4.84% (uninsured) | |
6.09% | 4.59% (insured) 4.89% (uninsured) | |
6.09% | -- | |
6.09% | 4.84% (insured) 4.84% (uninsured) |
This table shows current, 5-year fixed interest rates at the six major chartered banks in Canada.
💡DYK? Posted rates are publicly advertised, non-discounted rates. If you get a mortgage from a big bank, your rate offer will be personalized and probably closer to the discounted rates you see here.
✨ Our Nerdy take on current mortgage rate trends
The global selloff of government bonds, a reaction to rising oil prices and growing inflation fears, hit Canadian bond yields this week. This matters because lenders use yields to price their fixed mortgage rates.
Yields were choppy for most of August, but they leapt on September 2, 2026, after the Bank of Canada announced its concerns around economic growth and inflation while making its latest interest rate announcement.
Three- and five-year bond yields are now higher than at any point during the Iran war, which has triggered multiple fixed-rate hikes. You'd have to go back to 2024 to find similarly high yields.
This does not bode well for home buyers with their hearts set on a fixed rate. If you intend to go fixed in the coming weeks, get pre-approved for a mortgage pronto.
Variable mortgage rates, on the other hand, are far more predictable. They won't move much, if at all, in the next several weeks.
On September 2, the Bank of Canada announced it was holding its overnight lending rate at 2.25%. The overnight rate directly impacts variable rates, so the Bank's seventh consecutive rate hold means variable rates will hover near their current levels until the end of October at the earliest.
Variable mortgage rates remain the more affordable option by far. For September 3, 2026:
The lowest variable mortgage rates in Canada for around 3.3%.
The lowest fixed mortgage rates are around 3.9%.
Keep in mind that these rates are available at certain brokers and online lenders. Bank mortgage rates are significantly higher.
2026 Mortgage rate forecast
Variable rates
Variable mortgage rates could be set to change earlier than expected. Most analysts anticipated the Bank of Canada holding its overnight rate steady for all of 2026, which would have a similar effect on variable rates.
But the Iran war and the discovery that Canada entered a technical recession in the first quarter of 2026 may force the Bank to act.
If the war leads to persistent, painful inflation, the Bank may have to announce a rate increase. But a faltering economy generally triggers rate cuts to stimulate the economy.
Because a rate cut when prices are rising would fuel inflation, the Bank is likely to hold off on making a move until later this summer.
Fixed rates
As of August 2026, fixed mortgage rates are generally 4% or higher due to lenders' response to war-related increases in government bond yields. (Lenders use bond yields to price their fixed rates.) Yields skyrocketed after the war in Iran caused oil prices to spike, raising fears of inflation and future Bank of Canada rate increases.
Predicting where fixed rates head in the coming months depends heavily on the war in Iran. If it wraps up without further damage being done to oil and food supplies, bond yields should recede and take fixed mortgage rates with them. If the war escalates and worsens the global financial outlook, yields and fixed rates could increase even further.
Read more about the Bank of Canada's latest rate announcement.
The BoC makes policy interest rate announcements eight times a year. Find out how its latest decision might impact Canada's housing market.
Which Big Six bank has the best current mortgage rates?
Canada’s biggest banks tend to offer similar mortgage rates, and they don’t always work with mortgage brokers.
Click on a bank’s name to see a full list of its current mortgage rates, including posted and discounted mortgage rates.
How does prime rate affect current mortgage rates?
Bank | Current prime rate |
|---|---|
BMO | 4.45% |
CIBC | 4.45% |
National Bank | 4.45% |
Scotiabank | 4.45% |
RBC | 4.45% |
TD | 4.45% |
A lender’s prime rate is typically used to set its variable mortgage rates. That’s why you’ll often see banks’ variable mortgage rates described as “prime minus X%” when you visit their rates pages.
The prime rate at all Big Six banks is currently identical. That’s because each bank bases its prime rate on the Bank of Canada’s overnight lending rate. When the overnight rate rises or falls, so does prime.
It’s worth noting, however, that TD is unique among Canadian banks in that they have their own prime mortgage rate, which is currently 5.1%.
Is now a good time to get a mortgage?
You’re ready to get a mortgage if:
You’ve built up your down payment savings.
Your credit score is in a good spot.
You know what you’re looking for in a home.
The next step is to talk to a mortgage professional. Already found a rate you like? You’re definitely ready to start a conversation.
What to expect when you talk to a mortgage professional
Getting quotes from lenders should be a straightforward, low pressure process. Getting a quote doesn’t commit you to a rate, a mortgage lender or a mortgage broker. At this point in the process, it just involves a conversation.
If you haven’t done this before, here’s what you can expect the first time you and a mortgage professional talk:
Providing information about your current living and employment situations.
Talking about the type of home you’re looking for and where you’d like to buy.
Clarifying whether you’re applying for the mortgage alone or with a co-borrower.
The initial conversation is usually a fact-finding call for the mortgage provider. It's also a chance for you to ask questions about the application process and what it will be like to work with them. Your initial conversation with a mortgage provider might also include pre-qualification, a non-binding, rough estimate of what you might be able to borrow.
You won't be offered a mortgage rate at this point. No reputable lender or broker will offer you a rate until you go through the full pre-approval process, and you won’t start that until you’re ready.
Frequently asked questions
When will mortgage rates be lower?
Fixed mortgage rates, which have been driven higher because of the war in Iran, will only decrease once the fighting in the Middle East stops. So long as it carries on, there remains a threat to global oil supplies. Oil prices impact government bond yields, which impact fixed mortgage rates.
Variable mortgage rates could be stuck at their current levels for much of the year, too. The Bank of Canada, whose overnight rate directly impacts variable rates, is in an awkward position. The war in Iran has led to higher inflation, which typically triggers rate increases. But slow economic growth over the last two quarters may require a rate cut to stimulate activity.
Broker vs. bank: Who offers the best current mortgage rates?
Generally speaking, a mortgage broker should offer you a wider array of options, which can help you find a lower rate. Unlike a bank’s mortgage advisors, brokers can source offers from multiple lender partners, which might include B lenders and private lenders, in addition to some Big Six banks.
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Clay Jarvis
Clay Jarvis
Beth Buczynski
Clay Jarvis