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 Meridian 3.44%5 yearvariable $3,855monthly payment Other rates from Meridian4.44% 3 year fixed $4,281 per month 4.59% 5 year fixed $4,347 per month |
 Lender highlights Some mortgage features.Good monthly pre-payment.Skip a payment.Good annual pre-payment. Best rate from Manulife Financial 3.50%5 yearvariable $3,880monthly payment Other rates from Manulife Financial4.29% 3 year fixed $4,216 per month 4.39% 5 year fixed $4,259 per month |
 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 Mortgage4.69% 5 year fixed $4,392 per month 4.79% 3 year fixed $4,436 per month |
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip a payment.Very good annual pre-payment. Best rate from Bank Of Montreal 3.60%5 yearvariable $3,922monthly payment Other rates from Bank Of Montreal4.54% 3 year fixed $4,325 per month 4.85% 5 year fixed $4,463 per month 5.33% 1 year fixed $4,681 per month 5.90% 10 year fixed $4,946 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 Financial4.59% 3 year fixed $4,347 per month 4.59% 5 year fixed $4,347 per month |
This week's mortgage rates | October 5 - October 9, 2026
Bank | Posted 5-year fixed rate | Discounted 5-year fixed rate - insured | Discounted 5-year fixed rate - uninsured |
|---|---|---|---|
6.09% | 4.84% | 4.94% | |
6.49% | 4.79% | 5.14% | |
6.14% | 4.69% | 5.04% | |
6.09% | 4.74% | 5.04% | |
6.19% | Contact bank for quote | Contact bank for quote | |
6.09% | 5.34% | 5.34% |
Note: BMO’s discounted rates apply to Smart Fixed mortgages. The posted rate shown is for its standard five-year fixed mortgage; Smart Fixed’s posted rate is 5.99%.
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. Your actual mortgage offer may be lower, depending on your mortgage and financial profile. You may qualify for an advertised discount or negotiate a lower rate.
✨ Our Nerdy take on current mortgage rate trends
Fixed mortgage rates have been climbing, adding another challenge for Canadians shopping for a home this fall.
Several major banks and other mortgage lenders increased their fixed rates in recent weeks as government bond yields rose. On September 29, CIBC and TD raised selected fixed rates by 20 basis points, or 0.20 percentage points, following increases at other major banks. Higher bond yields increase lenders’ funding costs and can push fixed mortgage rates higher.
Energy prices remain part of the pressure. Brent crude was trading around US$100 a barrel on October 5, with the ongoing conflict in the Middle East continuing to threaten oil supplies. Persistently expensive energy can keep inflation concerns elevated.
If you’re a prospective home buyer with your heart set on a fixed rate, consider getting pre-approved for a mortgage and asking about a rate hold. That can protect your quoted rate from increases while you house-hunt. Confirm how long the hold lasts and what conditions apply.
Variable mortgage rates have been steadier. On September 2, the Bank of Canada held its overnight lending rate at 2.25% for the seventh consecutive decision. Its next scheduled announcement is October 28. Existing variable-rate mortgages generally follow changes in lenders’ prime rates, but lenders can adjust the discounts offered to new borrowers between Bank of Canada decisions.
Variable mortgages currently offer substantially lower starting rates than comparable fixed mortgages. As of October 5, 2026, some of the lowest advertised offers include:
Five-year variable mortgage rates starting around 3.25%.
Five-year fixed mortgage rates starting around 4.29%–4.34%, depending on the provider and mortgage.
These offers are available to qualifying borrowers through certain brokers and lenders. Your rate will depend on factors including your location, mortgage term and whether the mortgage is insured. Big banks’ advertised rates may be higher, although negotiated and broker-accessed offers can be competitive.
2026 Mortgage rate forecast
Variable rates
The Bank of Canada’s next move remains uncertain. Its October 28 decision will provide another indication of where variable mortgage rates could head.
Canada’s economy grew in the second quarter after a weak start to the year. Statistics Canada also revised first-quarter growth slightly higher, meaning the latest data no longer support earlier reports that Canada entered a technical recession.
But the Bank still faces competing pressures. Persistently high energy prices and tariffs could add to inflation, while trade uncertainty threatens economic growth. Weaker growth could support rate cuts, but persistent inflation could keep the Bank on hold or prompt an increase. Borrowers shouldn’t count on a particular outcome.
Fixed rates
Fixed mortgage rates can change before the Bank of Canada’s next announcement because lenders price them partly in response to bond yields.
An easing in energy-price pressures and inflation expectations could bring yields down, creating room for lower fixed rates. Persistent inflation concerns or another global bond selloff could push them higher. The conflict in the Middle East remains a major influence, but broader economic conditions and financial markets also matter.
For borrowers, that means further changes in fixed-rate offers are possible even if the Bank of Canada leaves its policy rate untouched.
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 Big Six banks currently share a standard prime rate of 4.45%. Each bank sets its own prime rate, which generally moves in response to changes in the Bank of Canada’s overnight lending rate.
It’s worth noting, however, that TD is unique among Canadian banks in that they have their own prime mortgage rate, which is currently 4.60%.
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?
No time soon. Fixed mortgage rates, which have been driven higher because of the war in Iran and a sell off in bond yields, will only decrease once the fighting in the Middle East stops. Variable rates are more likely to increase than decrease in the short term.
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
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Clay Jarvis