Current Mortgage Rates in Canada (Updated Daily)
This week's mortgage rates | October 20 - October 24, 2025
Posted rate | Discounted rate | |
|---|---|---|
6.11% | 4.41% (insured) 4.67% (uninsured) | |
6.49% | 4.21% (insured) 4.56% (uninsured) | |
6.13% | 4.43% (insured) 4.63% (uninsured) | |
6.12% | 4.42% (insured) 4.72% (uninsured) | |
6.09% | -- | |
6.09% | 4.711% (insured) 4.711% (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 Bank of Canada cut its overnight rate on September 17, 2025.
Variable mortgage rates will soon decrease by 0.25%.
If unemployment continues rising, home buyers may retreat back to the sidelines.
After weeks of stability, mortgage shoppers got hit with a bit of a surprise toward the end of last week: A modest number of fixed and variable mortgage rates in Canada increased.
This is unusual for two reasons.
First, variable rates don't tend to move between Bank of Canada rate cuts, and the last BoC rate decision was handed down on September 17, 2025. Second, fixed rates generally follow movement in government bond yields, which have been sliding since September 26.
So what's going on? A possible explanation is that lenders are increasing the "risk premium" they bake into their mortgage rates as a hedge against risks they see in the Canadian economy. Yields might be down, and prime rates might not have moved, but lenders have to compensate for risk, and they generally do that by hiking their rates.
Rates haven't increased by much, and only at a few lenders. The lowest variable mortgage rate in Canada last week was 3.6%. As of October 24, it's 3.69%.
Fixed mortgage rates are basically in the same range as last week. As of October 24, the best three-year fixed rates and five-year fixed rates are generally between 3.8% and 4%.
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.
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.
2025 Mortgage rate forecast
Economists forecast lower variable rates by the end of the year while fixed rates are likely to hold fairly steady.
Variable rates will fall if the Bank of Canada lowers its overnight rate again. If the rate is cut by 0.25 percentage points, as many economists expect, variable rates would fall by the same amount.
Fixed-rate mortgages aren’t as likely to see that kind of movement, as they follow changes in government bond yields. Recession signals, such as rising unemployment and falling GDP, are putting downward pressure on yields but tariff-related inflation risk is propping them up.
Economists generally project three- and five-year yields to stay at current levels or inch up slightly by year’s end, which should result in fairly static fixed rates.
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.
8Twelve has partnered with over 65 Canadian mortgage lenders to provide competitive rates on over 7,000 mortgage products. 8Twelve can quickly match you with a lender and mortgage type that meets your needs — even if your financial situation is unique.
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.
When determining which offer is best for you, consider factors beyond the rate, like prepayment privileges and portability.
How does prime rate affect current mortgage rates?
Bank | Current prime rate |
|---|---|
BMO | 4.70% |
CIBC | 4.70% |
National Bank | 4.70% |
Scotiabank | 4.70% |
RBC | 4.70% |
TD | 4.70% |
A lender’s prime rate is typically used to set its current 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%.
5 ways to get the best mortgage rate
Improve your credit score 📈 Borrowers with a credit score of 680 or higher tend to get the best mortgage rates. Lower credit scores may mean working with an alternative lender that offers higher rates.
Tackle your debt 🏦 Paying off debt improves your credit score and increases cash flow. Debt payments, including your mortgage, should total less than 44% of your household income.
Boost your down payment 💰 Making a larger down payment and borrowing less reduces a lender's risk. They may reward you with a lower interest rate.
Compare multiple offers ⚖️ Don't limit yourself to one option when looking for a mortgage; get offers from a few lenders. A few minutes of your time could result in thousands in savings.
Negotiate 💪 Always ask lenders if they can improve on their rate offers. If this makes you feel uncomfortable, use a mortgage broker, who will negotiate for you.
Frequently asked questions
When will mortgage rates be lower?
When will mortgage rates be lower?
Fixed mortgage rates aren’t expected to dip much further in the second half of 2025, though the tariff war with the United States makes fixed rates hard to predict. Variable mortgage rates will continue decreasing each time the Bank of Canada lowers its overnight rate. Analysts expect the Bank to cut the overnight rate at least twice more in 2025, which would decrease variable mortgage rates by at least 0.5%.
Broker vs. bank: Who offers the best current mortgage rates?
Broker vs. bank: Who offers the best current mortgage rates?
When getting a mortgage, you can go directly to a lender, like a bank, or work with a mortgage broker.
Generally speaking, a mortgage broker should offer you a wider array of options. Unlike a bank’s mortgage advisors, brokers aren’t tied to a single financial institution. They can field offers from multiple lender partners, which might include B lenders and private lenders, in addition to some Big Six banks.
Part of a mortgage broker’s job is to negotiate a better rate for you. They only earn a commission when a mortgage is finalized, so it’s in their best interest to negotiate a mortgage yo
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