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 3.69%5 yearvariable $3,959monthly payment Other rates from Meridian4.49% 3 year fixed $4,303 per month 4.69% 5 year fixed $4,392 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 3.75%5 yearvariable $3,985monthly payment Other rates from Marathon Mortgage4.69% 5 year fixed $4,392 per month 4.74% 3 year fixed $4,414 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 3.85%5 yearvariable $4,027monthly payment Other rates from Bank Of Montreal4.53% 3 year fixed $4,321 per month 4.90% 5 year fixed $4,486 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 Neo Financial 3.85%5 yearvariable $4,027monthly payment Other rates from Neo Financial4.69% 5 year fixed $4,392 per month 4.79% 3 year fixed $4,436 per month 5.94% 1 year fixed $4,965 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 3.85%5 yearvariable $4,027monthly payment Other rates from Pine Financial4.59% 3 year fixed $4,347 per month 4.64% 5 year fixed $4,370 per month |
This week’s mortgage rates | November 2–6, 2026
Bank | Posted 5-year fixed rate | Discounted 5-year fixed rate - insured | Discounted 5-year fixed rate - uninsured |
|---|---|---|---|
6.09% | 4.99% | 5.14% | |
6.49% | 4.99% | 5.34% | |
6.14% | 4.69% | 5.14% | |
6.19% | 4.84% | 5.14% | |
6.19% | Contact bank for quote | Contact bank for quote | |
6.14% | 5.39% | 5.39% |
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%.
Discounted rates shown are for qualifying mortgages with amortizations of 25 years or less. Eligibility conditions apply.
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
A week after the Bank of Canada raised its policy rate to 2.50%, five-year variable mortgages still start lower than five-year fixed mortgages.
As of November 9, for qualifying insured mortgages, we’re seeing:
Five-year variable rates starting around 3.60%.
Five-year fixed rates starting around 4.39%.
That’s a gap of 0.79 percentage points. If you got that 3.60% variable rate and your lender’s prime rate rose by another quarter point, you’d pay 3.85%. After two such increases, you’d be at 4.10%, still below a fixed rate locked in at 4.39%.
How much interest you’d save over the term depends on when rates move and how long they stay there.
If you already have a variable mortgage, check what last week’s hike changed. With adjustable payments, your payment goes up. With fixed payments, more of the same payment goes toward interest. At your trigger rate, your payment covers only interest. If rates rise to the trigger point in your mortgage contract, your lender may increase your payment.
If you’re choosing between offers, ask the variable lender what two more quarter-point increases would mean for your payment and the balance you’d owe at renewal. If you’re leaning fixed, ask how long the lender will hold the rate and whether you can get a lower one if rates fall before closing.
2026 Mortgage rate forecast
Variable rates
Our near-term read: this may not be the last hike, but don’t assume one at every meeting either. The Bank has left the door open to further increases while saying it will proceed carefully. Its next announcement is December 9.
Persistently high energy prices are the main inflation concern. The Bank now expects inflation to reach about 3.5% by the end of 2026 and average 3% in 2027, a full percentage point above its July projection. It doesn’t expect inflation back near 2% until mid-2028.
The worry goes beyond what Canadians pay at the pump. Higher fuel costs make goods more expensive to produce and transport. Businesses that have absorbed those costs may start passing more of them along to customers.
But there’s still a case for waiting before raising rates again. Inflation excluding gasoline was 2.2% in September, core measures remain close to 2%, and new U.S. tariffs are expected to slow economic growth this quarter.
For borrowers, that leaves an uncomfortable middle ground: more increases are possible, but their timing and size are uncertain. Build your budget around the rate you’re offered and your ability to absorb increases. A future cut would be welcome, but it shouldn’t be what makes the mortgage affordable.
Fixed rates
Fixed rates don’t move automatically with the Bank’s policy rate. Five-year fixed rates are more closely tied to five-year Government of Canada bond yields, which reflect investors’ expectations about inflation and interest rates.
The Bank’s latest forecast gives borrowers little reason to count on a quick drop. Inflation is expected to stay elevated for longer, and further policy-rate increases remain possible.
Fixed rates could ease if energy prices fall, inflation cools faster than expected or economic growth disappoints. But even if bond yields decline, lenders may not lower their offers immediately.
If you find a fixed rate that works for your budget, ask to have it held. That gives you some protection if rates rise while leaving time to compare offers and ask about a lower rate if pricing improves.
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 | 4.70% |
CIBC | 4.70% |
National Bank | 4.70% |
Scotiabank | 4.70% |
RBC | 4.70% |
TD | 4.70% |
TD's mortgage prime rate | 4.85% |
A lender’s prime rate is the starting point for many variable mortgage rates. A quote of “prime minus 1%,” for example, means your rate is one percentage point below that lender’s prime rate.
The Big Six banks’ standard prime rate rose from 4.45% to 4.70% after the October 28 hike. TD uses a separate mortgage prime rate for its variable mortgages. That’s why the same “prime minus 1%” discount can get you two different rates. It works out to 3.70% off standard prime and 3.85% off TD mortgage prime. Compare the rate you’d actually pay.
Each lender sets its own prime rate, but it usually moves in step with the Bank of Canada’s policy rate. When your lender’s prime rate rises, the rate on a variable mortgage linked to it rises, too. Whether your payment changes right away depends on your mortgage’s payment structure and terms.
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?
There’s no way to know.
Fixed rates could come down if bond yields and lender funding costs fall. For an existing variable mortgage tied to prime, your rate falls when your lender lowers its prime rate. If you’re shopping for a new variable mortgage, you could also get a lower rate if a lender offers a bigger discount off prime.
The Bank of Canada has left open the possibility of another hike. If you’re buying or renewing soon, run your budget using the rate you can get today and see how much room you’d have if your borrowing costs rose.
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
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