Current Mortgage Rates in Newfoundland
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What's a good mortgage rate in Newfoundland right now?
As of mid-September, the lowest variable rates in Newfoundland are around 3.4%. You'd be lucky to find a fixed rate below 4.15%.
Newfoundland mortgage rates available at a broker
 Lender highlights Some mortgage features.Good monthly pre-payment.Skip a payment.Good annual pre-payment. Best rate from Manulife Financial 3.45%5 yearvariable $3,859monthly payment Other rates from Manulife Financial3.99% 3 year fixed $4,086 per month 4.19% 5 year fixed $4,172 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 Montreal4.44% 3 year fixed $4,281 per month 4.50% 4 year fixed $4,308 per month 4.73% 2 year fixed $4,409 per month 4.75% 5 year fixed $4,418 per month 5.33% 1 year fixed $4,681 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 Financial4.44% 5 year fixed $4,281 per month 4.54% 3 year fixed $4,325 per month 4.54% 4 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 Radius Financial 3.60%5 yearvariable $3,922monthly payment Other rates from Radius Financial4.59% 3 year fixed $4,347 per month 4.69% 2 year fixed $4,392 per month 4.69% 4 year fixed $4,392 per month 4.69% 5 year fixed $4,392 per month 4.89% 1 year fixed $4,481 per month |
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip a payment.Very good annual pre-payment. Best rate from RMG 3.60%5 yearvariable $3,922monthly payment Other rates from RMG3.75% 5 year variable $3,985 per month 4.59% 3 year fixed $4,347 per month 4.69% 4 year fixed $4,392 per month 4.69% 5 year fixed $4,392 per month 4.69% 5 year fixed $4,392 per month |
Bank mortgage rates available in Newfoundland
3-Year Fixed | 3-Year Variable | 5-Year Fixed | 5-Year Variable | |
|---|---|---|---|---|
4.77% | 7.78% (open) | 4.96% (insured) 4.86% (uninsured) | 4.12% | |
4.76% | 4.07% | 4.61% (insured) 4.96% (uninsured) | 4.12% | |
4.74% | -- | 4.83% (insured) 4.88% (uninsured) | 4.14% | |
4.83% | -- | 4.77% (insured) 5.04% (uninsured) | 3.68% (insured) 3.98% (uninsured) | |
5.95% | 5.95% | 6.09% | 4.90% | |
4.974% | -- | 5.161% (insured) 5.161% (uninsured) | 4.261% |
Rates in bold are discounted, annual percentage rates (APR), which include additional fees.
Newfoundland mortgage rate update: September 2026
After the Bank of Canada held its overnight rate at 2.25% on September 2, 2026, we know that variable mortgage rates in Newfoundland will hover around their current levels until at least the end of October.
The mystery is how high fixed rates will go in response to a surge in government bond yields.
That’s because bond yields, which lenders use to price their fixed mortgage rates, started the month higher than they’ve been in over two years — and then kept climbing. A global bond sell-off created lower bond prices, which triggered higher yields. Worries around oil prices, inflation and weakening economic forced yields higher, too.
As of September 17, fixed rates in Newfoundland have already risen by 10-25 basis points. If you have your sights set on a fixed-rate mortgage, consider getting pre-approved before rates increase any 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.
2026 mortgage rate forecast
Variable rates
Variable mortgage rates weren't forecasted to move in 2026, but the war in Iran has changed the game.
By driving up oil prices and inflation expectations, the Bank of Canada has warned that higher rates may be needed to keep inflation near its 2% target.
If the Bank increases its overnight rate, variable mortgage rates will follow suit. That could happen as early as this summer.
If the Canadian economy falters, the Bank may be compelled to deliver a rate cut at some point. But it's hard to picture a rate cut coming just as inflation's about to spike.
Fixed rates
As of September 2026, fixed mortgage rates are higher than they were a few months ago thanks to rapid increases in government bond yields, which lenders use to price their fixed rates. Yields skyrocketed after the war in Iran caused oil prices to spike, and they rose higher in September after the Bank of Canada called out rising inflation and reduced economic growth as threats facing the Canadian economy.
Predicting where fixed rates head in the coming months depends heavily on the war in Iran. If it wraps up without further damage 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.
Newfoundland housing market update
The Newfoundland housing market continued cooling in August 2026. Home sales fell 2.2% from July and were down 7.1% from compared to last August. Year-to-date, home sales were 6.7% behind the first eight months of 2025.
But low inventory is keeping prices firm. While the provincial benchmark price slipped 0.8% monthly to $351,000, it was up a healthy 6.8% year-over-year. The benchmark price in St. John's, $417,000, dipped slightly (0.9%) on a monthly basis but was up 7.5% year-over-year.
State of the market: Tight and seller-friendly. Sales haven't maintained last year's pace, but prices are up solidly from a year ago.
Newfoundland first-time home buyer programs and grants
First-time home buyers who’ve already been pre-approved for a mortgage can apply to a government program to receive grants of up to $1,500 plus a repayable loan of up to 5% of the home’s purchase price.
The interest rate on the loaned amount is capped at the prime rate minus one percent, which is likely to be less than market rates. To be eligible, your household income can’t exceed $95,000, and your home price must fall under the limit, which varies by location.
Land transfer taxes in Newfoundland
Newfoundland doesn't technically have land transfer taxes, but you'll still pay a fee to register your mortgage.
- The fee is $100 plus $0.40 for every $100 of your home's value above $500.
Where to get a mortgage in Newfoundland
Even though Newfoundland has a shortage of large cities, there are still many places to get a mortgage. In addition to Canada’s biggest banks, you can also find mortgages at:
Credit unions.
Monoline lenders, which only provide mortgages.
Alternative lenders, which often service borrowers with lower credit scores.
Private lenders, which can range from individuals to large nationwide companies.
Here are some examples of different mortgage providers in Newfoundland.
Banks | Credit Unions |
|---|---|
RBC | Newfoundland & Labrador Credit Union |
CIBC | Atlantic Edge Credit Union |
Scotiabank | Public Service Credit Union |
BMO | Reddy Kilowatt Credit Union |
TD | Venture Credit Union |
Mortgage Brokerages | Direct Lenders |
East Coast Mortgage Brokers | First National Financial |
Dominion Lending Centres | MCAP |
Mortgage Architects | CMLS Financial |
TMG The Mortgage Group | nesto |
The Mortgage Centre | Home Trust Company |
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Connect with Homewise to get a renewal rate quote that's personalized to you.Frequently asked questions
What’s today’s mortgage rate in Newfoundland?
There’s no single mortgage rate in Newfoundland. Rates in the province range from about 3.4% for a variable rate from a mortgage broker to well over 4% for fixed rates from national banks.
Are mortgage rates in Newfoundland higher than in the rest of Canada?
Mortgage rates tend to be slightly higher in the Atlantic provinces due to less competition among lenders. Rates might be similar in Newfoundland and PEI, but higher than in B.C. or Alberta.
How are mortgage rates determined in Newfoundland?
Mortgage rates are influenced by the same economic factors — the Bank of Canada’s overnight rate (variable rates); government bond yields (fixed rates) — in every province. But the offers in Newfoundland might be higher compared to other provinces due to less competition.
What’s the minimum down payment for a house in Newfoundland?
According to Canada's down payment rules, the minimum down payment on a home priced at $354,700, Newfoundland's benchmark price in July 2026, would be $17,735, or 5%. You may be required to make a larger down payment based on your personal financial situation.
Should I go variable or fixed in Newfoundland right now?
Go variable if it helps you qualify and you can handle higher payments come early 2017. Go fixed if you can afford the higher payments and expect to stay in your home for the duration of your mortgage term.
Will mortgage rates go down in Newfoundland in 2026?
Not likely. Variable rates are expected to increase as the Bank of Canada raises rates to fight inflation. Fixed rates also look like they could be driven higher due to rising government bond yields.
Does Newfoundland have a land transfer tax?
Technically, no, but you'll still pay a fee to register your mortgage
What credit score do I need for a mortgage in Newfoundland?
Credit score requirements typically depend more on the lender you work with than your location. Big banks, for example, might have higher credit score standards (620 and above) than B lenders (500 and up). A higher credit score might help offset the risk a lender perceives if you're buying a home in a remote location in Newfoundland.
How much income do I need to afford a home in St. John's?
Based on the July benchmark price in the city, $422,100, you'd need to earn about $93,000 a year to afford a typical home in St. John's. You'd also have to put down a minimum payment of 5%, or $21,105.
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Clay Jarvis
Clay Jarvis