Current Mortgage Rates in Newfoundland
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What's a good mortgage rate in Newfoundland right now?
As of October, 2026, the lowest variable rates in Newfoundland are around 3.4%. You'd be lucky to find a fixed rate below 4.2%.
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 3.50%5Â 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 a payment.Very good annual pre-payment. Best rate from Bank Of Montreal 3.60%5Â yearvariable $3,922monthly payment Other rates from Bank Of Montreal4.50% 4 year fixed $4,308 per month 4.54% 3 year fixed $4,325 per month 4.73% 2 year fixed $4,409 per month 4.85% 5 year fixed $4,463 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%5Â yearvariable $3,922monthly payment Other rates from Pine Financial4.54% 4 year fixed $4,325 per month 4.59% 3 year fixed $4,347 per month 4.59% 5 year fixed $4,347 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%5Â yearvariable $3,922monthly payment Other rates from Radius Financial4.79% 3 year fixed $4,436 per month 4.79% 5 year fixed $4,436 per month 4.89% 4 year fixed $4,481 per month 5.09% 2 year fixed $4,571 per month 5.19% 1 year fixed $4,617 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%5Â 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% | 4.81% (insured) 5.16% (uninsured) | 4.12% | |
4.99% | -- | 4.73% (insured) 5.08% (uninsured) | 4.14% | |
4.83% | -- | 4.77% (insured) 5.04% (uninsured) | 3.68% (insured) 3.98% (uninsured) | |
6.05% | 5.95% | 6.19% | 4.90% | |
5.174% | -- | 5.361% (insured) 5.361% (uninsured) | 4.261% |
Rates in bold are discounted, annual percentage rates (APR), which include additional fees.
Newfoundland mortgage rate update: October 2026
October could be a miserable month for mortgages in Newfoundland.
Fixed rates spent the last two weeks of September rising in response to spiking government bond yields. While home buyers may have been able to find a fixed rate for around 3.9% last month, they’ll be lucky to find one for under 4.2% in October.
Expect those higher fixed rates to throw a bucket of cold water on the Newfoundland housing market this fall.
Variable rates will continue providing an affordable alternative, but the gap between fixed and variable rates may shrink as soon as October 28, when the Bank of Canada will hand down its next overnight rate decision.
Analysts are split on whether the Bank might finally raise the overnight rate after more than a year. If it does, variable rates will increase by the same amount as the Bank’s rate hike.
NerdWallet’s take is that the Bank will continue holding, as a rate increase could weaken economic growth. But the prospect of future rate hikes might be too much risk for some home buyers.
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 October 2026, fixed mortgage rates are higher than they've been in almost a year 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.Â
Alternative lenders, which often service borrowers with lower credit scores.
Private lenders, which can range from individuals to large nationwide companies.Â
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 related to upcoming Bank of Canada interest rate hikes. 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 have been driven higher due to rising government bond yields and will likely stay elevated.
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