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Published May 23, 2024

National Bank Mortgage Rates

Find the right National Bank mortgage rate for your home buying needs.

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Current National Bank discounted mortgage rates

4-year (closed, fixed5.59%5.63%
5-year (closed), fixed5.59%5.63%
5-year (closed), variable6.95%6.99%

This table is updated daily on weekdays using data available on the National Bank of Canada website.

Current National Bank posted mortgage rates

1-year (closed), fixed7.84%6.96%
1-year (open), fixed9.75%9.87%
2-year (closed), fixed7.39%7.46%
3-year (closed), fixed6.99%7.04%
4-year (closed), fixed6.74%6.78%
5-year (closed), fixed6.84%6.88%
5-year (closed), variable7.20%7.24%
7-year (closed), fixed7.09%7.12%
10-year (closed), fixed7.44%7.47%

This table is updated daily on weekdays using data available on the National Bank of Canada website.

National Bank prime rate

National Bank’s prime rate is currently 7.2%.

National Bank’s prime rate is the basis for its variable-rate lending products, like mortgages, credit cards and lines of credit. When the Bank of Canada adjusts its overnight rate, National Bank’s prime rate will increase or decrease by the same amount, affecting the cost of borrowing for these products.

Other lenders’ rates

Once you’ve taken a look at National Bank mortgage rates, the next step will be to compare them to what’s on offer at other major lenders. You can see the rates Canada’s Big Six banks charge on some of Canada’s most popular fixed- and variable-rate mortgage terms below.

The best rates from Canada’s Big 6 Banks

Rates updated: May 24, 2024


3-Yr Fixed Rate

5-Yr Fixed Rate

5-Yr Variable Rate (Closed)

5-Yr Variable Rate (Open)

7.20% 7.04% 7.20% 8.90%
6.99% 6.84% 7.20% 10.50%
6.99% 6.84% 7.20% N/A
6.95% 6.79% 7.20% 10.50%
6.94% 6.79% 7.65% 10.40%
6.99% 6.84% 7.35% 8.35%

Posted rates for closed mortgages with amortization under 25 years. Data source: Canada's major banks

To get a fuller picture of current mortgage rates, you can also explore all rates NerdWallet covers:

If you’re a long-time National Bank customer, you might be most comfortable dealing with the bank for your future mortgage needs. That’s totally valid. Comparing mortgage rates, terms and conditions across lenders, however, can help ensure you get the best deal on the right product for your unique mortgage needs. 

If you don’t feel confident making these comparisons on your own, consider working with a mortgage broker, who can take care of this step for you — and possibly negotiate a lower interest rate.

Does National Bank have the best mortgage rates?

Our handy mortgage rate tables allow you to compare current mortgage rates from some of Canada’s biggest banks and alternative lenders. How do National Bank’s rates stack up against the competition?

Compare mortgage rates

National Bank at a glance

The National Bank of Canada was founded in Quebec City in 1859. Despite being the smallest of Canada’s Big Six banks, National Bank remains the largest bank in Quebec. It employs almost 30,000 employees across 120 countries.  

Although it’s dwarfed by other major banks like RBC and TD, National Bank’s mortgage business is considerable. In the second quarter of 2023, National Bank’s Canadian residential mortgage portfolio, including home equity lines of credit, was $113 billion. 

National Bank mortgage products

In addition to providing traditional mortgage products, including fixed- and variable-rate loans that may be structured as either open or closed, National Bank also offers:

National Bank mortgages: things to consider

Posted rates vs. special rates

Large lenders like National Bank often provide two sets of current mortgage rates: posted rates and special, or discounted, rates.

National Bank posted mortgage rates

National Bank’s posted rates are the pre-discounted mortgage rates the bank makes publicly available. Posted rates can be much higher than discounted rates, with the expectation that borrowers will negotiate them down.

There are various theories around why this is the case at major lenders. Some lending experts believe it’s to make borrowers feel a sense of satisfaction at getting a better deal, others wonder if a higher posted rate allows banks to charge stiffer penalties if a person breaks their mortgage contract. 

If you’re offered a posted rate when you first walk into a National Bank branch, consider it the beginning of a negotiation — and a great reason to compare offers from other lenders.

National Bank special rates

Special rates are National Bank’s posted rates that have already been discounted, including limited time offers. Under most circumstances, a special rate will be more in line with the rate you’re actually offered. 

Even if you’re offered a special mortgage rate at National Bank, don’t be afraid to try and negotiate a lower one.

Fixed vs. variable mortgage rates

When you get a mortgage from a lender like National Bank, you’ll have to make an important choice between a fixed or variable mortgage rate.

Fixed mortgage rates

With a fixed-rate mortgage, your interest rate will remain the same for the duration of your mortgage term. If National Bank offers you a 5.25% five-year fixed mortgage rate in 2023, for example, your rate won’t change until it’s time to renew your mortgage in 2028.

A fixed mortgage interest rate allows you to budget around a predictable monthly mortgage payment for years at a time. But if fixed rates fall during your mortgage term, the only way to take advantage is by breaking your mortgage contract and refinancing at a lower rate. Doing so can trigger steep mortgage prepayment penalties

Variable mortgage rates

If you opt for a variable rate on your National Bank mortgage, the rate could rise or fall many times during your term. When it rises, more of your monthly mortgage payment will go toward interest; when it falls, more will go toward the principal. 

Variable mortgage rates have generally been lower than fixed rates. But in times of high inflation, when variable rates are driven upward by increases to lenders’ prime rates, variable rates can put unexpected pressure on your finances. 

From March 2022 to July 2023, for example, homeowners with variable-rate mortgages saw their rates increase 475 basis points. Since one basis point is equal to 0.01%, that means a borrower who secured a variable rate of 2.25% in January of 2022 would be paying 7% in July 2023. That’s not a common occurrence, but it highlights the risk of taking out a variable-rate mortgage during times of economic uncertainty.

Open vs. closed mortgages

Another consideration when getting a mortgage at National Bank is whether to choose an open or closed mortgage

With an open mortgage, you can increase your mortgage payments or even pay your mortgage in full at any time without penalty. A closed mortgage will impose annual limits on how much you can prepay your mortgage. 

Choosing between open and closed mortgages is often a matter of cost. Open mortgages tend to come with much higher interest rates. 

Rate vs. APR

When investigating National Bank’s mortgage rates or comparing them to rates from other lenders, it’s best to use the annual percentage rate (APR) provided rather than the interest rate itself.

APR includes any other fees that might be added to the cost of your mortgage, and gives you a more accurate figure with which to calculate your potential mortgage costs. 

How to get the best mortgage rate at National Bank

As one of Canada’s federally regulated A lenders, National Bank follows the country’s strict lending guidelines. Convincing the bank to offer you the best mortgage rates might require a little effort on your part, including:

Getting pre-approved for a mortgage at National Bank

Getting pre-approved for a mortgage is a crucial step in the home buying process. A pre-approval tells you how much a lender is willing to loan you at a particular interest rate. This establishes your home buying budget and lets homeowners know that your offer — so long as it falls within the limits of your pre-approval — is legit.  

The mortgage pre-approval process at National Bank involves providing all the information the bank requires for evaluating your finances. This might include:

The mortgage pre-approval process at National Bank will also include a hard credit inquiry, which allows the bank to assess your credit score and review your credit history. Hard inquiries may lead to a temporary dip in your credit score.

How to start a mortgage pre-approval at National Bank

You can start the pre-approval process online or in person with a National Bank mortgage expert. Because a pre-approval is intended to be thorough and actionable, plan to set aside some time to talk over the results with the specialist you’ve been assigned. Ideally, they’ll provide a few options to choose from.

What else should you know about pre-approvals at National Bank?

When weighing those options, make sure you understand the fees, terms and conditions involved with each mortgage offer, including any prepayment privileges (and prepayment penalties). Getting clarity around these factors during pre-approval can make the next step — officially applying for a mortgage once you’ve made a successful bid on a home — go more smoothly. 

Mortgage pre-approvals are free and non-binding. Just because you get pre-approved at National Bank doesn’t mean you can’t get your mortgage elsewhere. But if you’re pre-approved at National Bank and then decide to work with a different lender, you’ll have to go through the pre-approval process again. 

Frequently asked questions about National Bank mortgage rates

What is National Bank’s prime rate today?

National Bank’s prime rate is currently 7.2%.

Can you negotiate mortgage rates at National Bank?

You can — and should — negotiate your mortgage rate at National Bank. When you first apply for a mortgage, National Bank may not offer you the lowest rate possible, so it’s always advisable to ask for a lower one. Even if you’re only able to reduce the cost of your mortgage by a little, the money you save can be put toward a better use.


Calculator: How Much Mortgage Can You Afford?

Calculator: How Much Mortgage Can You Afford?

Use our mortgage affordability calculator to see how your interest rate, down payment and debt ratios affect your housing budget.

Current Mortgage Rates From Canada’s Top Lenders

Current Mortgage Rates From Canada’s Top Lenders

Compare current mortgage rates to find the lowest mortgage rate for your home buying needs.

Canada Closing Costs Calculator

Canada Closing Costs Calculator

Create a more accurate home buying budget by estimating your closing costs — the one-time, upfront expenses you’ll pay before receiving the keys.

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Understanding B Lender Mortgages

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