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TD Mortgage Rates

Find the right TD mortgage rate for your home buying needs.

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Current posted and discounted TD mortgage rates

TermPosted ratePosted APRSpecial rateSpecial APR
1-yr, fixed7.84%7.941N/AN/A
2-yr, fixed7.34%7.391%N/AN/A
3-year, fixed6.99%5.745%5.71%5.744%
4-year, fixed6.79%6.816%N/AN/A
5-year, fixed6.84%5.621%5.60%5.621%
5-year, variable6.95%6.971%6.95%6.971%
7-year, fixed7.10%7.115%N/AN/A
This table is updated daily on weekdays using data available on TD Bank’s website. All listed products are closed mortgages unless otherwise indicated

TD prime rate

TD’s current prime rate is 6.95%.

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

TD is unique in that it also has a prime mortgage rate, which it applies to variable-rate mortgage products. TD’s current prime mortgage rate is 7.1%.

Other lenders’ rates

Once you’ve taken a look at TD 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: June 22, 2024

Bank

3-Yr Fixed Rate

5-Yr Fixed Rate

5-Yr Variable Rate (Closed)

5-Yr Variable Rate (Open)

6.95% 6.79% 6.95% 8.65%
6.99% 6.84% 6.95% 10.25%
6.99% 6.84% 7.20% N/A
6.95% 6.79% 6.95% 10.25%
6.94% 6.79% 7.40% 10.15%
6.99% 6.84% 7.10% 8.10%

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

To get a fuller picture of other available mortgage rates, you can also explore:

If you’re a long-time TD 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 TD have the lowest mortgage rates?

Our mortgage rate tables show the current mortgage rates available at alternative lenders and other Big Six banks. How do TD’s rates compare to the competition?

Compare mortgage rates

BEST MORTGAGE RATES
IN CANADA

BEST 5-YEAR FIXED RATES
IN CANADA

TD at a glance

Toronto Dominion Bank, known as TD or TD Bank, has roots that go back to 1855, when The Bank of Toronto was first incorporated. A merger with The Dominion Bank in 1955 helped create the TD Bank Canadians are familiar with today. 

TD is the second largest of Canada’s Big Six banks and a major player in the country’s mortgage market. In the second quarter of 2023, TD’s mortgage portfolio was almost $248 billion. 

TD mortgage products

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

TD mortgages: things to consider

Posted rates vs. special rates

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

TD posted mortgage rates

TD’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 TD branch, consider it the beginning of a negotiation — and a great reason to compare offers from other lenders.

TD special rates

Special rates are TD’s posted rates that have already been discounted. These might be limited time offers or the rates the bank offers its mortgage broker partners. 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 TD, 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 TD, 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 TD 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 TD 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. 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 TD 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. 

Convertible mortgages

If you’re unsure how long you’d like a mortgage contract to last, you can also consider a convertible mortgage. TD offers a six-month, closed convertible mortgage that can be extended to a longer term at any time.

A convertible mortgage can be a helpful option if you expect mortgage rates to fall in the near future. If rates decline to a level you’re satisfied with, you can lock in for several years and pay less in interest. 

Rate vs. APR

When investigating TD’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 TD

As one of Canada’s federally regulated A lenders, TD follows the country’s strict lending guidelines. That means qualifying for the best mortgage rates at TD might require a little effort on your part, including:

Getting pre-approved for a mortgage at TD

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 homebuying 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 TD involves providing all the documents the bank requires for evaluating your finances. This might include:

The mortgage pre-approval process at TD 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 TD

You can start the pre-approval process online or in person at a TD branch. Because a pre-approval is intended to be thorough and actionable, plan to set aside some time to talk over the results with one of the bank’s mortgage advisors. Ideally, they’ll provide a few options to choose from.

What else should you know about pre-approvals at TD?

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 TD doesn’t mean you can’t get your mortgage elsewhere. But if you get pre-approved at TD and then decide to work with a different lender, you’ll have to go through the pre-approval process again. 

Frequently asked questions about TD mortgage rates

What is TD’s prime rate today?

TD actually has two prime rates borrowers should take note of: its typical prime rate and a mortgage prime rate. TD’s prime rate is 6.95% and its mortgage prime rate is 7.1%.

Can you negotiate mortgage rates at TD?

You can — and should — negotiate your mortgage rate at TD. When you first apply for a mortgage, TD 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.

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