Current Mortgage Rates in Canada
Today's mortgage rates in Canada provided by top lenders and brokers.8Twelve has partnered with over 65 Canadian mortgage lenders to provide competitive rates on over 7,000 mortgage products. 8Twelve can quickly match you with a lender and mortgage type that meets your needs — even if your financial situation is unique.
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.
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.
When determining which offer is best for you, consider factors beyond the rate, like prepayment privileges and portability.
Current mortgage rate update: May 22, 2025
If you're considering applying for a fixed-rate mortgage, you may want to get a move on.
Government bond yields, which help determine lenders’ fixed mortgage rates, shot up this week in response to recently released inflation data from April. (Overall, inflation cooled to 1.7%, but a look under the hood shows that some of the Bank of Canada's key inflation measures are well beyond the Bank's target range, which could indicate a rocky road ahead for the economy.)
Three- and five-year bond yields are now higher than they've been since January, which means three- and five-year fixed mortgage rates are likely to increase, too.
As of May 22, fixed rates have yet to rise at most lenders. Some mortgage brokerages are advertising three- and five-year fixed rates for around 3.8%, but most offers are closer to 4%.
Canada's lowest variable mortgage rates have been around 4% since the Bank of Canada's decision to maintain its overnight rate at 2.75% on April 16. It was the Bank’s first rate hold after a series of seven consecutive cuts dating back to June 2024.
Variable mortgage rates will stay at their current levels until at least June 4, when the Bank makes its next rate decision.
Read more about the Bank of Canada's latest rate announcement.
The BoC makes policy interest rate announcements eight times a year. Here's what you need to know.
- Mortgage rate forecast
Economist expectations for the Bank of Canada’s overnight rate, which affects variable rates, range from no change to modest declines by the end of the year. Scotiabank forecasts the overnight rate to stay at 2.75%, for example, while TD expects it to fall to 2.25%. A 50-basis point decrease in the overnight rate would reduce variable mortgage rates by 0.5%.
Fixed rates, which track bond yields, appear to be on a similar trajectory. True North Mortgage says fixed rates “may remain steady unless a particular trend persists for a time.” National Bank sees five-year bonds decreasing by less than 0.5% by the end of 2025 while RBC projects five-year bonds will tick up by 0.15%. In short, if rates move, don’t expect them to move much.
There’s a big asterisk to any outlook, though: The ever-shifting specter of U.S. tariffs could quickly make any prediction moot.
How does prime rate affect current mortgage rates?
Bank | Current prime rate |
|---|---|
BMO | 4.95% |
CIBC | 4.95% |
National Bank | 4.95% |
Scotiabank | 4.95% |
RBC | 4.95% |
TD | 4.95% |
A lender’s prime rate is typically used to set its current variable mortgage rates. That’s why you’ll often see banks’ variable mortgage rates described as “prime minus X%” when you visit their rates pages.
The prime rate at all Big Six banks is currently identical. That’s because each bank bases its prime rate on the Bank of Canada’s overnight lending rate. When the overnight rate rises or falls, so does prime.
It’s worth noting, however, that TD is unique among Canadian banks in that they have their own prime mortgage rate, which is currently 5.1%.
5 ways to get the best mortgage rate
Improve your credit score 📈 Borrowers with a credit score of 680 or higher tend to get the best mortgage rates. Lower credit scores may mean working with an alternative lender that offers higher rates.
Tackle your debt 🏦 Paying off debt improves your credit score and increases cash flow. Debt payments, including your mortgage, should total less than 44% of your household income.
Boost your down payment 💰 Making a larger down payment and borrowing less reduces a lender's risk. They may reward you with a lower interest rate.
Compare multiple offers ⚖️ Don't limit yourself to one option when looking for a mortgage; get offers from a few lenders. A few minutes of your time could result in thousands in savings.
Negotiate 💪 Always ask lenders if they can improve on their rate offers. If this makes you feel uncomfortable, use a mortgage broker, who will negotiate for you.
Frequently asked questions
When will mortgage rates be lower?
When will mortgage rates be lower?
Fixed mortgage rates aren’t expected to dip much further in the second quarter of 2025, though the tariff war with the United States makes fixed rates hard to predict. Variable mortgage rates will continue decreasing each time the Bank of Canada lowers its overnight rate. The Bank followed seven consecutive cuts with a rate hold on April 16, 2025.
Broker vs. bank: Who offers the best current mortgage rates?
Broker vs. bank: Who offers the best current mortgage rates?
When getting a mortgage, you can go directly to a lender, like a bank, or work with a mortgage broker.
Generally speaking, a mortgage broker should offer you a wider array of options. Unlike a bank’s mortgage advisors, brokers aren’t tied to a single financial institution. They can field offers from multiple lender partners, which might include B lenders and private lenders, in addition to some Big Six banks.
Part of a mortgage broker’s job is to negotiate a better rate for you. They only earn a commission when a mortgage is finalized, so it’s in their best interest to negotiate a mortgage yo
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