Manulife Mortgage Rates
Current Manulife discounted mortgage rates
Term | APR |
|---|---|
5-year (fixed, closed), Manulife One | 4.44% |
5-year (fixed, closed), Manulife Select | 4.44% |
5-year (fixed, closed, high ratio), Manulife Select | 4.24% |
Source: www.manulifebank.ca
Current Manulife posted mortgage rates
Term | Manulife One APR | Manulife Bank Select APR |
|---|---|---|
1-year (fixed, closed) | 7.14% | 7.14% |
2-year (fixed, closed) | 6.59% | 6.59% |
3-year (fixed, closed) | 5.24% | 5.24% |
4-year (fixed, closed) | 5.54% | 5.54% |
5-year (fixed, closed) | 5.19% | 5.19% |
5-year (variable, closed) | N/A | 4.95% |
5-year (variable, open) | N/A | 5.95% |
7-year (fixed, closed) | 6.35% | 6.35% |
10-year (fixed, closed) | 6.69% | 6.69% |
Source: www.manulifebank.ca
Manulife vs. mortgage rates at other Canadian banks
Compare Manulife's current rates (in the tables above) to what the Big Six banks are offering (in the table below), to see where you might get a better deal.
3-Year Fixed | 4.57% | 4.41% | 4.54% | 4.43% | 6.05% | 4.674% |
3-Year Variable | 8.28% (open) | 4.67% | -- | -- | 6.35% | -- |
5-Year Fixed | 4.51% (insured) 4.66% (uninsured) | 4.21% (insured) 4.56% (uninsured) | 4.43% (insured) 4.63% (uninsured) | 4.32% (insured) 4.62% (uninsured) | 6.09% | 4.761% (insured) 4.761% (uninsured) |
5-Year Variable | 4.67% | 4.77% | 4.49% | 4.18% (insured) 4.48% (uninsured) | 5.40% | 4.861% |
Manulife mortgage rates available at a broker
Mortgage brokers may offer rates that are lower than a bank's posted or discounted rates. Browse the table below and click the 'Explore More' button to start a conversation with a mortgage broker, if something catches your eye.
Manulife prime rate
Manulife's prime rate is 4.95%. It has remained unchanged since March 2025.
The prime rate underpins Manulife's variable-rate lending products, like mortgages, lines of credit and some credit cards. When the Bank of Canada adjusts its overnight rate, Manulife's prime rate increases or decreases by the same amount.
Manulife mortgage products
Manulife Bank has two mortgage products, Manulife One and Manulife Select.
Manulife One also includes a bank account and a line of credit. All deposits toward your mortgage.
Manulife Select includes a high-interest chequing account. With it, you can slice your loan into segments with different interest rates and repayment schedules.
Manulife mortgages: A detailed breakdown
Posted rates vs. special rates
Like many lenders, Manulife provides two sets of current mortgage rates. It advertises posted rates along with a few special, or discounted, rates.
Manulife posted mortgage rates
Manulife'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.
Some lending experts believe posted rates exist 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.
Manulife special rates
Special rates are Manulife's posted rates that have already been discounted. 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, don’t be afraid to try and negotiate a lower one.
Fixed vs. variable mortgage rates
When you get a mortgage from any lender, 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 Manulife offers you a 4% five-year fixed mortgage rate in 2025, for example, your rate won’t change until it’s time to renew your mortgage in 2030.
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 Manulife 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.
Rate vs. APR
When investigating 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 Manulife
For practical purposes, you can consider getting a mortgage with Manulife similar to what you'd experience at a big bank. To improve your chances of qualifying for Manulife's best mortgage rates, you'll want to:
Maintain a good credit score. A high credit score (typically 680 and up) tells Manulife that you pay your debts on time, which means less risk for them. The lower the risk profile, the lower the mortgage rate.
Save for a down payment. Making a significant down payment shows that you prioritize home ownership and allows the bank to loan you less money. You're required to put up at least 5%, but a bigger down payment means less risk, which allows the bank to improve its rate offer.
Lower your debt service ratios. If your debt service ratios are high, it signals to lenders that too much of your income is already going toward paying down debt, which can be a red flag.
Shop around. Manulife may simply not offer the best mortgage rate. Take a look at the rates other lenders are charging to find out whose offer is the right fit.
Negotiate. Don’t be afraid to ask if Manulife can improve the first rate they offered you. Let them know that you’ll be consulting other lenders before making a final decision.
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Clay Jarvis
Clay Jarvis
Clay Jarvis