Best Mortgage Rates in New Brunswick
Compare fixed and variable mortgage rates from New Brunswick’s best bank and alternative lenders.Editor’s Note: The Bank of Canada announced that the overnight rate will remain unchanged at 2.75%. The next rate announcement will take place on September 17. Read more about the rate hold.
Compare current New Brunswick mortgage rates
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New Brunswick mortgage rate update: August 2025
Variable rates are holding steady after the latest Bank of Canada interest rate decision.
Fixed rates are more likely to increase rather than decrease in August.
August could be a long month for New Brunswick's mortgage shoppers.
On July 30, the Bank of Canada held its overnight rate at 2.75%. It was the Bank's third consecutive rate hold, and came as no surprise.
The rate hold means borrowers are stuck with today's variable mortgage rates until at least September 17, when the BoC is scheduled to make its next rate decision. Brokerages currently offer the lowest variable rates — around 4%. You might pay significantly more elsewhere.
At least variable rates are stable. Fixed mortgage rates could spend the rest of the summer inching up.
That's because government bond yields, which help determine lenders’ fixed rates, spent July on a steady upward trek. Yields tapered off somewhat toward the end of July, but they will begin August higher than they’ve been since January. When yields rise over an extended period of time, lenders often respond by increasing their fixed rates.
Fixed rates crept up here and there in the final days of July, but not to the extent that signals a wholesale shift. You can still find three- and five-year fixed rates advertised at around 4.1% at some mortgage brokerages.
Whether fixed rates rise further in the coming weeks is hard to predict, especially in the current economic climate. But it's a definite possibility. If you're considering getting a fixed-rate mortgage this summer, get pre-approved and lock in a rate as soon as possible.
What’s a good mortgage rate in New Brunswick right now?
As of July 2025, some mortgage brokers in New Brunswick are offering fixed rates for around 4.1% and variable rates for around 4%.
The rate offers you receive depend on factors like your credit score, total debt level and income, and whether you apply at a major bank or through a mortgage broker.
2025 New Brunswick mortgage rate forecast
Mortgage rates may decrease further in the second half of 2025.
The Bank of Canada is expected to reduce its overnight rate again twice before the end of the year, which would lower variable mortgage rates by at least 0.5% versus today’s levels.
Fixed mortgage rates will likely continue hovering between 3.75% and 4.25% for the remainder of 2025.
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.
New Brunswick housing market update
New Brunswick's housing market proved resilient in the face of ongoing economic uncertainty in the first half of 2025. Home sales from January to June were 2.2% higher than in the same period in 2024.
Monthly sales dipped by 4.7% year-over-year in Fredericton but saw increases in Moncton (3.1%) and Saint John (0.5%).
Prices in the province have been somewhat volatile. Over the past two months, the average sale price in Fredericton, $376,199, dipped by a few thousand dollars while those in Saint John ($371,463) and Moncton ($389,689) increased by about 5%.
New Brunswick home buyer resources
Programs for first-time home buyers in New Brunswick
New Brunswick’s Homeownership Assistance Program (HAP), is intended for first-time home buyers earning a total household income of $40,000 or less. The HAP offers loans of up to $75,000, which are meant to be combined with mortgage financing. No interest is charged on the HAP loan if the borrower’s income is less than $30,000; the interest rate increases by 0.5% for every $1,000 in adjusted income beyond $30,000. HAP loans are expected to be paid back within 25 years.
The Off-Reserve Aboriginal Home Ownership Program, is available for Indigenous New Brunswick residents interested in buying or building their first home. To qualify, borrowers must earn a total household income of $55,000 or less, and have a shelter cost-to-income ratio no higher than 30%.
If you’re not eligible for these provincial programs, consider investigating federal initiatives such as the Home Buyers’ Plan or the First Home Savings Account. These tools can be combined, so it might be worth studying both to see which ones fit your goals and finances.
Land transfer taxes in New Brunswick
New Brunswick charges a 1% rate of the home's value in many cases.
Mortgage calculators
Frequently asked questions
How do you get a lower mortgage rate in New Brunswick?
How do you get a lower mortgage rate in New Brunswick?
Some of the mechanisms that shape rates are beyond your control, but there are steps you can take to convince lenders to offer you the best mortgage rates. For example, you can try:
Improving your credit score. A higher credit score generally results in better loan offers. Get a better score by eliminating existing debt and paying future bills in full and on time.
Increasing your income. It’s not always easy, but any additional income you can earn will improve your financial position. Lenders look at your income to assess your ability to afford a mortgage.
Decreasing your total debts. Lenders consider your total debt load when determining your mortgage rate. Pay down personal loans, student loans or other types of debts if you can.
Considering all your mortgage options. Adjusting the loan type, term length or the amortization period of your loan could result in a better rate offer.
Will mortgage rates go down in 2025?
Will mortgage rates go down in 2025?
The Bank of Canada overnight rate has been unchanged since March. If the bank lowers the rate, lower variable mortgage rates will follow. Fixed mortgage rates will likely continue hovering between 3.75% and 4.25% for much of the year.
How do New Brunswick lenders determine mortgage rates?
How do New Brunswick lenders determine mortgage rates?
The mortgage rate you’re offered by a lender in New Brunswick will be based on two primary factors; one based on the state of the economy and one based on your financial situation.
Economic factors
Variable mortgage rates are influenced by the Bank of Canada’s overnight rate. When the overnight rate increases or decreases, a lender’s prime rate follows suit. Variable mortgage rates are based on a lender’s prime rate, so as the prime rate rises or falls, so do variable rates.
Fixed mortgage rates are determined by activity in the government bond market, particularly the yields on one-, three- and five-year bonds. Fixed mortgage rates follow the movement of those yields.
Your financial situation
Factors specific to you also affect the rates you’re offered. These include:
Lenders look for signs of risk when assessing these aspects of your finances. The riskier they perceive you to be as a borrower, the higher the rate they’re likely to offer you.
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Clay Jarvis