New Brunswick Mortgage Rates
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New Brunswick mortgage rate update: October 2025
October should be a month of stability for mortgage rates in New Brunswick.
Variable mortgage rates will stay at their current levels until at least October 29, when the Bank of Canada is scheduled to announce its next overnight rate decision. A rate cut from the Bank will result in a similar decrease in variable rates. (After the Bank reduced the overnight rate from 2.75% to 2.5% on September 17, variable rates dipped by as much as 30 basis points at some lenders.)
Expect variable rates to hover around 4% for most of October, though some brokerages and direct lenders are offering variables for considerably less.
Fixed mortgage rates might also be static this month. Government bond yields, which fixed mortgage rates tend to follow, have somewhat flattened out after falling for much of September. If yields avoid any dramatic shifts, fixed rates will, too.
Fixed rates may not dip this month, but they’re still fairly approachable. Brokers are offering three- and five-year fixed rates for less than 3.9%, but they’re still well over 4% at Canada’s biggest banks.
What’s a good mortgage rate in New Brunswick right now?
As of October 2025, some mortgage brokers in New Brunswick are offering fixed rates around 3.9%. Variable rates are generally 3.7% or higher.
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
If the Bank of Canada lowers its overnight rate before the end of 2025, variable mortgage rates will also decrease. Fixed mortgage rates will likely continue hovering between 3.75% and 4.25% for much of the year.
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 hit a wall in August 2025. Sales fell by almost 20% versus July, and were down 7.2% year-over-year, according to the New Brunswick Real Estate Board.
It was an abrupt turnaround for the province’s housing market after notching its best month of the year in July. Sales for August were 12.2% below the 10-year average for the month.
Even though sales stalled, prices were generally on the rise.
The overall benchmark sale price in New Brunswick, $328,400, was 6.2% higher than a year ago. The growth was driven by rising detached house prices, which made up for a significant decline in townhouse and row house prices.
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?
If the Bank of Canada lowers its overnight rate before the end of 2025, variable mortgage rates will also decrease. 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