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When you find the best quote, secure your Brampton mortgage rate by talking to a licensed broker or agent.
Check out today's best mortgage rates in Canada by type and term.
| Insured ? | 80% LTV ? The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | 65% LTV ? The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | Uninsured ? | Bank Rate ? | ||
|---|---|---|---|---|---|---|
Insured 4.64% | 80% LTV 4.19% | 65% LTV 4.19% | Uninsured 4.99% | 4.99% | ||
Insured 3.99% | 80% LTV 3.89% | 65% LTV 3.89% | Uninsured 4.44% | 4.53% | ||
Insured 3.69% | 80% LTV 3.79% | 65% LTV 3.79% | Uninsured 3.9% | 4.39% | ||
Insured 3.84% | 80% LTV 3.99% | 65% LTV 3.99% | Uninsured 4.39% | 4.44% | ||
Insured 3.69% | 80% LTV 3.55% | 65% LTV 3.55% | Uninsured 3.69% | 4.19% | ||
Insured 4.19% | 80% LTV 4.24% | 65% LTV 4.24% | Uninsured 4.89% | 5% | ||
Insured 5.04% | 80% LTV 4.34% | 65% LTV 4.34% | Uninsured 5.24% | 6.09% | ||
Insured 3.9% | 80% LTV 3.95% | 65% LTV 3.9% | Uninsured 3.9% | 5.95% | ||
Insured 3.45% | 80% LTV 3.45% | 65% LTV 3.45% | Uninsured 3.5% | 4.24% | ||
Insured N/A | 80% LTV N/A | 65% LTV N/A | Uninsured N/A | N/A | ||
Insured 5.45% | 80% LTV 5.45% | 65% LTV 5.45% | Uninsured 5.5% | N/A |
There are three main drivers behind mortgage rates in Brampton and Canada at large:
The Bank of Canada influences mortgage rates through its policy rate. The Bank’s objective is to keep inflation in the target range of 1% to 3% and preserve the value of the Canadian dollar. It achieves this by setting the target overnight rate, also known as the policy rate.
As of today, the policy rate is 2.25%. The central bank uses the target rate to influence how the banks set their own rates and acts as a barometer for the rate at which banks borrow and lend among themselves.
The higher the inflation, particularly if it’s above 3%, the higher the likelihood of a rate hike. Though inflation does not directly affect mortgage rates, the Bank tends to raise rates to cool down economic activity and force homebuyers to retreat from the market. It’s worth noting that government bond yields, which influence fixed rates, are affected by inflation as well, in addition to factors like oil prices, geopolitical tensions and broader economic conditions (which currently remain uncertain).
Banks, credit unions, monoline lenders and other financial institutions compete to attract borrowers across Brampton and beyond. During competitive market conditions, lenders may offer better rates. Shopping around and comparing multiple lenders — including local Ontario credit unions like Meridian Credit Union — can often result in a better mortgage rate.
Here are some of the most important factors to influence your mortgage rate in Brampton:
1. Down payment
How much you put down can have a major impact on your mortgage. In Canada, you must put down at least 5% if you want a lender to give you a mortgage, though you’re free to put down as much as you want above that. If you put down less than 20%, you will be required to get insurance that will cover the cost of the mortgage in the event that you can no longer make your payments and default. If you put down 20% or more, you’re not required to have this insurance.
So how does this affect home mortgage rates in Brampton? Well, to lenders, you’re viewed as less of a risk if you have insurance. That means you can secure a lower mortgage rate if you put down 5% than if you put down 20%. It might seem counterintuitive, but this is something to consider when you decide how big your down payment will be.
2. Fixed versus variable
A fixed-rate mortgage means your interest rate remains unchanged for the length of your term. A variable-rate mortgage can fluctuate based on market interest rates.
Fixed mortgage rates in Brampton are higher than variable ones. That’s because the lender has more predictability from fixed-rates. With variable mortgages, the risk gets passed off to you and you get a lower interest rate at the beginning as a result. However, if rates rise, so will your mortgage rate. That means either your monthly payments can rise, or if you’re on a fixed payment, you’ll end up paying more interest. While variable mortgages historically tend to save homeowners the most money over the long-run, only go with variable mortgage rates in Brampton if you’re comfortable with that risk.
3. Debt service ratios
Mortgage lenders look at debt service ratios to ensure you’re not biting off more than you can chew with your mortgage. There are two key metrics that lenders use to determine your interest rate and what loan amount you qualify for.
4. Credit score
Lenders like people with good credit. It signals you’re responsible and can make your payment on time. The cheapest mortgage rates in Brampton go to those with the best credit scores. In Canada, that’s a score of 750 or higher. People with credit scores lower than that won’t qualify for a lender’s premium rate. If your score is too low (as in, under 575, which many lenders consider “bad”) you may not qualify for a mortgage from a traditional lender at all.
5. Employment
Having a full-time job and not being on a probationary period will give you the best chance of qualifying for a mortgage and getting the best interest rate. Lenders want to see that you’re in a stable job when they give you a mortgage. Self-employed people and business owners can still apply for a mortgage, but lenders may request additional documentation to confirm you have a stable income.
6. Income
Income is indirectly connected to your mortgage rate. Obviously, the higher your income, the bigger the mortgage you can afford. But it may also allow you to secure a mortgage rate at lower debt ratios, which lenders will look upon favourably. That could help you secure a lower rate.
7. Broker versus bank
Different lenders will offer different mortgage rates. Traditionally, broker mortgage rates in Brampton tend to be lower (at least the advertised ones) than the rates offered by the major banks. Brokers want to attract customers away from Canada’s well-known big banks. But that doesn’t mean you should ignore bank mortgage rates in Brampton. The ticket to finding your lowest rate is to comparison shop. Regardless of whether you want to go with a bank or broker,LowestRates.ca can help you find the best mortgage lenders in Brampton.
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How do these mortgage types differ? Conventional (low-ratio) mortgage requires a down payment of 20% or more, with no mandatory insurance, while a high-ratio mortgage requires a down payment of below 20%, plus mandatory insurance.
Which mortgage type offers cheaper rates? As of August 2026, the average conventional 5-year fixed rate is 4.47%. That’s 33 bps above the average high-ratio 5-year fixed rate, which stands at 4.14%.
| Date | Average Conventional Rate | Average High Ratio Rate |
|---|---|---|
| 09/25 | 4.50% | 4.42% |
| 10/25 | 4.46% | 4.36% |
| 11/25 | 4.35% | 4.31% |
| 12/25 | 4.44% | 4.32% |
| 01/26 | 4.49% | 4.49% |
| 02/26 | 4.47% | 4.43% |
| 03/26 | 4.27% | 4.20% |
| 04/26 | 4.24% | 4.23% |
| 05/26 | 4.38% | 4.22% |
| 06/26 | 4.48% | 4.24% |
| 07/26 | 4.47% | 4.14% |
| 08/26 | 4.49% | 4.09% |
Last Updated: September 1, 2026
How do these mortgage rates differ? A fixed rate mortgage is a rate fixed over a period of time. Interest rates and the mortgage payments remain the same (and consistent) over that mortgage term. A variable rate mortgage is different. While the mortgage payment remains constant, the interest rate payments fluctuate with the prime interest rate.
Which rate is cheaper? As of August 2026, the 5-year fixed rate is 4.34%. That’s 41 bps abow the 5-year variable rate, which stands at 3.93%.
| Month | Fixed | Variable |
|---|---|---|
| 09/25 | 4.60% | 4.64% |
| 10/25 | 4.62% | 4.51% |
| 11/25 | 4.64% | 4.40% |
| 12/25 | 4.64% | 4.41% |
| 01/26 | 4.71% | 4.44% |
| 02/26 | 4.64% | 4.43% |
| 03/26 | 4.33% | 4.38% |
| 04/26 | 4.38% | 4.06% |
| 05/26 | 4.41% | 4.05% |
| 06/26 | 4.45% | 4.01% |
| 07/26 | 4.34% | 3.93% |
| 08/26 | 4.30% | 3.89% |
Last Updated: September 1, 2026
New mortgage loan values have been trending upward throughout 2025, reaching the average of $441,394 in Ontario and $360,597 in Canada by the end of Q4 2025.
Here are all the average new mortgages loan values in Ontario from 2022 to 2025:
| Q1 – 2022 | Q2 – 2022 | Q3 – 2022 | Q4 – 2022 | Q1 – 2023 | Q2 – 2023 | Q3 – 2023 | Q4 – 2023 | Q1 – 2024 | Q2 – 2024 | Q3 – 2024 | Q4 – 2024 | Q1 – 2025 | Q2 – 2025 | Q3 – 2025 | Q4 – 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Canada | $368,936 | $371,063 | $363,654 | $325,612 | $320,298 | $314,540 | $338,522 | $327,899 | $323,537 | $332,825 | $349,364 | $343,271 | $356,831 | $350,281 | $360,986 | $360,597 |
| Ontario | $466,931 | $475,987 | $462,701 | $418,808 | $406,427 | $405,753 | $434,005 | $426,021 | $421,795 | $427,078 | $440,052 | $432,237 | $441,074 | $438,188 | $445,693 | $441,394 |
Scheduled monthly payments have been trending downward throughout 2025, reaching the average of $2,402 in Ontario by the end of Q4 2025.
| Q1 – 2022 | Q2 – 2022 | Q3 – 2022 | Q4 – 2022 | Q1 – 2023 | Q2 – 2023 | Q3 – 2023 | Q4 – 2023 | Q1 – 2024 | Q2 – 2024 | Q3 – 2024 | Q4 – 2024 | Q1 – 2025 | Q2 – 2025 | Q3 – 2025 | Q4 – 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $1,966 | $2,153 | $2,392 | $2,449 | $2,494 | $2,444 | $2,634 | $2,770 | $2,751 | $2,646 | $2,664 | $2,524 | $2,526 | $2,452 | $2,472 | $2,402 |
Closing costs are the one-time fees buyers pay upon purchasing property in Brampton. Generally, closing costs include:
Land transfer tax calculations for a $500,000 property in Brampton without a rebate are:
Mortgage term and amortization period may seem like the same thing, but they are decidedly not. Here's the difference:
Mortgage term: The term is the amount of time certain conditions are locked in, such as your interest rate. Terms usually run from six months to 10 years, but five years is the most common mortgage term in Canada. By the end of the term, the mortgage must either be fully paid off or you must get a new term, with new conditions.
Amortization period: Amortization is the total amount of time it takes to pay off your mortgage in full. In Canada, an amortization period can be up to 30 years. If your down payment is less than 20%, the maximum amortization period allowed by the Canada Mortgage and Housing Corporation (CMHC) is generally 25 years.
However, first-time buyers and buyers of newly built homes can qualify for a 30-year amortization on an insured mortgage. A shorter amortization period means your monthly payments will be higher, but you’ll pay less interest. A longer amortization period means your payments will be lower, but you’ll pay more toward interest charges over the life of your mortgage.
The key difference is flexibility. An open mortgage will have either lax penalties or no penalties if you decide to increase your mortgage payment, make a lump sum payment or refinance your mortgage. However, in exchange for that flexibility, open mortgages come with higher interest rates. An example of someone who might want this sort of mortgage is a homebuyer who expects their income to significantly increase and wants to put the extra money toward their mortgage.
While open mortgages are flexible, most people opt for closed mortgages. That’s because they come with lower interest rates. However, those who opt for closed mortgages should take time to understand the penalties of refinancing or changing their mortgage. For certain fixed-rate mortgages, these penalties can cost thousands or even tens of thousands of dollars. Don’t sign onto a mortgage until you fully understand these costs — mortgage companies in Brampton can help you figure out these costs.
Finding a good interest rate can save you thousands of dollars a year. That’s why it’s important to understand the current mortgage rates in Brampton.
How much could you save? Well, let’s take the following example. You buy a house for $1 million. If you put 20% down, that means you’ll need a mortgage of $800,000.
If you get a mortgage from your bank with a 2.5% fixed-rate, your monthly payment would be $3,584. That works out to $43,008 a year.
Now, let’s say you didn’t take that rate and instead shopped around using a site like LowestRates.ca. If you get a mortgage rate of 1.74%, your monthly mortgage payment goes down to $3,288, or $39,456 a year.
That works out to $3,552 a year in savings. And so you can see why it’s important to find the best mortgage interest rates in Brampton.
LowestRates.ca works to bring you competitive mortgage rates from top banks and brokers in Canada. All you have to do is answer a few questions, and in minutes you’ll be provided with today’s mortgage rates. There’s no obligation, but you can choose to speak with our broker partner to secure your best rate and see if you're eligible for more savings.
Yes, it’s safe — you no longer need to visit a bank branch or mortgage broker’s office in person to apply for a mortgage. It’s becoming increasingly common for Canadians to apply for mortgages online. LowestRates.ca only works with reputable, trustworthy financial institutions. Your credit score won’t be affected and your information is secure. We don’t share your information with anyone unless you want to connect with a mortgage broker. We take care of the heavy lifting by comparing the market for you and can connect you with the best mortgage lenders in the country.
We have a strong selection of lenders on LowestRates.ca including the big banks and many independent providers and we’re adding more lenders all the time. This ensures we’re always delivering you a competitive rate. Even if you’re not ready to commit to anything, you can use our site as a starting point for research (it’s totally free, and you’re under no obligation).
The better informed you are, the more likely you'll negotiate a better deal for yourself. And, really, that’s what we care about the most.
Taras Trofimov
About the Author
Taras is the Content Manager for LowestRates.ca. He has produced thought leadership content for organizations like Constellation Software, Facebook and Yellow Pages as well as outlets like The Globe and Mail, Autoblog and MSN Autos.
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