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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 |
A 5-year variable mortgage has an interest rate that either increases or decreases with the change in overnight rate by the Bank of Canada. The interest rate and mortgage payments may fluctuate throughout the term because of that.
When signing a mortgage contract in Canada, homebuyers have many term and amortization options to choose from. One of the most popular options in Canada is the 5-year, variable interest rate mortgage term with a 25-year amortization period. This is just one of many potential mortgage structures Canadians can arrange with their mortgage lender. If you’re ready to start looking for a home and a 5-year variable-rate mortgage, you can start your search by filling out the form above. If you’re looking to refinance or renew your mortgage, we’ve got you covered. Just select the “Refinance” or “Remortgage” options in the form above.
By entering a few details about your home, you can compare the quotes from the best home insurance providers in your area. That’s all it takes to save hundreds of dollars per year on your home insurance policy — just like that.
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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 September 2026, the 5-year fixed rate is 4.26%. That’s 45 bps above the 5-year variable rate, which stands at 3.81%.
| Month | Fixed | Variable |
|---|---|---|
| 09/25 | 4.62% | 4.69% |
| 10/25 | 4.64% | 4.55% |
| 11/25 | 4.65% | 4.44% |
| 12/25 | 4.67% | 4.44% |
| 01/26 | 4.73% | 4.47% |
| 02/26 | 4.67% | 4.44% |
| 03/26 | 4.44% | 4.40% |
| 04/26 | 4.40% | 4.06% |
| 05/26 | 4.34% | 3.90% |
| 06/26 | 4.34% | 3.85% |
| 07/26 | 4.27% | 3.83% |
| 08/26 | 4.26% | 3.81% |
Last Updated: August, 2026
When selecting a mortgage term and rate structure, it’s important to take several things into consideration. For instance, your financial situation and personal tolerance for risk will come into play when you’re deciding how long you want your term and amortization periods to last. Furthermore, a variable rate tends to be riskier than a fixed rate; more risk averse homebuyers may choose to go with the latter. However, variable rates have been proven to save Canadians money in the long run. So, if you’re looking for the best deal, a 5-year variable-rate mortgage may be the way to go.
Most homebuyers in Canada choose a five-year term. It’s popular because five years is a sweet spot for homebuyers within the range of six months to 10 years, but interest rates on five year-terms are still affordable compared to longer terms. The fact that the five-year term is so ubiquitous also means rates are competitive. However, that doesn’t necessarily make a five-year term “better” than other terms, or the best option for everyone. The best mortgage term depends on a few factors, such as how long you plan to stay in your home, how many years you have left to pay off your mortgage, and what rate you can get.
Mortgage rates are always subject to change. A “good” rate is relative to two things: what lenders are currently offering in the marketplace, and what you qualify for based on your financial profile (down payment amount, credit score, income, etc.). LowestRates.ca allows you to compare 5-year variable mortgage rates (as well as 5-year fixed mortgage rates) from banks and brokers across the country, so you can get an idea of what you qualify for.
Variable mortgage rates are based on the lender’s prime rate. The prime rate is the interest rate that lenders offer their most creditworthy customers. Every lender sets its own prime rate, but prime rates are related to the Bank of Canada’s overnight lending rate. Also known as the policy interest rate, it is used as a benchmark by big banks and other lenders for setting rates on variable mortgages, lines of credit and interest paid on deposits. If the Bank of Canada adjusts its overnight lending rate based on economic conditions, your mortgage lender may adjust its prime rate accordingly, and your variable mortgage rate will change.
So far, LowestRates.ca has helped our users save $1 billion in interest and fees. When it comes to mortgage rates, even a decimal point or two can save you thousands of dollars in interest payments over the life of your mortgage. Most lenders don’t offer their best rates up front, but LowestRates.ca aggregates the best rates from banks and brokers across Canada and lets them compete for your business. Mortgage rates vary in different housing markets across Canada, so it’s best to get a personalized quote.
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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