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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 |
There are three main drivers behind mortgage rates in London 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 London 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.
Lenders examine a multitude of factors when considering the approval of a mortgage application and determining the best interest rate to offer. The following are some of the top criteria lenders use when trying to calculate a mortgage rate in London.
1. Down payment
When purchasing property, a down payment functions as a deposit and the mortgage covers the remainder. The exact amount of that down payment plays a big role in determining your London mortgage loan, as well as your mortgage rate. In Canada, the rule is that your down payment must make up 5-20% of your property’s final sale price.
If you’re unable to make a down payment of 20% or more of the final property cost, you’ll be required to buy Canada Mortgage and Housing Corporation (CMHC) mortgage insurance and include that in your financial planning.
2. Debt service ratios
Mortgage lenders estimate how much credit they think you’re entitled to based on your gross debt service ratio (GDS) and your total debt service ratio (TDS). They can be described as follows:
The Financial Consumer Agency of Canada (FCAC) uses a GDS ratio of 32% and a TDS ratio of 40% as general guidelines but you can still qualify for a mortgage if your percentages exceed those numbers. You won’t want your numbers to be too much higher, however, because that means you’re at greater risk of living beyond your means and accumulating debt.
3. Credit score
Credit scores run the gamut from 300 to 900 and provide lenders with an idea of your “creditworthiness.” These numbers are calculated from reports completed by credit agencies that evaluate your debt, and your credit and payment history.
Typically, credit scores from 660 to 900 are considered good to excellent. To obtain the lowest mortgage rate for a London house or condo, you’ll want your credit to land within this range. Minimum credit score requirements, however, will depend on the lender.
4. Income
Before doling out a loan, mortgage companies in London will want to see proof of income to ensure that you can meet your monthly costs. Beyond looking at your paycheques, they’ll want to see any earnings that come from rental income and investments. If you have an employer, they’ll want to know how long you’ve been working with them, and if you’re self-employed, they’ll want to see your tax returns from the last three years. They may also want other more detailed information, such as your business’s income statement, cash flow statement, and balance sheet.
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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 September 2026, the average conventional 5-year fixed rate is 4.49%. That’s 40 bps above the average high-ratio 5-year fixed rate, which stands at 4.09%.
| 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 September, the 5-year fixed rate is 4.30%. That’s 41 bps abow the 5-year variable rate, which stands at 3.89%.
| 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 $353,056 in London and $360,597 in Canada by the end of Q4 2025.
Here are all the average new mortgages loan values in London 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 |
| London | $366,595 | $381,853 | $379,030 | $332,780 | $321,860 | $315,774 | $339,521 | $324,201 | $307,592 | $327,640 | $350,724 | $338,600 | $341,037 | $341,816 | $364,017 | $353,056 |
Scheduled monthly payments have been trending downward throughout 2025, reaching the average of $1,951 in London 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $1,616 | $1,776 | $2,004 | $1,970 | $1,969 | $1,905 | $2,063 | $2,116 | $2,010 | $2,031 | $2,184 | $1,998 | $1,969 | $1,939 | $2,032 | $1,951 |
Closing costs are the one-time fees buyers pay upon purchasing property in London. Generally, closing costs include:
Land transfer tax calculations for a $500,000 property in London without a rebate are:
In this section, we’re going to break down even more terms that will help you understand how to get the best mortgage rates in London, Ontario, Canada.
Buyers in London should make mortgage rate comparisons between an open mortgage and a closed mortgage before making any final decisions.
When buying a home in Ontario, finding low London mortgage rates should be one of your top priorities. But, you don’t want to overlook other avenues for making your mortgage more affordable. Learn how you can save money (or avoid extra expenses) by understanding the following:
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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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