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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 New Brunswick 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 in New Brunswick, and during competitive market conditions, lenders may offer better rates. Shopping around and comparing multiple lenders can often result in a better mortgage rate.
While mortgage rates are set by the lending institutions, which in turn are influenced by the Bank of Canada's target rate, there are other factors that can affect your New Brunswick mortgage rate.
1. Down payment
If you want to score a low mortgage rate in N.B., one of the most important factors is the size of your down payment. Across Canada, there are minimum down payment rules depending on the price of the home:
No matter the price of your home, a down payment of at least 20% is an important threshold. Not only are you more likely to qualify for cheap mortgage rates for an N.B. home, but you won’t have to buy mortgage default insurance. It’s also important to note that mortgage insurance isn’t available for homes that cost more than $1 million, so a minimum 20% down payment becomes mandatory at that price point.
2. Debt service ratios
Lenders use two types of ratios to calculate the amount of debt you have relative to your income. These figures will typically also factor into any online N.B. mortgage affordability calculator you use to help you set your budget as you shop for your new home. Here’s a guide to each type of debt service ratio.
3. Credit score
Having a high credit score is a great way to communicate to banks that you’re a safe bet when they lend you money. Some lenders do offer specialized mortgages in N.B. for borrowers with bad credit, but they typically adjust their rates upward with these products to reflect the greater risk. The higher your credit score, the better your mortgage rate is going to be. Credit scores can range from 300 to 900, with higher scores indicating a longer and more positive credit history.
If you need to purchase mortgage insurance from the Canada Mortgage and Housing Corporation (CMHC), which is required if your down payment is below 20% of the home’s price, a minimum credit score of 600 is necessary to qualify. If your credit score is too low for a traditional lender like a big bank or credit union, you may have to look at mortgage rates from private N.B. lenders.
4. Employment and income
N.B. mortgage agents and lenders will want to know how much income you earn from all sources to understand how you will repay your mortgage loan. You will be asked for proof of income from your job as well as any income from investments or rental properties. Banks typically see a full-time, salaried job that you’ve worked at for several years as the safest type of employment income, compared to seasonal, part-time or temporary work.
If you’re self-employed, you’ll need to provide more documentation of your income and business. Typically this includes tax returns for the previous three years, proof that you are current on all HST or GST payments, articles of incorporation, proof of principal ownership in the business, GST or business license, your business’s credit score, and other business financial records.
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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 4.38%. That’s 5 bps above the average high-ratio 5-year fixed rate, which stands at 4.33%.
| Date | Average Conventional Rate | Average High Ratio Rate |
|---|---|---|
| 12/24 | 4.79% | 4.56% |
| 01/25 | 4.80% | 4.60% |
| 02/25 | 4.80% | 4.57% |
| 03/25 | 4.68% | 4.45% |
| 04/25 | 4.67% | 7.99% |
| 05/25 | 4.75% | 4.62% |
| 06/25 | 4.73% | 4.63% |
| 07/25 | 4.60% | 4.40% |
| 08/25 | 4.61% | 4.44% |
| 09/25 | 4.53% | 4.44% |
| 10/25 | 4.49% | 4.36% |
| 11/25 | 4.38% | 4.33% |
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 2026, the 5-year fixed rate is 4.65%. That’s 21 bps above the 5-year variable rate, which stands at 4.44%.
| Month | Fixed | Variable |
|---|---|---|
| 12/24 | 4.77% | 5.30% |
| 01/25 | 4.82% | 5.14% |
| 02/25 | 4.70% | 4.90% |
| 03/25 | 4.60% | 4.75% |
| 04/25 | 7.99% | 7.99% |
| 05/25 | 4.74% | 4.88% |
| 06/25 | 4.73% | 4.85% |
| 07/25 | 4.57% | 4.86% |
| 08/25 | 4.54% | 4.85% |
| 09/25 | 4.62% | 4.69% |
| 10/25 | 4.64% | 4.55% |
| 11/25 | 4.65% | 4.44% |
Last Updated: September 1, 2026
New mortgage loan values have been trending upward throughout 2025, reaching the average of $234,065 in New Brunswick and $360,597 in Canada by the end of Q4 2025.
Here are all the average new mortgages loan values in New Brunswick 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 |
| New Brunswick | $181,286 | $189,793 | $203,216 | $186,699 | $182,986 | $182,092 | $207,745 | $204,382 | $198,984 | $203,814 | $222,998 | $219,856 | $215,625 | $220,714 | $236,329 | $234,065 |
Scheduled monthly payments have been trending downward throughout 2025, reaching the average of $1,378 in New Brunswick 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $953 | $1,033 | $1,161 | $1,162 | $1,191 | $1,178 | $1,329 | $1,370 | $1,338 | $1,337 | $1,417 | $1,366 | $1,342 | $1,320 | $1,392 | $1,378 |
Closing costs are the one-time fees buyers pay upon purchasing property in New Brunswick. Generally, closing costs include:
New Brunswick charges a land trasnfer tax that equals to 1% of your purchase price.
Mortgage term: This is the length of your current agreement with a specific lender. The length of the term is spelled out in your mortgage contract, along with the rules determining your interest payments for that period (whether fixed or variable). Mortgage rates often vary depending on the length of the mortgage term, which is why you might see 5-year mortgage rates for N.B. that are different from 6-month mortgage rates for N.B. as you shop for your mortgage. The most common mortgage term in Canada is five years.
Amortization period: This is the full life of your mortgage, the total amount of time it will take you to pay off the loan, including interest. The maximum amortization period in Canada is 35 years, but the CMHC caps the amortization period at 25 years if you need to buy mortgage insurance. Remember, this is required if your down payment is less than 20% of the home’s purchase price.
When looking to get a mortgage loan in New Brunswick, one of the best things to do is to compare rates from different lenders. At Lowestrates.ca we help you connect with 50+ lenders to get you the lowest rate possible based on your financial situation. Comparing helps you get the best deal and save thousands of dollars.
Deciding whether to opt for a closed or open mortgage is another decision you’ll need to make when buying a home. The main difference between an open mortgage and a closed mortgage is the level of flexibility allowed in the repayment schedule. Closed and open mortgage rates for N.B. home purchases will also be different.
Home buyers will want to find the best mortgage rates for N.B., but there are other factors beyond interest rates to consider as you compare mortgage products.
So, what is the best mortgage rate in N.B.? We’ll help you find out. LowestRates.ca works with 50+ Canadian banks and brokers to bring you competitive mortgage rates. We work with our partners to obtain their best deals and offers, and then we let them compete for your business. All you have to do is answer a few questions, and in minutes you’ll be provided with today’s mortgage interest rates for N.B. 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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