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Ready to compare mortgage rates in New Brunswick? You’ve come to the right place. LowestRates.ca allows you to find and compare the best mortgage rates for houses in N.B. from 50+ banks and brokers across Canada. No more endless searching for who has the best mortgage rates in N.B., or wondering if you’re missing out on cheaper mortgage rates for your property purchase.
Our service is free to use, and there’s no obligation on your part — just the lowest mortgage rates for N.B. on any given day, all in one place for you to instantly compare.
Keep reading to find out more about the province’s housing market and how to qualify for the lowest mortgage rates.
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 4.69% | 80% LTV 4.19% | 65% LTV 4.19% | Uninsured 5.59% | 5.49% | ||
Insured 4.04% | 80% LTV 3.89% | 65% LTV 3.89% | Uninsured 4.54% | 4.79% | ||
Insured 3.87% | 80% LTV 3.99% | 65% LTV 3.99% | Uninsured 4.24% | 4.29% | ||
Insured 3.99% | 80% LTV 3.99% | 65% LTV 3.99% | Uninsured 4.44% | 4.39% | ||
Insured 3.91% | 80% LTV 3.89% | 65% LTV 3.89% | Uninsured 3.91% | 4.09% | ||
Insured 4.39% | 80% LTV 4.24% | 65% LTV 4.24% | Uninsured 5.19% | 5% | ||
Insured 5.04% | 80% LTV 4.34% | 65% LTV 4.34% | Uninsured 5.29% | 6.09% | ||
Insured 4.15% | 80% LTV 4.3% | 65% LTV 4.3% | Uninsured 4.4% | 6.35% | ||
Insured 3.95% | 80% LTV 3.95% | 65% LTV 3.95% | Uninsured 4.05% | 4.25% | ||
Insured N/A | 80% LTV N/A | 65% LTV N/A | Uninsured N/A | N/A | ||
Insured 5.25% | 80% LTV 5.25% | 65% LTV 5.25% | Uninsured 5.25% | N/A |
7.20%
7.04%
7.24%
On LowestRates.ca, you can submit a mortgage application for different types of mortgage products. However, the two main options for most homebuyers are conventional and high-ratio mortgages. A conventional mortgage contract requires the homebuyers to put down at least 20% of the purchase price of the home as a down payment.
A high-ratio mortgage, on the other hand, means the homebuyer has put down less than 20% of the price of the home. With a high-ratio mortgage, homebuyers are required to purchase mortgage insurance. There are three providers of mortgage default insurance in Canada: the government-owned Canada Mortgage and Housing Corporation (CMHC), or private insurance companies Sagen and Canada Guaranty.
Interest rates for high-ratio mortgage contracts are often lower, but the cost of mortgage default insurance adds to the overall cost of the mortgage.
| Date | Average Conventional Rate | Average High Ratio Rate |
|---|---|---|
| 07/24 | 5.07% | 4.93% |
| 08/24 | 5.20% | 5.03% |
| 09/24 | 5.17% | 5.09% |
| 10/24 | 4.85% | 4.59% |
| 11/24 | 4.76% | 4.48% |
| 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% |
Last Updated: July 1, 2025
A fixed-rate mortgage sets your interest rate steady throughout your mortgage term. In Canada, mortgage terms can range from six months to 10 years.
On the other hand, with a variable rate mortgage the interest rate changes as and when the Bank of Canada updates the policy interest rate. This depends on the economic and market conditions during the mortgage term. This means, when the prime rate changes, your mortgage rate will also fluctuate.
A variable rate mortgage for your New Brunswick home purchase does carry some risk, as market conditions are not always predictable. The greater certainty of a fixed-rate mortgage is what makes this the most popular choice for most Canadian homebuyers.
Starting March 2022, the Bank of Canada has increased the prime rate 10 times, which has created ripples in the mortgage market. The fixed and variable rates are at an all-time high and the central bank warns that borrowing costs are likely to remain higher for longer. At present the BoC prime rate is at 5%, which is at a 22-year high, having a direct impact on the variable rate mortgage.
Mortgage lenders could be looking to lock in mortgage seekers at a fixed rate as bond yields retreat from their peak. Economists strongly believe that interest rates might not return to low levels as seen in 2020-2021 as global events cause uncertainty to economies world over.
Interest rates are always subject to change, so regardless of the mortgage product you choose, be sure to check and compare current mortgage rates in New Brunswick as you shop for your new home. Take a look at our chart of 5-year fixed mortgage rates in N.B. vs. 5-year variable mortgage rates.
| Month | Fixed | Variable |
|---|---|---|
| 07/24 | 4.93% | 6.12% |
| 08/24 | 4.99% | 6.14% |
| 09/24 | 4.87% | 6.19% |
| 10/24 | 4.75% | 5.76% |
| 11/24 | 4.66% | 5.40% |
| 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% |
Last Updated: July 1, 2025
As a prospective homebuyer, one of your top questions is probably along the lines of, “What are current mortgage rates in N.B.?” But before you start comparing rates, it’s helpful to understand how banks review mortgage applications and set their interest rates.
Lenders take several factors into account when deciding whether to approve you for a home loan, and what rates they can offer you. So it’s not enough to ask, “What is the average mortgage rate in N.B.?” Your rates will also depend on individual factors unique to your situation.
Here are the most important factors banks will consider in setting mortgage interest rates for your N.B. home purchase.
Read More
The size of your mortgage depends on a few factors: the location of your new home, your down payment, and your mortgage interest rate. (Any N.B. mortgage calculator will ask you to plug in these figures).
The residential average price of a home in New Brunswick is $299,508 according to the Canadian Real Estate Association (CREA) sales figures for October 2023 for all home types.
For instance, a homebuyer making a 5% down payment ($14,975) on an average New Brunswick home (with a purchase price of $299,508) will have a mortgage amount of $284,533. Since your down payment is below 20% of the home’s cost, you’ll be required to buy CMHC mortgage insurance. At a 5% mortgage rate and 25 years amortization period, you would be paying a total monthly mortgage of $1,655. On the other hand, if the interest rate is 6% in the same scenario, the monthly mortgage payment would be $1,820.
The size of your mortgage is important, but it’s not the only factor to consider in determining how a new home purchase works with your budget. The size of the monthly mortgage payment is even more important for most homebuyers. Try plugging different down payment sizes, mortgage amounts and amortization periods into an N.B. mortgage payment calculator to find out what your monthly mortgage payment will be in different scenarios.
According to the data based on New Brunswick housing market, the 2023 CMHC’s average scheduled monthly payment for new mortgage loans data is shown in the table below:
| Geography | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 |
|---|---|---|---|---|---|---|
| Canada | $1,594 | $1,722 | $1,909 | $1,923 | $1,984 | $1,922 |
| New Brunswick | $944 | $1,026 | $1,161 | $1,162 | $1,191 | $1,179 |
Source: CMHC
We can see a rise in the monthly payments of new mortgage loans in Q2 2023 compared to Q2 2022, this is due to the rising interest rates and inflation in the country. The Bank of Canada interest rate hikes have had a direct impact on mortgage rates (especially variable rate mortgage) and homebuyers are seeing that impact on their pockets.
Homes in the northern region of the province have the lowest average price in N.B., at $194,223 while homes in Greater Moncton have the highest average price in the province, at $347,184. The housing markets in Fredericton and Saint John sit in between, with average home prices of $314,533 and $298,141, respectively.
Even with the Greater Moncton housing market heating up in recent years, New Brunswick homes of all types remain among the most affordable in Canada. Sales data in October 2023 show single-family detached homes in Greater Moncton selling for $343,400 on average, according to statistics compiled by the Canadian Real Estate Association (CREA). This represents a year-over-year increase of 15.86% over October 2022.
Closing costs are all the assorted expenses involved in closing the deal on your new home. Homebuyers should expect to spend about 1.5% to 4% of the home’s purchase price on closing costs (excluding the down payment). Closing costs can vary from one home sale to the next, but usually include items like:
New Brunswick also has a land transfer tax of 1% of the property’s appraised value. (Keep in mind this may be different from the home’s purchase price). This means the buyer pays $1,000 in land transfer tax to the province for every $100,000 of the home’s assessed value.
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.
Open mortgage: An open mortgage offers the most flexibility around your repayment time frame. You can repay your loan faster than the minimum monthly payment schedule if you choose, without facing penalty fees. The tradeoff for this enhanced flexibility is that open mortgage rates in N.B. are typically higher. This type of payment structure may be the best choice for you if you expect to move soon, refinance, or receive a large windfall (like an inheritance) that you can use to pay off your mortgage early.
Closed mortgage: Closed mortgage rates in N.B. are typically lower than open mortgage rates. With a closed mortgage, you repay your loan on a fixed schedule. If you make payments above the monthly minimums, you could face stiff penalties. Penalties can sometimes cancel out any savings on interest you might earn by trying to pay off your mortgage early. Closed mortgage terms and conditions vary by lender, and some do allow accelerated payments up to a maximum amount without charging penalties. Be sure to familiarize yourself with the lender’s rules before signing your mortgage contract.
Overall, New Brunswick residents benefit from a lower cost of living than much of Canada, including home prices that are affordable compared to many other provinces. The average sale price for all types of New Brunswick homes is $299,508, according to October 2023 sales data from the Canadian Real Estate Association (CREA). The cost of living in New Brunswick will also depend on individual factors like whether you rent or own your home and whether you own a car or get around by public transit and bicycle.
New Brunswick also offers high quality of life, as the largest of Canada's three Maritime Provinces. It's a must-see destination for nature lovers, offering a whirlwind of natural wonders, including the Bay of Fundy, which has the world's highest tides (up to four-storeys high!), and the Saint John River. Not surprisingly, the New Brunswick economy is centered around natural resource industries such as forestry, mining, fisheries, and mixed farming. It's also home to the McCain Foods empire — one-third of the world's French fries come from New Brunswick's Florenceville-Bristol.
Home buyers will want to find the best mortgage rates for N.B. in 2021, but there are other factors beyond interest rates to consider as you compare mortgage products.
Prepayment privileges: This allows you to pay off your mortgage loan early without being charged penalty fees. Penalties for prepayment can be high — above what you might save on interest — so be sure you understand the specific rules of your mortgage contract.
Penalties: Many mortgage contracts assign penalty fees for breaking your mortgage early (this can happen if you refinance or move). Some homeowners find out about penalties the hard way, and end up paying them after refinancing for a lower interest rate. If this happens, you may end up canceling out any savings from a lower rate by incurring the penalty fees. Again, make sure you read the fine print of your mortgage contract to prevent this!
Portability: This lets you transfer your mortgage from one property to another if you move without suffering penalty fees. Typically, porting your mortgage to a new home is combined with an additional mortgage loan for the new property.
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.
Shivani Kaul
About the Author
Shivani Kaul is a content manager in the personal finance space. Prior to this, she worked as a digital editor with Pagemasters North America (a division of The Canadian Press) for four years. Shivani has also worked as a freelance writer and editor for Investor's Digest of Canada and The Ghost Bureau.
She has more than a decade of experience working as an editor and writer for different news media organizations in Canada and South Asia. She has a Digital Marketing Management certification from the University of Toronto, a Master's degree in Mass Communication (Journalism) and a Bachelor's degree in English from the University of Delhi (India).
*Based on the difference between estimated deep-discount 5-year fixed rates from Canada's top six banks and the lowest comparable rates on Lowestrates.ca, as of January 14, 2022.
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