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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 Nunavut 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.
Nunavut’s mortgage market is served by a more limited pool of lenders than in southern Canada, which can mean less competition and rates that run slightly higher than national equivalents. Banks, credit unions, monoline lenders and other financial institutions that do operate in the territory compete to attract borrowers, and shopping around—particularly through a broker with access to monolines—can help close that gap and secure a more competitive rate.
To assess your rate, lenders will review additional criteria such as:
1. Down payment
When making a mortgage down payment in Nunavut, you’ll need to cover between 5% to 20% of your home’s total purchasing price. If that down payment is less than 20%, you’ll be required to purchase the Canada Mortgage and Housing Corporation (CMHC) mortgage insurance, which adds to your overall home ownership expenses. The federal government lays out the following rules when it comes to down payments:
You’ll notice there aren’t any 0 down mortgage options in Nunavut. Those opportunities are no longer available in Canada.
Use our free calculator to estimate mortgage payments in Nunavut.
2. Debt service ratios
Lenders rely on calculators to gauge Nunavut mortgage affordability. To help estimate a mortgage interest rate in Nunavut, lenders will want to look at your gross debt service ratio (GDS) and your total debt service ratio (TDS). These two debt ratios both play an important role in getting you Nunavut’s best mortgage rates. Learn more about both below:
3. Credit score
If you have bad credit, a mortgage in Nunavut may be hard to obtain. Credit scores range from 300 to 900, but most financial institutions want to see a score of at least 600.
And, if your down payment is less than 20%, the CMHC will require a credit score of at least 680. To get a low mortgage rate in Nunavut, you’ll want to work on upping that score, which can be done by reducing your amount of credit card applications or checks, using different types of credit, keeping an eye on your payment history, and other methods.
4. Income
Mortgage lenders are very interested in an applicant’s income because it helps determine whether they can pay the money back. When you apply for a mortgage application, they’ll want to see all types of income you’re earning, such as paid salaries, rental income and investments.
If you’re self-employed, they’ll want to view your tax returns from the past three years; copies of articles of incorporation, business or GST licences for your business; your personal and business credit score, and other documents that would prove income and cash flow.
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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 4.38%. 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 |
|---|---|---|
| 09/25 | 4.53% | 4.44% |
| 10/25 | 4.49% | 4.36% |
| 11/25 | 4.38% | 4.33% |
| 12/25 | 4.48% | 4.35% |
| 01/26 | 4.59% | 4.53% |
| 02/26 | 4.55% | 4.53% |
| 03/26 | 4.34% | 4.32% |
| 04/26 | 4.32% | 4.28% |
| 05/26 | 4.36% | 4.21% |
| 06/26 | 4.38% | 4.19% |
| 07/26 | 4.37% | 4.13% |
| 08/26 | 4.39% | 4.08% |
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 4.65%. That’s 21 bps above the 5-year variable rate, which stands at 4.44%.
| 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: September 1, 2026
Closing costs are the one-time fees buyers pay upon purchasing property in Nunavut. Generally, closing costs include:
Nunavut does not have land transfer tax. However, are two fees that occur during land transfer, including:
Still wondering what the best mortgage rate in Nunavut is? Read on for answers to some of the most asked questions.
Mortgage term: A mortgage term is the amount of time you’ll be committed to paying your mortgage to a particular lender. Most Canadians opt for a five-year mortgage, but your window can range in Nunavut from paying 6-month mortgage rates to 10 years of payments. Once the term is done, you can renew your contract at a new rate.
Amortization period: An amortization period describes the duration of your mortgage. This includes not only paying down the mortgage itself, but also its loan principal plus interest. For Canadians, the maximum amortization period is 35 years. However, if you can only make a down payment of less than 20%, then you’ll be obligated to buy CMHC mortgage insurance, which has a maximum amortization period of 25 years.
Open mortgage: Canadians pursue open mortgages when they want greater options when it comes to the terms around repayment. These mortgages can be paid off completely at any time, and typically are given short terms (like up to five years). Open mortgage interest rates in Nunavut are often higher than closed mortgage rates. These higher open mortgage rates in Nunavut are given because borrowers have the option to make additional or increased monthly payments, finish paying their mortgage ahead of the deadline or move their mortgage to another lender in the future.
Closed mortgage: Likewise, closed mortgage rates in Nunavut are lower because borrowers have to make their payments on a fixed schedule for the full length of the term. Borrowers who want to get out of the schedule to either refinance, renegotiate or pay down the mortgage with a lump sum will be charged a fee. Each lender has its own rules when it comes to this, so you’ll need to read the fine print.
Getting the lowest mortgage rate in Nunavut is just one part of home ownership. You’ll also want to consider prepayment privileges, penalties and portability:
LowestRates.ca works with banks and brokers to bring you competitive mortgage rates from lenders 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.
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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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