Compare 20+ mortgage rates from top banks and brokers with LowestRates.ca.
Get 20+ mortgage quotes from top banks and lenders.
Compare rates from Canada's top banks and brokers
have compared rates and saved money over the last 24 hours
First, choose whether you're buying a new home, refinancing or renewing, and fill in a few details. It only takes 3 minutes, and it’s 100% confidential.
Next, we’ll show you quotes from 50+ Canadian banks and brokers. It’s free, with no commitment.
When you find the best quote, secure your Toronto mortgage rate by talking to a licensed broker or agent.
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 Orillia 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 Orillia 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.
You may have noticed a significant difference between bank and broker mortgage rates in Orillia. That’s because brokers have access to a variety of lenders whereas your bank is the only lender available. That’s just one factor that affects your mortgage rate, but there are others.
1. Down payment
You often get a lower rate when your down payment is less than 20% because you’re required to buy mortgage default insurance. The lender is protected if you’re unable to make your regular payments. When your down payment is 20% or more, you’re not required to get mortgage default insurance and the lender isn’t protected. As a result, the lender will charge you a higher rate.
The federal government determines the rules around down payments. Currently, the rules are as follows:
2. Credit score
Mortgage companies in Orillia or across Canada will also look at your credit score when deciding whether you’ll qualify for a mortgage and what rate will be offered. If you have a score that’s 760 or higher, your rate should be lower than someone whose score is less than yours.
3. Debt service ratios
Your debt service ratios (the gross debt service ratio and the total debt service ratio) will also be reviewed by Orillia’s best mortgage lenders.
4. Income and employment
Finally, your income and job will also play a role in the rate that you get. While lenders prefer someone working in a full-time position for a long period of time, they will still lend to someone with a part-time or contract role. Those who are self-employed can also qualify for a mortgage but are required to provide more proof of income (including old bank statements and tax returns).
You should ensure that you don’t have any debt and your credit score is high to get one of the best mortgage interest rates in Orillia, not an average rate.
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.
When we say, ‘just like that’, we mean it — access the best and most current mortgage rates in seconds.
That’s right — our service is absolutely, 100% free for our users. Comparing mortgage rates won’t cost you a dime.
Enter your postal code to find competitive mortgage rates for the province or territory you live in, and then pick the best rate. It's that simple.
We're impartial. At LowestRates.ca, we allow banks and brokers to present their best mortgage offers to you on an even and unbiased platform.
We take ‘shopping around’ to a new level. Find the lowest mortgage rates nationwide from 50+ banks and brokers.
Rest assured, mortgage shoppers. Your information is private and secure. We'll never share your personal details with a third party. Ever.
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 $441,394 in Ontario and $360,597 in Canada by the end of Q4 2025.
Here are all the average new mortgages loan values in Ontario 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 |
| Ontario | $466,931 | $475,987 | $462,701 | $418,808 | $406,427 | $405,753 | $434,005 | $426,021 | $421,795 | $427,078 | $440,052 | $432,237 | $441,074 | $438,188 | $445,693 | $441,394 |
Scheduled monthly payments have been trending downward throughout 2025, reaching the average of $2,402 in Ontario 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $1,966 | $2,153 | $2,392 | $2,449 | $2,494 | $2,444 | $2,634 | $2,770 | $2,751 | $2,646 | $2,664 | $2,524 | $2,526 | $2,452 | $2,472 | $2,402 |
Closing costs are the one-time fees buyers pay upon purchasing property in Orillia. Generally, closing costs include:
Land transfer tax calculations for a $500,000 property in Orillia without a rebate are:
A mortgage term is how long your contract lasts with your lender. Once the term is up, you can continue to use the same lender or shop around to potentially find a better rate. Terms range between six months and 10 years, but most homeowners choose five years.
An amortization period is the amount of time it’s expected you’ll pay off the entire mortgage balance. The longer your amortization period is, the more interest you’ll have to pay. An amortization period can range between 10 and 35 years, but most homeowners choose 25 years. If you have a high-ratio mortgage, the amortization must be 25 years or less.
Have you noticed a large difference between the most current open and closed mortgage rates in Orillia?
The main reason why is because of flexibility. An open mortgage doesn’t have many restrictions. You can make additional payments whenever and pay off the entire mortgage balance whenever you’d like without facing huge penalties. However, there’s a tradeoff and that’s in the form of a higher rate.
There isn’t a lot of flexibility with a closed mortgage. There’s a cap in terms of how many additional payments you can make a year and you’re limited in terms of how much you can pay. While there are penalties involved if you do violate any of the restrictions with this type of mortgage, you do get a much lower rate.
There are a few other things to consider besides getting the lowest mortgage interest rate in Orillia, such as:
LowestRates.ca works with top banks and brokers to bring you competitive mortgage rates from lenders across 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.
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.
HomebuyingQUICK TAKEAWAYS: Your rates, options, and overall borrowing experience varies between a mortgage broker ...
.jpg?itok=9adVmrCg)
HomebuyingUpdated on June 30, 2026 by Arshi Hossain | Written originally by Jessica Vomiero on July 12, 2024. Buying...