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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 Saint John 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 Saint John and beyond. During competitive market conditions, lenders may offer better rates. Shopping around and comparing multiple lenders — including local New Brunswick credit unions like UNI Financial Cooperation — can often result in a better mortgage rate.
When it comes to lending money, mortgage companies, banks, and lenders in Saint John act no differently than a person would — they don’t want to lend money to someone who is high-risk and will have trouble paying them back.
To determine your risk level, the best mortgage brokers, lenders and companies in Saint John will ask for some information so they can do some calculations to understand your current financial situation. Here’s what they’ll investigate:
1. Down payment
If you want to pay less interest on your mortgage, it’s imperative that you make a minimum down payment of 20% on the purchase of your home. That said, homebuyers who put less than 20% often qualify for the lowest rate. This is because their mortgages need to be insured by the Canada Mortgage and Housing Corporation (CMHC). Mortgage default insurance premiums are rolled into your monthly payments, which can increase the size of your monthly expenses. The down payment is just the first step. There are a few more things your mortgage lender will want to evaluate before they agree to provide financing.
2. Debt service ratios
When you buy your new home in Saint John, your mortgage payment won’t be the only payment you are obligated to make each month. Knowing that you’ll be able to make your mortgage payment (plus any other expenses you have) every 30 days provides a lot of peace of mind for brokers, banks and lenders. To calculate whether you can or can’t, they rely on two formulas to compare your monthly income vs. your monthly expenses:
3. Credit score
Your credit score is like an endorsement or recommendation that confirms for mortgage companies that you are a borrower who can be relied on to:
4. Income
If you make a good, stable income it’s likely you’ll be able to consistently meet the payments of the various monthly bills you have along with the mortgage payment on your Saint John home.
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.
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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: November, 2025
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: November, 2025
New mortgage loan values have been trending upward throughout 2025, reaching the average of $238,146 in Saint John and $360,597 in Canada by the end of Q4 2025.
Here are all the average new mortgages loan values in Saint John 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 |
| Saint John | $182,461 | $192,328 | $213,994 | $200,493 | $186,330 | $191,592 | $213,788 | $208,819 | $200,124 | $220,746 | $224,870 | $227,897 | $222,952 | $230,485 | $242,088 | $238,146 |
Scheduled monthly payments have been trending downward throughout 2025, reaching the average of $1,381 in Saint John 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $1,003 | $1,090 | $1,244 | $1,272 | $1,222 | $1,243 | $1,383 | $1,431 | $1,350 | $1,448 | $1,451 | $1,405 | $1,429 | $1,398 | $1,437 | $1,381 |
Closing costs are the one-time fees buyers pay upon purchasing property in Saint John. Generally, closing costs include:
Saint John charges a land trasnfer tax that equals to 1% of your purchase price.
Mortgage term and amortization period may seem like the same thing, but they are decidedly not. Here's the difference:
Mortgage term: The term is the amount of time certain conditions are locked in, such as your interest rate. Terms usually run from six months to 10 years, but five years is the most common mortgage term in Canada. By the end of the term, the mortgage must either be fully paid off or you must get a new term, with new conditions.
Amortization period: Amortization is the total amount of time it takes to pay off your mortgage in full. In Canada, an amortization period can be up to 30 years. If your down payment is less than 20%, the maximum amortization period allowed by the Canada Mortgage and Housing Corporation (CMHC) is generally 25 years.
However, first-time buyers and buyers of newly built homes can qualify for a 30-year amortization on an insured mortgage. A shorter amortization period means your monthly payments will be higher, but you’ll pay less interest. A longer amortization period means your payments will be lower, but you’ll pay more toward interest charges over the life of your mortgage.
An open mortgage gives you the flexibility to pay off the mortgage on your Saint John house at any time. With a closed mortgage, if you pay it off before the mortgage term ends, you will be charged a penalty.
So why choose a closed mortgage?
Because a closed mortgage generally offers a lower interest rate than an open mortgage. With an open mortgage, the rate is usually variable and a little higher.
When it comes to having a mortgage there is one piece of advice that applies from coast to coast — when you score the cheapest interest rate on your mortgage you will save thousands of dollars in interest over the lifespan of your mortgage.
Want to know two more ways you can save on the mortgage for your Saint John home?
Make sure you get a mortgage that includes prepayment privileges. This will allow you to make additional payments on your mortgage principal whenever you have extra money (e.g. an inheritance, bonus from work, salary increase, etc.). Taking advantage of your prepayment privileges will allow you to knock down the amortization period of your mortgage which will, in turn, knock down the overall amount you pay towards interest.
The second savings opportunity a mortgage can give you is when it’s portable. Some day you may decide to move again. When that day comes, you can take your portable mortgage with you. This will save you having to pay charges that are associated with closing and opening a mortgage.
LowestRates.ca works with top 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.
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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