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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 Shawinigan 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 Shawinigan and beyond. During competitive market conditions, lenders may offer better rates. Shopping around and comparing multiple lenders — including local credit unions like Desjardins — can often result in a better mortgage rate.
You may have noticed that today’s most current mortgage rates in Shawinigan can vary significantly by lender. Also, there’s usually a difference between when you compare the average bank and broker mortgage rates in Shawinigan and across the country. This may be due to various factors, which are described below.
1. Down payment
You get a better rate when you make a down payment of less than 20% because you have to buy mortgage default insurance, which protects the lender. Your rate is higher when your down payment is 20% or more because you don’t need to get insurance and the lender isn’t protected.
The federal government sets the rules for down payments. Currently, you must make a down payment of at least:
2. Credit score
Mortgage companies in Shawinigan and throughout Canada will look at your credit score to decide whether or not to lend to you. Having a high score (typically 760 or above) indicates you’re less likely to miss any payments. As a result, expect to get a better rate than someone with a low or average score.
3. Debt service ratios
The best mortgage lenders in Shawinigan also look at two debt service ratios: your gross debt service (GDS) ratio and your total debt service (TDS) ratio. Debt ratios are used to measure how much of your household income goes toward paying your monthly housing costs and other debt obligations. To get the cheapest and lowest mortgage interest rates in Shawinigan, it helps to pay off any outstanding debt and do what you can to keep your credit score high.
4. Employment and income
Your income is the deciding factor when it comes to the amount you can borrow. Lenders will also look at the amount of time you’ve been working at your current organization, if you’re working full time or part time, and whether it’s a permanent or contract role. Self-employed individuals have to jump through more hoops and often need to provide additional documentation, bank statements and copies of past tax returns.
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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 4.39%. That’s 31 bps above the average high-ratio 5-year fixed rate, which stands at 4.08%.
| 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 September 2026, the 5-year fixed rate is 4.26%. That’s 45 bps above the 5-year variable rate, which stands at 3.81%.
| 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
New mortgage loan values have been trending upward throughout 2025, reaching the average of $245,388 in Quebec and $360,597 in Canada by the end of Q4 2025.
Here are all the average new mortgages loan values in Quebec 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 |
| Quebec | $224,873 | $228,576 | $237,519 | $206,201 | $202,014 | $193,800 | $211,995 | $202,079 | $198,810 | $213,730 | $231,269 | $221,516 | $233,181 | $239,953 | $254,499 | $245,388 |
Scheduled monthly payments have been trending downward throughout 2025, reaching the average of $1,431 in Quebec 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $1,096 | $1,151 | $1,266 | $1,239 | $1,274 | $1,221 | $1,331 | $1,338 | $1,340 | $1,377 | $1,447 | $1,355 | $1,405 | $1,410 | $1,474 | $1,431 |
New homebuyers are sometimes surprised to find out there are other costs when buying a property. These are called closing costs and they’re typically an additional 3% or 4% of the purchase price.
Some of the most common closing costs include:
Land transfer tax calculations for a $500,000 property in Shawinigan without a rebate are:
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.
When you look at current mortgage rates in Shawinigan, you’ll probably notice a significant gap between open and closed rates. Read more to find out why.
An open mortgage allows you to make lump sum payments whenever you want or to pay off the entire mortgage in full without incurring any penalties. To get this flexibility, you have to pay more in the form of a higher rate.
A closed mortgage comes with a number of restrictions. You’re usually only able to make one additional payment a year and are limited in terms of the size of the payment. You also have to pay a penalty if you pay off the mortgage in full. To help persuade you to live with these restrictions, lenders will offer you a lower rate.
There are other factors to consider than just getting one of the lowest mortgage rates in Shawinigan. These are three things to consider:
LowestRates.ca works with leading 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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