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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 Sherbrooke 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 Sherbrooke 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.
It’s important to understand the factors that can affect whether you qualify for the best mortgage rates in Sherbrooke. Lenders will consider a number of different things to determine whether or not they’ll lend you money, and what interest rate they’ll offer.
1. Down payment
The size of your down payment is important, as it will impact the overall amount of your mortgage and how much you can afford to spend on a home. The larger the down payment, the less you will be required to borrow towards the home, meaning your mortgage will be smaller.
A buyer can put as much down toward a home as they’d like, but the Canadian government requires minimum down payment requirements based on property price.
2. Debt service ratios
Buyers should also be aware that mortgage default insurance is required if you put less than 20% down toward a home. There are three mortgage default insurers in Canada: the Canada Mortgage and Housing Corporation (CMHC), Canada Guaranty and Sagen.
3. Credit score
This is one of the most important factors that determines whether a buyer can qualify for the lowest mortgage interest rate in Sherbrooke. Credit scores signal to lenders how reliable a borrower might be at managing and paying down debt. To qualify for the best mortgage rates in Sherbrooke and across Canada, a borrower will require to have a good credit score.
Credit scores are set based on how a person manages their debt; how much debt a person has, their payment history, the length of their credit history, and other factors. Scores range from 300-900 and are considered good, very good, or excellent within a range of 660 to 900. The higher your credit score, the better chance you’ll have of qualifying for the lowest mortgage rates in Sherbrooke.
4. Income and employment
Your income is yet another factor that will help you qualify for mortgage interest rates in Sherbrooke. Generally, the higher and more stable your income, the more you can borrow toward a home.
Lenders require proof that the borrower has a history of making enough income to afford the home for which they’re applying for a mortgage. They’ll want to know whether a borrower is a salaried employee or self-employed, and whether or not you have investment income or own additional properties.
Your lender will likely require two years of employment history, which can be provided in the form of past T4 tax documents. Both salaried and self-employed borrowers can qualify for house mortgage rates in Sherbrooke; however, the documents they will need to provide to prove their income will differ. Typically, self-employed borrowers will be required to provide more paperwork to lenders than salaried employees when applying for a mortgage.
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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 $219,997 in Sherbrooke 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 |
| Sherbrooke | $186,302 | $190,199 | $207,009 | $180,500 | $174,384 | $173,884 | $186,347 | $181,836 | $179,899 | $187,244 | $200,184 | $193,997 | $203,844 | $213,390 | $230,886 | $219,997 |
Scheduled monthly payments have been trending downward throughout 2025, reaching the average of $1,297 in Sherbrooke 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $960 | $985 | $1,102 | $1,083 | $1,117 | $1,107 | $1,186 | $1,193 | $1,224 | $1,212 | $1,275 | $1,220 | $1,245 | $1,272 | $1,357 | $1,297 |
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 Sherbrooke 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.
Another important consideration when choosing a mortgage is whether you’d like an open or closed mortgage.
An open mortgage is one that allows the buyer to make as many payments as they’d like, over and above the agreed-upon weekly, bi-weekly, or monthly payments. This flexibility is great for people who would like to pay their mortgage off before the end of the amortization period.
A closed mortgage has a set amount of prepayments (additional payments) a buyer can make on their mortgage. While closed mortgages may lack the flexibility of an open mortgage, many of the best mortgage lenders in Sherbrooke will offer lower rates on closed mortgages.
When deciding on which one is right for you, weigh the pros and cons — is the flexibility of an open mortgage more important than a slightly lower rate, or is the lowest possible rate your goal? Answering that question should help you choose.
Buyers are interested in finding the cheapest mortgage rates in Sherbrooke — and for good reason. The lower the rate, the lower your monthly mortgage cost. However, the mortgage rate is only one factor that should be considered when doing a mortgage rates comparison in Sherbrooke.
Before signing a mortgage contract, some other things to consider are prepayment privileges, penalties, and portability.
Prepayment privileges allow the mortgage holder to make additional mortgage payments, in addition to their agreed-upon payments, without incurring any penalties. Prepayment privileges might be attractive to buyers who earn income in addition to their salary, such as commission and bonuses, and would like to make additional payments toward their home.
Buyers should also consider penalties when comparing mortgages. Some mortgages will incur a penalty for prepayments, or for breaking a mortgage early.
Portability is another consideration. A portable mortgage is a mortgage that can be transferred from one home to another. Say you purchase a home but want to move before it's paid off. A portable mortgage makes it easy to transfer your existing mortgage over to your new property.
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 current mortgage rates for Sherbrooke. 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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