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The best current mortgage rates in Canada

Check out today's best mortgage rates in Canada by type and term.

Rates are based on an average mortgage of $300,000
 Insured ?

The rates in this column apply to borrowers who have purchased mortgage default insurance. This is required when you purchase a home with less than a 20% down payment. The home must be owner-occupied and the amortization must be 25 years or less.

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 ?

The rates in this column apply to purchases over $1 million, refinances and amortizations over 25 years. More info on the differences between insured and uninsured rates.

Bank Rate ?

Bank Rate is the mortgage interest rate posted by the big banks in Canada.

 
1-year fixed rate
Insured
4.99%
80% LTV
5.6%
65% LTV
5.6%
Uninsured
6.69%
6.79%
 
2-year fixed rate
Insured
5.67%
80% LTV
5.3%
65% LTV
5.3%
Uninsured
6.04%
6.39%
 
3-year fixed rate
Insured
4.79%
80% LTV
4.94%
65% LTV
4.94%
Uninsured
4.94%
5.55%
 
4-year fixed rate
Insured
4.94%
80% LTV
4.94%
65% LTV
4.94%
Uninsured
5.09%
5.29%
 
5-year fixed rate
Insured
4.74%
80% LTV
4.79%
65% LTV
4.79%
Uninsured
4.94%
4.84%
 
7-year fixed rate
Insured
4.94%
80% LTV
5.29%
65% LTV
5.29%
Uninsured
5.09%
5.9%
 
10-year fixed rate
Insured
5.74%
80% LTV
5.89%
65% LTV
5.89%
Uninsured
5.84%
7.25%
 
3-year variable rate
Insured
6.1%
80% LTV
6.55%
65% LTV
6.55%
Uninsured
N/A
8.6%
 
5-year variable rate
Insured
5.9%
80% LTV
6.1%
65% LTV
6.1%
Uninsured
6.25%
6.59%
 
HELOC rate
Insured
7.2%
80% LTV
7.2%
65% LTV
7.2%
Uninsured
7.2%
N/A
 
Stress test
Insured
6.74%
80% LTV
6.79%
65% LTV
6.79%
Uninsured
5.25%
N/A

About variable open mortgage rates.

Get maximum flexibility with a variable open mortgage. Variable open mortgages give you the option of increasing your mortgage payments at any time, without paying a penalty to the lender — you could even pay off your entire loan all at once. You can also lock in a fixed rate if you see interest rates rising in the future.

Variable open mortgages are popular with borrowers who anticipate a near term move: the property can be sold and the loan discharged without any mortgage break fees.

Of course, variable open mortgages have a floating interest rate that changes with the prime lending rate of your bank. Your interest rate will be set at the beginning of each month, but your payments will stay constant. If interest rates decline, more of your monthly payment will be applied to your principal rather than the interest.

Compare the top variable open mortgages here at LowestRates.ca. Select a product from the rate chart above and get started.

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