Compare the best variable open mortgage rates for free.

Compare 20+ mortgage rates from top banks and brokers with LowestRates.ca.

Compare mortgage rates from 50+ of Canada's leading banks and brokers in just 3 minutes.

29,463 Canadians

have compared rates and saved money over the last 24 hours

What our users say:

May 16
Very helpful
Very helpful
John Balayon
May 12
very nice and helpful
very nice and helpful
GIANPIERO GIORNO
May 12
Agent are courteous and transparent…
Agent are courteous and transparent they going to help you as much as they can.
Jessie Mangabay
May 9
He was straightforward and to the…
He was straightforward and to the point. Told me what to expect. And gave me an...
Adrian
May 9
Searched for my best option
Searched for my best option
Barry Hewitt
May 9
It’s so easy to use
It’s so easy to use. People are so friendly.
Gordon Richard
May 9
Amazing
Amazing, she was very helpful
Trent Lastname
May 9
Customer service was fantastic
Customer service was fantastic. She was knowledable, personable, and curtesous. ...
Amanda Murphy
May 8
Excellent fast and efficient.
Excellent fast and efficient.
Wayne Hunter
May 8
Fast
Fast, easy, and friendly.
Daniel Castro
May 6
acted very fast in replying
acted very fast in replying
Harold Fowler
May 5
Fast Friendly service
Fast Friendly service
Nelson Currie
May 5
Great and friendly service
The fast response after filling out the online portion and the very friendly and...
Happy guy
May 2
quote
good experience
Dale Ross
May 1
nice and friendly
nice and friendly
Douglas Lorente

How comparing mortgage quotes works. Hint: it’s free!

Compare

Next, we’ll show you quotes from 50+ Canadian banks and brokers. It’s free, with no commitment.

Save

When you find the best quote, secure your rate by talking to a licensed broker or agent.

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
4.69%
80% LTV
4.19%
65% LTV
4.19%
Uninsured
5.59%
5.49%
 
2-year fixed rate
Insured
3.89%
80% LTV
3.89%
65% LTV
3.89%
Uninsured
4.7%
4.79%
 
3-year fixed rate
Insured
3.87%
80% LTV
3.89%
65% LTV
3.89%
Uninsured
4.09%
4.39%
 
4-year fixed rate
Insured
3.99%
80% LTV
3.99%
65% LTV
3.99%
Uninsured
4.44%
4.39%
 
5-year fixed rate
Insured
3.74%
80% LTV
3.89%
65% LTV
3.84%
Uninsured
3.84%
4.09%
 
7-year fixed rate
Insured
4.39%
80% LTV
3.99%
65% LTV
3.99%
Uninsured
5.19%
5%
 
10-year fixed rate
Insured
5.04%
80% LTV
4.34%
65% LTV
4.34%
Uninsured
5.29%
6.09%
 
3-year variable rate
Insured
4.15%
80% LTV
4.3%
65% LTV
4.3%
Uninsured
4.4%
6.35%
 
5-year variable rate
Insured
3.95%
80% LTV
3.95%
65% LTV
3.95%
Uninsured
4.05%
4.25%
 
HELOC rate
Insured
N/A
80% LTV
N/A
65% LTV
N/A
Uninsured
N/A
N/A
 
Stress test
Insured
5.25%
80% LTV
5.25%
65% LTV
5.25%
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.

Mortgage news

Read More Like This