Last updated: July 5, 2026
Current Mortgage Rates in Canada
Today's best broker-negotiated rates for Canadian homeowners. Refreshed weekly from 30+ lenders, compared against the Big 5 bank special-offer rates. No posted bank fluff — these are the rates you can actually get.
Best Renewal Rates Today
Broker-negotiated rates for qualified Canadian borrowers.
Uninsured conventional — 20%+ equity at origination. Slightly higher rates than insured; switching at renewal has no stress test on straight transfers since Nov 2024.
| Term | Best for profile | Best Variable | Big 5 Avg |
|---|---|---|---|
| 1-Year Fixed Short commitment | 4.99% | — | 5.04% |
| 2-Year Fixed | 4.29% | — | 4.79% |
| 3-Year Fixed Popular balance | 4.19% | — | 4.64% |
| 4-Year Fixed | 4.44% | — | 4.69% |
| 5-Year Fixed Most common term | 4.24% | — | 4.52% |
| 5-Year Variable Prime = 4.45% | 3.35% (P − 1.10%) | 3.35% (P − 1.10%) | 4.04% |
Big 5 Bank 5-Year Rates (May 2026)
| Bank | 5-Yr Fixed | 5-Yr Variable |
|---|---|---|
| RBC | 4.29% | 3.65% |
| TD | 4.59% | 4.09% |
| Scotiabank | 4.94% | 4.00% |
| BMO | 4.51% | 4.53% |
| CIBC | 4.29% | 3.95% |
Big 5 special/discounted 5-year rates as of May 13, 2026. Posted rates are higher.
Get your personalized rate from 30+ Canadian lenders.
Bank of Canada overnight rate: 2.25% · Prime: 4.45% · Next BoC decision: July 15, 2026
Overnight rate · held June 10, 2026
Big 6 posted prime
Most economists expect another hold
How to Read These Rates
Canadian mortgage rates split into three categories. Insured rates are the lowest — these apply to mortgages originally made with less than 20% down where the borrower paid CMHC or Sagen default insurance. Uninsured rates add about 0.10–0.30% and apply to most refinances, rentals, and mortgages over $1.5M. Variable rates float with Bank of Canada prime (currently 4.45%) and are expressed as "prime minus X."
Posted bank rates — the ones on RBC, TD, Scotia, BMO, and CIBC websites — are typically 0.5% to 1.0% higher than what brokers can negotiate. Your renewal letter from your current lender almost always quotes the posted rate. That's the gap you close by shopping.
Insured vs. Uninsured: The Rate Difference
| Category | Who Qualifies | 5-Yr Fixed Rate |
|---|---|---|
| Insured | Under 20% down at original purchase | 4.04% – 4.14% |
| Insurable | 20%+ down, under $1M, owner-occupied | 4.09% – 4.19% |
| Uninsured | Refinance, rental, or over $1.5M | 4.19% – 4.29% |
HELOC and Home Equity Rates
HELOCs (Home Equity Lines of Credit) in Canada are priced at prime + a spread. With prime at 4.45%, typical HELOC rates range from 4.95% (prime + 0.5%) at the best-priced big banks down to 5.95% (prime + 1.5%) at lenders with more conservative pricing. HELOCs are never part of a renewal switch — they're a separate product you might add to complement your mortgage.
Why Broker Rates Beat Bank Rates
- Monoline access: Brokers can shop First National, MCAP, RMG, Merix — lenders with no branches and lower overhead, not available to the public directly.
- Volume pricing: Brokers place hundreds of mortgages a year per lender; banks treat them as wholesale partners with sharper pricing than retail branches.
- Zero cost to you: Brokers are paid a finder's fee by the chosen lender — not by the borrower.
- Negotiation lever: Even if you stay with your current bank, a broker quote in writing is your most effective negotiation tool at renewal.
Related Guides
Best Mortgage Renewal Rates
Current best renewal rates — fixed and variable — across Canada.
Canadian Rate Forecast
Where rates are heading — major bank forecasts for 2026 and beyond.
Bank of Canada Rate Decisions
Every BoC rate decision and what it means for your mortgage.
Payment Shock at Renewal 2026
Why renewal payments rise in 2026 — and how to estimate and reduce the increase.
Fixed vs. Variable at Renewal
Choosing between fixed and variable in today's rate environment.
Rate Comparison Calculator
Compare up to four rates and terms side-by-side.
Rate tables are step one
A call turns posted rates into a renewal plan for your file.