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.
| Term | Best Insured | Best Uninsured | Best Variable | Big 5 Avg |
|---|---|---|---|---|
| 1-Year Fixed Short commitment | 4.25% | 4.50% | — | 5.04% |
| 2-Year Fixed | 3.95% | 4.10% | — | 4.79% |
| 3-Year Fixed Popular balance | 3.80% | 3.90% | — | 4.64% |
| 4-Year Fixed | 3.99% | 4.14% | — | 4.69% |
| 5-Year Fixed Most common term | 3.94% | 4.19% | — | 4.52% |
| 5-Year Variable Prime = 4.45% | — | — | 3.30% (P − 1.15%) | 4.04% |
Big 5 Bank 5-Year Rates (April 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 April 1, 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: April 29, 2026
Overnight rate · held March 18, 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 Insured rates are the lowest — these apply to mortgages originally made with less than 20% down where the borrower paid CMHC or Sagen default insurance.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 | 3.94% – 4.04% |
| 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
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Current best renewal rates — fixed and variable — across Canada.
Canadian Rate Forecast
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Bank of Canada Rate Decisions
Every BoC rate decision and what it means for your mortgage.
Rate Alert Signup
Get notified when renewal rates move — weekly update.
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.