Question 1

What are the current mortgage rates in Canada?

Accepted Answer

Current mortgage rates in Canada vary by lender. As of 2026-04-16T23:36:07.702989, the best 5-year fixed uninsured rate is 3.79% from Butler Mortgage, and the best 5-year variable uninsured rate is 3.65% from Equitable Bank. The average rate across all 33 lenders is 4.83%. Rates are updated twice daily from major Canadian lenders.

Question 2

What is the difference between fixed and variable mortgage rates?

Accepted Answer

Fixed mortgage rates remain constant throughout your term, providing payment stability and protection against rate increases. Variable mortgage rates fluctuate with your lender's prime rate (currently 5.45%), which means your payments may increase or decrease following Bank of Canada policy changes. Variable rates typically start 0.3% to 0.7% lower than comparable fixed rates but carry more interest rate risk.

Question 3

Should I choose an insured or uninsured mortgage?

Accepted Answer

Insured mortgages (with less than 20% down payment) typically offer rates 0.2% to 0.5% lower than uninsured mortgages but require mortgage insurance premiums of 0.6% to 4% of the loan amount through CMHC, Sagen, or Canada Guaranty. Uninsured mortgages (with 20% or more down payment) have slightly higher rates but no insurance premiums. For most buyers with less than 20% down, insured is the only option. With 20%+, calculate whether the lower rate justifies the insurance cost.

Question 4

How often are mortgage rates updated?

Accepted Answer

Mortgage rates on LatestMortgageRates.ca are updated twice daily at 6:00 AM EST and 6:00 PM EST. Our automated system scrapes rates directly from ${uniqueLenders.length} Canadian lender websites including the Big 6 Banks (RBC, TD, Scotiabank, BMO, CIBC, National Bank), monoline lenders (First National, MCAP), credit unions, and digital banks to ensure accuracy within hours of any changes.

Question 5

What is the Bank of Canada prime rate and how does it affect mortgages?

Accepted Answer

The Bank of Canada prime rate is currently 5.45%. Variable mortgage rates are quoted as 'prime minus X%' or 'prime plus X%'. When the Bank of Canada changes its overnight rate, lenders typically adjust their prime rate accordingly, which directly affects variable mortgage payments. Fixed rates are more influenced by government bond yields than the prime rate.

Question 6

How much can I save by shopping around for mortgage rates?

Accepted Answer

Shopping around can save thousands over your mortgage term. Rate differences between lenders often range from 0.5% to 1.0%. On a $500,000 mortgage over 5 years, a 0.5% lower rate saves approximately $12,500 in interest. Using LatestMortgageRates.ca to compare 33+ lenders ensures you find the best available rate for your situation.

Question 7

What's the difference between posted rates and contract rates?

Accepted Answer

Posted rates are the advertised 'rack' rates banks display publicly, often 1% to 2% higher than what qualified borrowers actually pay. Contract rates (or discounted rates) are the actual rates negotiated between you and the lender. Big banks often quote posted rates but provide discounts. Monoline lenders typically advertise their actual contract rates directly, which is why they often appear lower in comparisons.

Question 8

Should I get a mortgage from a bank or a monoline lender?

Accepted Answer

Banks offer convenience (existing relationship, bundled products) and branch access but typically have higher rates. Monoline lenders (mortgage-only specialists like First National, MCAP) offer lower rates and specialize in mortgages, but work through brokers rather than branches. Many borrowers use monoline lenders for better rates while keeping day-to-day banking at their main institution. Both are regulated and safe choices.

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		Type		Details	Action
nesto	5yr	VariableInsured	3.40%	Prime - 1.05%	View
nesto	3yr	VariableInsured	3.60%	--	View
nesto	5yr	FixedInsured	3.64%	--	View
RBC Royal Bank	5yr	VariableInsured	3.65%3.68%	--	View
Equitable Bank	5yr	VariableUninsured	3.65%	--	View
Lendwise	5yr	VariableUninsured	3.70%	Prime - 0.75%	View
IntelliMortgage	5yr	VariableUninsured	3.70%	Prime - 0.75%	View
CMLS Financial	5yr	VariableUninsured	3.75%	Prime - 0.70%	View
Merix Financial	5yr	VariableUninsured	3.75%	Prime - 0.70%	View
Street Capital	5yr	VariableUninsured	3.75%	Prime - 0.70%	View
Centum	5yr	VariableUninsured	3.75%	Prime - 0.70%	View
Butler Mortgage	5yr	FixedUninsured	3.79%	--	View
Butler Mortgage	5yr	VariableUninsured	3.79%	P - 0.90%	View
Vancity	5yr	VariableUninsured	3.80%	Prime - 0.65%	View
Coast Capital Savings	5yr	VariableUninsured	3.80%	Prime - 0.65%	View
True North Mortgage	5yr	VariableInsured	3.80%	Prime - 1.10%	View
Equitable Bank	3yr	FixedUninsured	3.84%	--	View
nesto	3yr	FixedInsured	3.85%	--	View
nesto	5yr	VariableUninsured	3.85%	--	View
ATB Financial	5yr	VariableUninsured	3.85%	Prime - 0.60%	View
Canadian Western Bank	5yr	VariableUninsured	3.85%	Prime - 0.60%	View
Butler Mortgage	6m	FixedUninsured	3.89%	--	View
Butler Mortgage	3yr	FixedUninsured	3.89%	--	View
Butler Mortgage	6m	VariableUninsured	3.89%	--	View
Butler Mortgage	3yr	VariableUninsured	3.89%	--	View
Equitable Bank	4yr	FixedUninsured	3.89%	--	View
Equitable Bank	5yr	FixedUninsured	3.89%	--	View
True North Mortgage	3yr	VariableInsured	3.90%	Prime - 1.00%	View
True North Mortgage	3yr	FixedInsured	3.94%	--	View
True North Mortgage	5yr	FixedInsured	3.94%	--	View
RBC Royal Bank	5yr	VariableUninsured	3.95%3.98%	--	View
Home Trust	5yr	VariableUninsured	3.95%	--	View
True North Mortgage	4yr	FixedInsured	3.99%	--	View
Equitable Bank	2yr	FixedUninsured	3.99%	--	View
Tangerine	5yr	VariableUninsured	4.00%	Prime - 0.45%	View
True North Mortgage	2yr	FixedInsured	4.04%	--	View
True North Mortgage	5yr	VariableUninsured	4.05%	Prime - 0.85%	View
True North Mortgage	1yr	FixedInsured	4.14%	--	View
Equitable Bank	7yr	FixedUninsured	4.14%	--	View
BMO Bank of Montreal	5yr	VariableUninsured	4.15%	APR: 4.17%	View
CIBC	3yr	VariableUninsured	4.15%	APR: 4.17%	View
First National	5yr	VariableUninsured	4.15%	--	View
True North Mortgage	3yr	VariableUninsured	4.15%	Prime - 0.75%	View
CIBC	5yr	FixedInsured	4.19%	APR: 4.21%	View
nesto	5yr	FixedUninsured	4.19%	--	View
True North Mortgage	3yr	FixedUninsured	4.19%	--	View
True North Mortgage	5yr	FixedUninsured	4.19%	--	View
EQ Bank	5yr	VariableUninsured	4.20%	--	View
True North Mortgage	4yr	FixedUninsured	4.24%	--	View
Equitable Bank	1yr	FixedUninsured	4.24%	--	View
Equitable Bank	10yr	FixedUninsured	4.24%	--	View
BMO Bank of Montreal	5yr	VariableUninsured	4.25%	APR: 4.27%	View
MCAP	5yr	VariableUninsured	4.25%	--	View
RBC Royal Bank	5yr	FixedInsured	4.29%4.32%	--	View
TD Canada Trust	5yr	VariableUninsured	4.29%4.60%	APR: 4.311%	View
nesto	3yr	FixedUninsured	4.29%	--	View
IntelliMortgage	5yr	FixedUninsured	4.29%	--	View
Street Capital	5yr	FixedUninsured	4.29%	--	View
True North Mortgage	2yr	FixedUninsured	4.29%	--	View
Home Trust	3yr	FixedUninsured	4.29%	--	View
EQ Bank	5yr	FixedUninsured	4.34%	--	View
CMLS Financial	5yr	FixedUninsured	4.34%	--	View
Centum	5yr	FixedUninsured	4.34%	--	View
Home Trust	2yr	FixedUninsured	4.34%	--	View
Meridian Credit Union	5yr	VariableUninsured	4.35%	--	View
First National	3yr	VariableUninsured	4.35%	--	View
RFA Bank	5yr	VariableUninsured	4.35%	--	View
RBC Royal Bank	3yr	FixedUninsured	4.39%4.43%	--	View
BMO Bank of Montreal	3yr	FixedUninsured	4.39%	APR: 4.42%	View
CIBC	3yr	FixedUninsured	4.39%	APR: 4.41%	View
Merix Financial	5yr	FixedUninsured	4.39%	--	View
Lendwise	5yr	FixedUninsured	4.39%	--	View
Butler Mortgage	2yr	FixedUninsured	4.39%	--	View
Butler Mortgage	2yr	VariableUninsured	4.39%	--	View
True North Mortgage	1yr	FixedUninsured	4.39%	--	View
Home Trust	5yr	FixedUninsured	4.39%	--	View
Tangerine	3yr	FixedUninsured	4.44%	--	View
Vancity	5yr	FixedUninsured	4.44%	--	View
National Bank	5yr	VariableUninsured	4.45%	--	View
Alterna Bank	5yr	VariableUninsured	4.45%	--	View
nesto	4yr	FixedInsured	4.47%	--	View
TD Canada Trust	3yr	FixedUninsured	4.49%6.05%	APR: 4.525%	View
BMO Bank of Montreal	5yr	FixedInsured	4.49%	APR: 4.51%	View
BMO Bank of Montreal	3yr	FixedUninsured	4.49%	APR: 4.52%	View
Tangerine	4yr	FixedUninsured	4.49%	--	View
Tangerine	5yr	FixedUninsured	4.49%	--	View
Coast Capital Savings	5yr	FixedUninsured	4.49%	--	View
Butler Mortgage	4yr	FixedUninsured	4.49%	--	View
Butler Mortgage	4yr	VariableUninsured	4.49%	--	View
Street Capital	7yr	FixedUninsured	4.49%	--	View
CIBC	5yr	FixedUninsured	4.54%	APR: 4.56%	View
National Bank	3yr	FixedUninsured	4.54%	--	View
True North Mortgage	7yr	FixedInsured	4.54%	--	View
RBC Royal Bank	5yr	FixedUninsured	4.59%4.62%	--	View
Alterna Bank	5yr	FixedUninsured	4.59%	--	View
ATB Financial	5yr	FixedUninsured	4.59%	--	View
Canadian Western Bank	5yr	FixedUninsured	4.59%	--	View
CMLS Financial	7yr	FixedUninsured	4.59%	--	View
Street Capital	4yr	FixedUninsured	4.59%	--	View
Home Trust	1yr	FixedUninsured	4.59%	--	View
Home Trust	10yr	FixedUninsured	4.59%	--	View
TD Canada Trust	5yr	FixedUninsured	4.64%6.09%	APR: 4.661%	View
TD Canada Trust	5yr	FixedInsured	4.64%6.09%	APR: 4.661%	View
BMO Bank of Montreal	5yr	FixedUninsured	4.64%	APR: 4.66%	View
National Bank	5yr	FixedUninsured	4.64%	--	View
Meridian Credit Union	3yr	FixedUninsured	4.64%	--	View
Meridian Credit Union	5yr	FixedUninsured	4.64%	--	View
CMLS Financial	4yr	FixedUninsured	4.64%	--	View
Merix Financial	7yr	FixedUninsured	4.64%	--	View
Lendwise	7yr	FixedUninsured	4.64%	--	View
Street Capital	10yr	FixedUninsured	4.64%	--	View
Desjardins	5yr	VariableUninsured	4.65%	--	View
CMLS Financial	10yr	FixedUninsured	4.69%	--	View
Merix Financial	4yr	FixedUninsured	4.69%	--	View
Street Capital	3yr	FixedUninsured	4.69%	--	View
Meridian Credit Union	4yr	FixedUninsured	4.74%	--	View
Lendwise	3yr	FixedUninsured	4.74%	--	View
IntelliMortgage	3yr	FixedUninsured	4.74%	--	View
IntelliMortgage	10yr	FixedUninsured	4.74%	--	View
Simplii Financial	5yr	VariableUninsured	4.75%	--	View
Vancity	3yr	FixedUninsured	4.79%	--	View
Vancity	7yr	FixedUninsured	4.79%	--	View
ATB Financial	7yr	FixedUninsured	4.79%	--	View
CMLS Financial	3yr	FixedUninsured	4.79%	--	View
Merix Financial	10yr	FixedUninsured	4.79%	--	View
Lendwise	10yr	FixedUninsured	4.79%	--	View
Centum	3yr	FixedUninsured	4.79%	--	View
Centum	10yr	FixedUninsured	4.79%	--	View
True North Mortgage	7yr	FixedUninsured	4.79%	--	View
Manulife Bank	5yr	VariableUninsured	4.80%	--	View
Vancity	10yr	FixedUninsured	4.84%	--	View
ATB Financial	4yr	FixedUninsured	4.84%	--	View
First National	3yr	FixedUninsured	4.84%	--	View
Merix Financial	3yr	FixedUninsured	4.84%	--	View
Laurentian Bank	5yr	VariableUninsured	4.85%	--	View
ATB Financial	10yr	FixedUninsured	4.89%	--	View
Canadian Western Bank	10yr	FixedUninsured	4.89%	--	View
First National	5yr	FixedUninsured	4.89%	--	View
True North Mortgage	10yr	FixedInsured	4.89%	--	View
Scotiabank	5yr	VariableUninsured	4.90%	--	View
MCAP	3yr	FixedUninsured	4.94%	--	View
MCAP	5yr	FixedUninsured	4.94%	--	View
First National	4yr	FixedUninsured	4.99%	--	View
RFA Bank	3yr	FixedUninsured	4.99%	--	View
RFA Bank	5yr	FixedUninsured	4.99%	--	View
Simplii Financial	3yr	FixedUninsured	5.04%	--	View
Motive Financial	3yr	FixedUninsured	5.04%	--	View
MCAP	4yr	FixedUninsured	5.04%	--	View
Street Capital	2yr	FixedUninsured	5.04%	--	View
Coast Capital Savings	3yr	FixedUninsured	5.09%	--	View
Canadian Western Bank	3yr	FixedUninsured	5.09%	--	View
Manulife Bank	3yr	FixedUninsured	5.09%	--	View
RFA Bank	4yr	FixedUninsured	5.09%	--	View
Lendwise	2yr	FixedUninsured	5.09%	--	View
IntelliMortgage	2yr	FixedUninsured	5.09%	--	View
Scotiabank	2yr	FixedUninsured	5.14%	--	View
Tangerine	2yr	FixedUninsured	5.14%	--	View
Simplii Financial	4yr	FixedUninsured	5.14%	--	View
Simplii Financial	5yr	FixedUninsured	5.14%	--	View
Motive Financial	4yr	FixedUninsured	5.14%	--	View
Motive Financial	5yr	FixedUninsured	5.14%	--	View
Meridian Credit Union	2yr	FixedUninsured	5.14%	--	View
Desjardins	3yr	FixedUninsured	5.14%	--	View
ATB Financial	3yr	FixedUninsured	5.14%	--	View
Centum	2yr	FixedUninsured	5.14%	--	View
True North Mortgage	10yr	FixedUninsured	5.14%	--	View
Desjardins	5yr	FixedUninsured	5.19%	--	View
Manulife Bank	4yr	FixedUninsured	5.19%	--	View
Manulife Bank	5yr	FixedUninsured	5.19%	--	View
CMLS Financial	2yr	FixedUninsured	5.19%	--	View
Merix Financial	2yr	FixedUninsured	5.24%	--	View
Desjardins	4yr	FixedUninsured	5.29%	--	View
Butler Mortgage	7yr	FixedUninsured	5.29%	--	View
Butler Mortgage	7yr	VariableUninsured	5.29%	--	View
Vancity	2yr	FixedUninsured	5.34%	--	View
MCAP	2yr	FixedUninsured	5.34%	--	View
Street Capital	1yr	FixedUninsured	5.34%	--	View
Laurentian Bank	3yr	FixedUninsured	5.39%	--	View
Laurentian Bank	4yr	FixedUninsured	5.39%	--	View
Laurentian Bank	5yr	FixedUninsured	5.39%	--	View
Lendwise	1yr	FixedUninsured	5.39%	--	View
Butler Mortgage	10yr	FixedUninsured	5.39%	--	View
Butler Mortgage	10yr	VariableUninsured	5.39%	--	View
IntelliMortgage	1yr	FixedUninsured	5.39%	--	View
Canadian Western Bank	2yr	FixedUninsured	5.44%	--	View
First National	2yr	FixedUninsured	5.44%	--	View
Centum	1yr	FixedUninsured	5.44%	--	View
Coast Capital Savings	2yr	FixedUninsured	5.49%	--	View
ATB Financial	2yr	FixedUninsured	5.49%	--	View
CMLS Financial	1yr	FixedUninsured	5.49%	--	View
Tangerine	7yr	FixedUninsured	5.50%	--	View
Merix Financial	1yr	FixedUninsured	5.54%	--	View
RFA Bank	2yr	FixedUninsured	5.59%	--	View
Vancity	1yr	FixedUninsured	5.64%	--	View
First National	1yr	FixedUninsured	5.69%	--	View
Laurentian Bank	2yr	FixedUninsured	5.69%	--	View
Simplii Financial	2yr	FixedUninsured	5.74%	--	View
Meridian Credit Union	1yr	FixedUninsured	5.74%	--	View
Canadian Western Bank	1yr	FixedUninsured	5.74%	--	View
Motive Financial	2yr	FixedUninsured	5.79%	--	View
Desjardins	2yr	FixedUninsured	5.79%	--	View
Coast Capital Savings	1yr	FixedUninsured	5.79%	--	View
ATB Financial	1yr	FixedUninsured	5.79%	--	View
MCAP	1yr	FixedUninsured	5.79%	--	View
Scotiabank	1yr	FixedUninsured	5.84%	--	View
nesto	7yr	FixedInsured	5.84%	--	View
Manulife Bank	2yr	FixedUninsured	5.84%	--	View
Tangerine	10yr	FixedUninsured	5.90%	--	View
nesto	2yr	FixedInsured	5.91%	--	View
Scotiabank	3yr	VariableUninsured	5.95%	--	View
Scotiabank	4yr	FixedUninsured	5.99%	--	View
Tangerine	1yr	FixedUninsured	5.99%	--	View
Laurentian Bank	1yr	FixedUninsured	5.99%	--	View
RFA Bank	1yr	FixedUninsured	5.99%	--	View
Simplii Financial	1yr	FixedUninsured	6.04%	--	View
Scotiabank	3yr	FixedUninsured	6.05%	--	View
Scotiabank	5yr	FixedUninsured	6.09%	--	View
Scotiabank	6m	FixedUninsured	6.09%	--	View
Motive Financial	1yr	FixedUninsured	6.09%	--	View
Desjardins	1yr	FixedUninsured	6.14%	--	View
Manulife Bank	1yr	FixedUninsured	6.14%	--	View
Scotiabank	7yr	FixedUninsured	6.40%	--	View
Scotiabank	10yr	FixedUninsured	6.80%	--	View
nesto	10yr	FixedInsured	7.39%	--	View
Scotiabank	5yr	VariableUninsured	7.65%	--	View
Scotiabank	6m	FixedUninsured	9.75%	--	View
Scotiabank	1yr	FixedUninsured	9.75%	--	View