Latest Mortgage Rates Canada
Compare current rates from Canada's top lenders including Big 6 Banks and monoline lenders. Updated twice daily.
Fixed vs Variable Mortgage Rates in Canada
Choosing between a fixed and a variable mortgage is one of the highest-intent decisions Canadian buyers and renewers make. A fixed rate locks your contract rate for the term so the payment stays the same. A variable rate is priced as a spread to the lender's prime, so the contract rate moves when prime moves. Use the live 5-year rates on this page — pulled from the same feed as our rate hubs — then decide with a framework, not a guess at tomorrow's Bank of Canada meeting.
Percentages below are live from our daily lender feed. A dash means that product is not in today's scrape — we do not invent a current rate. Always confirm with the lender.
Best 5-year fixed insured
4.06%
Coast Capital Savings
Best 5-year fixed uninsured
4.09%
Butler Mortgage
Best 5-year variable insured
3.44%
Meridian Credit Union
Best 5-year variable uninsured
3.64%
Meridian Credit Union
When to choose Fixed
The contract rate stays the same for the term. Best when you want a known payment and can live with a higher break penalty.
- ✓Your budget is tight and a payment increase would be a problem
- ✓You plan to stay in the home and the mortgage for most of a 5-year term
- ✓You prefer certainty over trying to time Bank of Canada cuts
- ✓You are comparing a competitive 5-year special against a variable that is only slightly cheaper
When to choose Variable
The rate moves with the lender's prime. Often cheaper to start, with a simpler 3-month-interest penalty if you break.
- ✓You have a cash buffer if the payment or interest portion rises
- ✓You may sell, refinance, or switch before the term ends
- ✓You want a lower starting rate and can watch Bank of Canada decisions
- ✓You are comfortable that qualification still uses the federal stress-test rate, not today's contract rate
Fixed vs Variable: pros and cons
5-year fixed
Pros
- +Payment stays the same for the term
- +Easy to budget and to stress-test household cash flow
- +Protects you if prime rises during the term
- +Widely available as insured and uninsured 5-year specials
Cons
- −You do not benefit if prime falls after you lock in
- −Breaking early often means an interest-rate differential (IRD) or three-month interest, whichever is greater
- −Posted 5-year rates at big banks are not the discounted special you should compare
5-year variable
Pros
- +Typically starts below a comparable 5-year fixed on the same insured vs uninsured label
- +Standard break penalty is usually three months' interest, not IRD
- +You benefit if prime falls during the term
- +Some products let you convert to fixed later (confirm with the lender)
Cons
- −Payments or the interest/principal split can change when prime changes
- −There is no separate “national variable rate” — each lender's prime and spread differ
- −A digital brokerage variable is priced off the funding lender's prime, not a house prime
How to decide
Match the product, then the rate
Compare a 5-year fixed to a 5-year variable on the same insured vs uninsured label. An insured special is not a fair match for an uninsured posted rate. Open the 5-year fixed hub and the variable hub, then come back to this page's live cards.
Price the break, not just the payment
If you might move, separate, or refinance, a variable's typical three-month-interest penalty can be cheaper than a fixed IRD. Run the penalty calculator with your remaining term before you pick certainty you cannot afford to unwind.
Qualify at the stress-test rate either way
New purchases and refinances are qualified at the greater of contract plus a buffer or the OSFI qualifying rate — not at the teaser contract rate. Use the stress-test qualifier and the affordability calculator with a rate from the live table.
Do not treat posted bank rates as the market
Big 5 posted 5-year rates are starting points. Discounted specials, monolines, and brokered digital channels are what belong in a comparison. Shop the same term and prepayment rules.
Mortgage Negotiation Guide
Save $5,000-$25,000 with insider secrets banks don't want you to know.
Learn MoreLive rate hubs
Jump from this comparison into today's 5-year fixed, variable, insured, and uninsured tables.
Calculators and the negotiation guide
Run the payment, affordability, and stress-test numbers on a live contract rate, then use the mortgage guide when you negotiate.
Mortgage comparison guides
Fixed vs variable, insured vs uninsured, and lender vs lender — with live rates from the same feed as our hubs.
Product
Insured vs Uninsured
Less than 20% down on an eligible owner-occupied purchase. Default insurance is required; the premium is usually added to the loan.
Lender vs lender
Wealthsimple vs TD
Licensed digital brokerage. Brokers shop partner lenders. Cash-back promos may apply on new mortgages; coverage is not Canada-wide.
Lender vs lender
TD vs RBC
Big 5 lender with FlexLine, newcomer programs, and a large branch plus digital network. Shop the discounted special, not the posted rate.
Lender vs lender
nesto vs Wealthsimple
Digital mortgage lender with an advertised low-rate guarantee, 150-day rate holds, and a fully online application backed by licensed experts.
Lender vs lender
BMO vs CIBC
Big 5 lender with Smart Fixed mortgages, a full HELOC, and online pre-approval. Competitive when the discounted special is in writing.
Frequently Asked Questions
What is the current best 5-year fixed mortgage rate in Canada?
In today's feed, the best 5-year fixed uninsured rate is 4.09% (Butler Mortgage) and the best 5-year fixed insured rate is 4.06% (Coast Capital Savings). Those figures update with our scrape — we do not invent a 5-year average in this FAQ. See the full table on the 5-year fixed rates page.
What is the current best 5-year variable mortgage rate in Canada?
In today's feed, the best 5-year variable uninsured rate is 3.64% (Meridian Credit Union) and the best 5-year variable insured rate is 3.44% (Meridian Credit Union). Variable rates are spreads to each lender's prime, so match insured vs uninsured before you compare with a fixed special.
Should I choose a fixed or variable mortgage in Canada?
Choose fixed if a stable payment matters more than chasing a lower starting rate. Choose variable if you have a buffer for prime moves and may break the mortgage before the term ends. The live spread between 5-year fixed and variable on this page is the starting point, not a forecast of the next Bank of Canada decision.
Is a variable mortgage penalty lower than a fixed penalty?
Usually yes for a standard closed variable: the penalty is typically three months' interest. Closed fixed mortgages often charge the greater of three months' interest or the interest-rate differential. Confirm the product sheet, then estimate with the mortgage penalty calculator.
Does the mortgage stress test apply to both fixed and variable?
Yes. For a new purchase or refinance with a federally regulated lender, you qualify at the stress-test rate, not at the contract rate on this page. Use the stress-test qualifier with your income, debts, and a live rate from the table.
Can I switch from variable to fixed during the term?
Some lenders allow a conversion to a fixed product, often at their current special rather than a past quote. Conversion rules, any fee, and the new term are lender-specific. Ask for the conversion rate in writing before you rely on it as a hedge.
How should I compare a Big 5 special with a digital variable?
Match term, insured vs uninsured, and prepayment privileges. A Wealthsimple or nesto variable is priced off a funding lender's prime, not a house “Wealthsimple prime.” Compare the live variable hub with the lender pages rather than a bank's posted 5-year rate.
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