Latest Mortgage Rates Canada
Compare current rates from Canada's top lenders including Big 6 Banks and monoline lenders. Updated twice daily.
Insured Mortgage Rates Canada
Best rates for mortgages with less than 20% down payment. Compare high-ratio and CMHC-insured rates from 16+ lenders.
Best 5-Year Fixed
4.04%
nesto
Best 5-Year Variable
3.40%
nesto
Average Insured Rate
4.30%
Across 36 rates
Compare all mortgage types
See insured, uninsured, fixed, and variable side by side.
Current Insured Rates
36 rates found| Lender | Term | Type | Rate | Action |
|---|---|---|---|---|
| Royal Bank of Canada | 5-Year | Fixed | 4.29% | View → |
| Royal Bank of Canada | 5-Year | Variable | 3.65% | View → |
| Bank of Montreal | 5-Year | Fixed | 4.49% | View → |
| Canadian Imperial Bank of Commerce | 5-Year | Fixed | 4.19% | View → |
| nesto | 5-Year | Fixed | 4.04% | View → |
| nesto | 5-Year | Variable | 3.40% | View → |
| EQ Bank | 5-Year | Fixed | 4.19% | View → |
| EQ Bank | 5-Year | Variable | 4.00% | View → |
| Simplii Financial | 5-Year | Fixed | 4.99% | View → |
| Simplii Financial | 5-Year | Variable | 4.55% | View → |
| Motive Financial | 5-Year | Fixed | 4.99% | View → |
| Motive Financial | 5-Year | Variable | 4.55% | View → |
| Alterna Bank | 5-Year | Fixed | 4.84% | View → |
| Alterna Bank | 5-Year | Variable | 4.25% | View → |
| Meridian Credit Union | 5-Year | Fixed | 4.74% | View → |
| Meridian Credit Union | 5-Year | Variable | 4.40% | View → |
| First National | 5-Year | Fixed | 4.74% | View → |
| First National | 5-Year | Variable | 3.95% | View → |
| MCAP | 5-Year | Fixed | 4.79% | View → |
| MCAP | 5-Year | Variable | 4.05% | View → |
Frequently Asked Questions
What is an insured mortgage?
An insured mortgage (also called high-ratio) is required when your down payment is less than 20% of the purchase price. You pay mortgage default insurance (CMHC, Sagen, or Canada Guaranty) to protect the lender. The insurance premium is typically added to your mortgage balance.
Why are insured rates lower than uninsured rates?
Insured rates are 0.2-0.5% lower because the lender faces less risk. If you default, the insurer pays the lender. This government-backed protection allows lenders to offer better rates on insured mortgages.
How much is CMHC insurance?
CMHC premiums range from 0.6% to 4.0% of your mortgage amount, depending on your down payment percentage. With 5% down, you pay 4.0%. With 15% down, you pay 2.8%. The premium is usually added to your mortgage and paid over the life of the loan.
Can I get rid of mortgage insurance?
Yes — once you have 20% equity in your home, you can refinance to an uninsured mortgage. However, you'll pay closing costs and may face a higher interest rate. The savings on insurance premiums need to outweigh these costs.
Do I qualify for an insured mortgage?
To qualify: minimum 5% down payment (10% for homes $500k-$999k, 20% for $1M+), credit score 600+, maximum amortization 25 years, GDS ≤ 39%, TDS ≤ 44%, and the home must be your primary residence.
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