Latest Mortgage Rates Canada
Compare current rates from Canada's top lenders including Big 6 Banks and monoline lenders. Updated twice daily.
5-Year Variable Mortgage Rates Canada
Compare prime-based variable rates from 19+ Canadian lenders. Rates move with the Bank of Canada.
Best Uninsured
3.64%
Meridian Credit Union
Best Insured
3.44%
Meridian Credit Union
Average Rate
3.87%
Across 29 rates
Compare all rate types
See fixed, variable, and all terms side by side.
Compare rates by type
Jump to today’s 5-year fixed, variable, insured, and uninsured mortgage rates.
Choosing a product?
Variable specials move with prime. Compare the structure with 5-year fixed, and match insured vs uninsured.
Product
Fixed vs Variable
The contract rate stays the same for the term. Best when you want a known payment and can live with a higher break penalty.
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.
Current Variable Rates
29 rates found| Lender | Type | Rate | Spread to Prime | Action |
|---|---|---|---|---|
| Royal Bank of Canada | Uninsured | 3.95% | N/A | View → |
| Royal Bank of Canada | Insured | 3.65% | N/A | View → |
| TD Bank | Uninsured | 4.24% | N/A | View → |
| Bank of Montreal | Uninsured | 4.10% | N/A | View → |
| Canadian Imperial Bank of Commerce | Uninsured | 4.10% | N/A | View → |
| Canadian Imperial Bank of Commerce | Insured | 3.95% | N/A | View → |
| National Bank of Canada | Uninsured | 4.10% | N/A | View → |
| nesto | Insured | 3.45% | N/A | View → |
| nesto | Uninsured | 3.95% | N/A | View → |
| Tangerine | Uninsured | 3.70% | N/A | View → |
| Simplii Financial | Uninsured | 4.10% | N/A | View → |
| Simplii Financial | Insured | 3.95% | N/A | View → |
| Alterna Bank | Insured | 3.70% | N/A | View → |
| Alterna Bank | Uninsured | 4.15% | N/A | View → |
| Wealthsimple | Insured | 3.45% | N/A | View → |
| Meridian Credit Union | Uninsured | 3.64% | N/A | View → |
| Meridian Credit Union | Insured | 3.44% | N/A | View → |
| Desjardins | Uninsured | 4.10% | N/A | View → |
| Vancity | Uninsured | 3.95% | N/A | View → |
| Coast Capital Savings | Insured | 3.81% | N/A | View → |
Mortgage Negotiation Guide
Save $5,000-$25,000 with insider secrets banks don't want you to know.
Learn MoreFrequently Asked Questions
What is a variable mortgage rate?
A variable rate mortgage has an interest rate that fluctuates with your lender's prime rate. When the Bank of Canada changes its overnight rate, lenders adjust their prime rate, which affects your mortgage rate. Your payment typically stays the same, but the amount going to principal vs. interest changes.
Should I choose variable or fixed in 2026?
Variable rates are currently competitive with fixed rates and offer potential savings if rates fall further. However, they carry risk if rates rise. Fixed rates provide payment certainty. The choice depends on your risk tolerance and financial stability.
What does 'Prime - 1.05%' mean?
It means your mortgage rate is 1.05 percentage points below the lender's prime rate. If prime is 5.45%, your rate would be 4.40%. The discount (or 'spread') is locked in for your term, but the actual rate moves with prime.
How often do variable rates change?
Variable rates change whenever the Bank of Canada adjusts its overnight target rate, which happens at 8 predetermined dates per year. Between these dates, rates typically stay stable. Lenders usually pass rate changes through within 1-2 business days.
What happens if I break a variable mortgage early?
Variable mortgages typically have lower penalties than fixed. The standard penalty is 3 months' interest (not the higher IRD calculation). Estimate the cost with our penalty calculator.
Where do digital brokerages like Wealthsimple sit on variable rates?
Wealthsimple is a brokerage, not a bank with its own prime. Variable mortgages they arrange are priced as a spread to the funding lender's prime. Check the live variable table on this page and the Wealthsimple lender page—do not assume a digital rate is always the lowest, and match insured vs uninsured before you compare with a Big 5 special.
Explore More Calculators
Try these other free Canadian mortgage tools to plan your home purchase.