Latest Mortgage Rates Canada
Compare current rates from Canada's top lenders including Big 6 Banks and monoline lenders. Updated twice daily.
📋Current Mortgage
💰Penalty Estimate
Your lender's current posted rate for similar term
Legal fees, appraisal, etc.
✨New Mortgage
Current Best Rates
Rates as of March 2026. Check current rates for accurate calculations.
⚠️ Consider Carefully
Break-even is 0 months - longer than your remaining term
Monthly Savings
$-4,946
Break-Even
N/A
Total Savings
$5,938
Cost Breakdown
Interest Comparison
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Frequently Asked Questions
When does it make sense to refinance my mortgage?
Refinancing makes sense when you can secure a rate at least 0.5-1% lower than your current rate, when you need to access home equity for renovations or investments, when you want to consolidate high-interest debt, or when your financial situation has improved and you qualify for better terms. Use our calculator to see your break-even point and total savings.
What are the costs to refinance a mortgage?
Refinancing costs typically include: appraisal fee ($300-500), legal fees ($800-1,500), title insurance ($200-500), discharge fee from current lender ($200-400), and potentially a mortgage registration fee. Total costs usually range from $1,500 to $3,000. Some lenders offer to cover these costs as an incentive to switch.
How long does it take to break even on refinancing?
Break-even point depends on your penalty, new rate, and mortgage balance. Typically 12-36 months. For example, if refinancing costs $3,000 in penalties and fees, and you save $200/month on payments, your break-even is 15 months. After that, every month is pure savings. Our calculator shows your exact break-even timeline.
Can I refinance with bad credit?
Yes, but options are more limited. Alternative and B-lenders work with lower credit scores (550-650) but charge higher rates (typically 1-3% above prime). If your credit has worsened since your original mortgage, you may face challenges. Consider improving your credit score first or working with a mortgage broker who specializes in alternative lending.
Should I refinance or get a HELOC?
Refinance when you want a lower rate on your entire mortgage balance or need a large lump sum. A HELOC (Home Equity Line of Credit) is better for ongoing access to funds or smaller amounts. HELOCs have variable rates and interest-only payments, while refinances give you a fixed rate and structured payments. Many homeowners do a 'refinance plus HELOC' combination.