Current Mortgage Rates in Canada (Updated Daily)
JUMP TO: This week's mortgage rates | Our Nerdy take on current mortgage rate trends | Which Big Six bank has the best current mortgage rates? | How does the prime rate affect mortgage rates? | Is now a good time to get a mortgage?
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip payment not available.Very good annual pre-payment. Best rate from Meridian 3.44%5 yearvariable $3,855monthly payment Other rates from Meridian4.49% 3 year fixed $4,303 per month 4.69% 5 year fixed $4,392 per month |
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip payment not available.Very good annual pre-payment. Best rate from Marathon Mortgage 3.50%5 yearvariable $3,880monthly payment Other rates from Marathon Mortgage4.69% 5 year fixed $4,392 per month 4.74% 3 year fixed $4,414 per month |
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip a payment.Very good annual pre-payment. Best rate from Bank Of Montreal 3.60%5 yearvariable $3,922monthly payment Other rates from Bank Of Montreal4.58% 3 year fixed $4,343 per month 4.95% 5 year fixed $4,508 per month 5.33% 1 year fixed $4,681 per month 5.90% 10 year fixed $4,946 per month |
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip payment not available.Very good annual pre-payment. Best rate from Neo Financial 3.60%5 yearvariable $3,922monthly payment Other rates from Neo Financial4.69% 5 year fixed $4,392 per month 4.79% 3 year fixed $4,436 per month 5.94% 1 year fixed $4,965 per month |
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip payment not available.Very good annual pre-payment. Best rate from Pine Financial 3.60%5 yearvariable $3,922monthly payment Other rates from Pine Financial4.59% 3 year fixed $4,347 per month 4.59% 5 year fixed $4,347 per month |
This week’s mortgage rates | October 26–30, 2026
Bank | Posted 5-year fixed rate | Discounted 5-year fixed rate - insured | Discounted 5-year fixed rate - uninsured |
|---|---|---|---|
6.09% | 4.99% | 5.14% | |
6.49% | 4.99% | 5.34% | |
6.14% | 4.69% | 5.14% | |
6.19% | 4.84% | 5.14% | |
6.19% | Contact bank for quote | Contact bank for quote | |
6.14% | 5.39% | 5.39% |
Note: BMO’s discounted rates apply to Smart Fixed mortgages. The posted rate shown is for its standard five-year fixed mortgage; Smart Fixed’s posted rate is 5.99%.
Discounted rates shown are for qualifying mortgages with amortizations of 25 years or less. Eligibility conditions apply.
This table shows current, 5-year fixed interest rates at the six major chartered banks in Canada.
💡DYK? Posted rates are publicly advertised, non-discounted rates. Your actual mortgage offer may be lower, depending on your mortgage and financial profile. You may qualify for an advertised discount or negotiate a lower rate.
✨ Our Nerdy take on current mortgage rate trends
It’s the big day! Well, almost. Tomorrow could bring the Bank of Canada’s first rate hike in more than three years.
Or, just another announcement that rates still haven’t changed.
A quarter-point increase looks more likely, but this isn’t a unanimous call. In a Reuters poll conducted October 21–23, 19 of 34 economists expected the policy rate to rise from 2.25% to 2.50%. The other 15 expected a hold. Financial markets are more convinced: as of Monday afternoon, they put the odds of a hike at just over 83%.
Either way, don’t expect Wednesday to hand mortgage shoppers a better deal. If the Bank hikes, lenders will likely raise their prime rates, and variable rates will follow. If it holds, variable rates stay put, but that doesn’t mean fixed rates will drop.
And while “hike” sounds dramatic for a quarter of a percentage point, repeated increases can eat into the reason you chose variable in the first place.
Some advertised five-year variable rates currently start below five-year fixed rates. As of October 27, 2026, examples for qualifying insured mortgages include:
Five-year variable mortgage rates starting around 3.43%.
Five-year fixed mortgage rates starting around 4.34%–4.39%.
For illustration, a variable rate starting at 3.43% would reach 3.68% after one quarter-point increase and 3.93% after two, assuming each increase is passed through in full. It would still be below a fixed rate locked in at 4.34%. That gives variable some breathing room, but it doesn’t tell you which mortgage would cost less over the full term. The timing and size of later rate changes matter, too.
Ask your lender how higher rates would affect your payments and the balance you’d still owe at renewal. With some variable mortgages, your payment stays the same when rates rise, but more of it goes to interest and less to paying down your loan. Your payment might not change, but you’d be paying off your mortgage more slowly.
If you prefer fixed, start comparing offers and ask about a rate hold, when it expires and whether you can get a lower rate if pricing improves. You don’t need to correctly predict Wednesday’s announcement to make progress on your mortgage.
2026 Mortgage rate forecast
Variable rates
Our near-term read: prepare for a possible increase, and don’t build your budget around a cut. The Bank of Canada has held its policy rate at 2.25% for seven consecutive decisions. A hike on October 28 would end roughly a year without a change.
The pressure comes from inflation that may prove harder to shake. September’s annual inflation rate was 3.1%, and BoC Governor Tiff Macklem has warned that persistently high energy prices could spread price pressure more widely. The Bank’s latest consumer survey also found higher long-term inflation expectations.
But the case for waiting to raise rates is credible. Two closely watched core inflation measures, CPI-trim and CPI-median, were below the Bank of Canada’s target 2% rate in September. On October 22, six of the seven members attending the C.D. Howe Institute’s Monetary Policy Council recommended a hold. That’s a recommendation about what the Bank should do, rather than a prediction of what it will do.
Beyond Wednesday, 16 of 29 economists answering Reuters’ longer-term question expected the policy rate to reach 2.75% by the end of March 2027. Treat that as a scenario to test against your budget, not a ceiling on future increases.
Wednesday’s Monetary Policy Report will help explain whether the Bank sees inflation easing on its own or needing more intervention. One announcement won’t settle the outlook for a five-year mortgage.
Fixed rates
A hold won’t automatically bring fixed rates down. Fixed rates follow five-year Government of Canada bond yields more closely than the Bank’s policy rate, and bond markets are already braced for a hike.
The reaction will depend partly on what Wednesday’s announcement changes about the outlook. A hike that investors already expected may have less impact than a surprise warning about further increases. A weaker growth outlook or a more reassuring inflation forecast could ease pressure on bond yields, though lenders may not pass that through immediately.
In other words, don’t plan around fixed rates dropping anytime soon. If you find a rate that works for your budget, ask the lender to hold it, and keep comparing offers while the hold lasts.
Read more about the Bank of Canada's latest rate announcement.
The BoC makes policy interest rate announcements eight times a year. Find out how its latest decision might impact Canada's housing market.
Which Big Six bank has the best current mortgage rates?
Canada’s biggest banks tend to offer similar mortgage rates, and they don’t always work with mortgage brokers.
Click on a bank’s name to see a full list of its current mortgage rates, including posted and discounted mortgage rates.
How does prime rate affect current mortgage rates?
Bank | Current prime rate |
|---|---|
BMO | 4.45% |
CIBC | 4.45% |
National Bank | 4.45% |
Scotiabank | 4.45% |
RBC | 4.45% |
TD | 4.45% |
A lender’s prime rate is the starting point for many variable mortgage rates. A quote of “prime minus 1%,” for example, means your rate is one percentage point below that lender’s prime rate.
The Big Six banks’ standard prime rate is 4.45%. TD uses a separate mortgage prime rate, shown above. Compare the resulting interest rate, not just the size of the discount: lenders can start from different prime rates.
Each lender sets its own prime rate, but it usually moves in step with the Bank of Canada’s policy rate. When prime goes up, the rate on an existing variable mortgage goes up too. Whether your payment goes up right away depends on whether your mortgage has fixed or adjustable payments.
Is now a good time to get a mortgage?
You’re ready to get a mortgage if:
You’ve built up your down payment savings.
Your credit score is in a good spot.
You know what you’re looking for in a home.
The next step is to talk to a mortgage professional. Already found a rate you like? You’re definitely ready to start a conversation.
What to expect when you talk to a mortgage professional
Getting quotes from lenders should be a straightforward, low pressure process. Getting a quote doesn’t commit you to a rate, a mortgage lender or a mortgage broker. At this point in the process, it just involves a conversation.
If you haven’t done this before, here’s what you can expect the first time you and a mortgage professional talk:
Providing information about your current living and employment situations.
Talking about the type of home you’re looking for and where you’d like to buy.
Clarifying whether you’re applying for the mortgage alone or with a co-borrower.
The initial conversation is usually a fact-finding call for the mortgage provider. It's also a chance for you to ask questions about the application process and what it will be like to work with them. Your initial conversation with a mortgage provider might also include pre-qualification, a non-binding, rough estimate of what you might be able to borrow.
You won't be offered a mortgage rate at this point. No reputable lender or broker will offer you a rate until you go through the full pre-approval process, and you won’t start that until you’re ready.
Frequently asked questions
When will mortgage rates be lower?
There’s no way to know. Fixed rates could drop if bond yields and lenders’ funding costs fall, even if the Bank of Canada doesn’t cut. Rates on existing variable mortgages usually drop only when lenders lower their prime rates, though new borrowers might also see lenders offer bigger discounts.
Ahead of October 28, a near-term drop in variable rates looks less likely than a hold or an increase. If your mortgage only works at a lower future rate, waiting for that forecast to come true is risky.
Broker vs. bank: Who offers the best current mortgage rates?
Generally speaking, a mortgage broker should offer you a wider array of options, which can help you find a lower rate. Unlike a bank’s mortgage advisors, brokers can source offers from multiple lender partners, which might include B lenders and private lenders, in addition to some Big Six banks.
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