Choosing a mortgage – whether you are buying a new home, or refinancing an existing home is a big task! Finding the best mortgage rates in Canada can greatly simplify this process.
Regardless of which provider you go with (or your current one), a key part of the process is making sure you have the best mortgage rates in Canada. I get these rates from all the provider websites every month, so you can compare and contrast the rates across the different year terms and types of mortgages.
It’s essential to consider not just the rates but also the overall terms when searching for the best mortgage rates in Canada.
Best Fixed Mortgages across the Big 6 Banks in Canada
Here are the best fixed rate mortgages across the Big 6 Banks in Canada
| Provider | Type | 1 Year | 2 Year | 3 Year | 4 Year | 5 Year | 7 Year | 10_year | Updated |
|---|---|---|---|---|---|---|---|---|---|
| TD | fixed | 4.69 | 4.69 | 06/05/2025 | |||||
| CIBC | fixed | 5.49 | 4.79 | 4.39 | 4.29 | 3.99 | 5.01 | 6.79 | 06/05/2025 |
| RBC | fixed | 5.49 | 4.79 | 4.29 | 4.34 | 4.29 | 5.00 | 06/05/2025 | |
| BMO | fixed | 5.63 | 5.18 | 4.29 | 4.44 | 4.25 | 5.29 | 5.48 | 06/05/2025 |
| National Bank | fixed | 4.19 | 06/05/2025 | ||||||
| Scotiabank | fixed | 06/05/2025 | |||||||
| Average | fixed | 5.54 | 4.92 | 4.42 | 4.36 | 4.28 | 5.10 | 6.13 | 06/05/2025 |
Best Variable Mortgages across the Big 6 Banks in Canada
Here are the best variable rate mortgages across the Big 6 Banks in Canada
| Provider | Type | 1 Year | 2 Year | 3 Year | 4 Year | 5 Year | 7 Year | 10_year | Updated |
|---|---|---|---|---|---|---|---|---|---|
| TD | variable | 4.89 | 06/05/2025 | ||||||
| RBC | variable | 4.55 | 06/05/2025 | ||||||
| BMO | variable | 4.43 | 06/05/2025 | ||||||
| National Bank | variable | 06/05/2025 | |||||||
| Scotiabank | variable | 06/05/2025 | |||||||
| CIBC | variable | 4.65 | 4.35 | 06/05/2025 | |||||
| Average | variable | 4.65 | 4.55 | 06/05/2025 |
Canadian Mortgage Calculator
Use this Canadian mortgage calculator to estimate how much you would pay for a mortgage in Canada based on your downpayment and interest rates.
Frequently Asked Questions
Who has the lowest mortgage rates in Canada right now?
The lowest 5 year fixed rate across the big banks in Canada is CIBC with 3.99%
Which bank gives best mortgage rate in Canada?
Please check the table above to see mortgage rates from TD, RBC, BMO, CIBC and Scotia Bank.
What is the current 5 year fixed mortgage rate in Canada?
The current 5 year fixed rate mortgage is between 3.99% – 4.54% according to our latest data from the Big 6 banks
How much is a mortgage on a $500,000 house in Canada?
A mortgage on a $500,000 house in Canada will be based on many factors such as your rate, downpayment and credit score
