Best mortgage rates in Canada today
The best published 5-year fixed mortgage rate in Canada is 4.34% for insured buyers (under 20% down) and 4.64% uninsured; the best 5-year variable is 3.43% insured (Ratehub and WOWA, October 2026).
Fixed rates (best insured, by term)
| Term | Rate | Source |
|---|---|---|
| 1-year fixed (insured) | 4.49% | Ratehub.ca best Toronto/Ontario rates |
| 2-year fixed (insured) | 4.39% | Ratehub.ca best Toronto/Ontario rates |
| 3-year fixed (insured) | 4.34% | Ratehub.ca best Toronto/Ontario rates |
| 4-year fixed (insured) | 4.29% | Ratehub.ca best Toronto/Ontario rates |
| 5-year fixed (insured) | 4.34% | Ratehub.ca best Toronto/Ontario rates |
| 5-year fixed (uninsured) | 4.64% | WOWA.ca lowest Canadian rates |
Variable rates
| Product | Rate | Source |
|---|---|---|
| 5-year variable (insured) | 3.43% | Ratehub.ca best Toronto/Ontario rates |
| 5-year variable (uninsured) | 3.4% | Mortgages Lab best Ontario 5-yr variable by insured/uninsurable |
Benchmarks
| Rate | Value | Source |
|---|---|---|
| Big-bank posted 1-year fixed | 5.49% | Bank of Canada Valet |
| Big-bank posted 3-year fixed | 6.05% | Bank of Canada Valet |
| Big-bank posted 5-year fixed | 6.19% | Bank of Canada Valet |
| Prime rate | 4.45% | Bank of Canada Valet |
| Bank of Canada overnight target | 2.25% | Bank of Canada Valet |
Rates retrieved October 15–16, 2026. Published rates change often and depend on your province, down payment and qualification. Not advice.
Renewing soon? See how much you could save →Common questions
What is the best 5-year fixed mortgage rate in Canada right now?
The best published insured (under 20% down) 5-year fixed rate is 4.34% (Ratehub, Oct 15 2026). The lowest uninsured 5-year fixed is 4.64% (WOWA, Oct 2026).
What is the prime rate in Canada?
The Canadian prime rate is 4.45% and the Bank of Canada overnight target is 2.25% (Bank of Canada, week of Oct 14 2026).
What are the big banks' posted rates?
Chartered bank conventional posted rates are 5.49% (1-yr), 6.05% (3-yr) and 6.19% (5-yr), per Bank of Canada. Most borrowers can negotiate well below posted rates.