Best mortgage rates in Canada.
Today’s best 5-year fixed is 3.94% and variable 3.60%. Compare every term across 50+ Canadian lenders and lock your lowest on one application — no bureau pull to start.
How to read the rate curve by term
The “best” mortgage rate isn’t a single number — it’s a curve across terms. Fixed rates track Government of Canada bond yields for the matching term, so the 5-year fixed follows the 5-year bond, the 3-year follows the 3-year, and so on. Variable rates track the Bank of Canada’s policy rate via your lender’s prime. When markets price in rate cuts, the short end (1-3 year fixed and variable) often drops below the 5-year fixed — when they price in hikes, the 5-year fixed becomes the safer value.
That’s why the term table above matters: it shows today’s lowest network rate for every term side by side, so you can see whether the curve favours locking long or staying short. The 5-year fixed remains Canada’s most popular term for budgeting certainty, but a 3-year fixed is a common hedge when cuts are expected, and a variable wins for borrowers who value the cheaper 3-months-interest exit.
Whichever term you choose, the rate you’re offered is set by your credit, your down payment / loan-to-value, whether the mortgage is insured, and the property type. We compare all of it across 50+ lenders on one application, then hold your best rate for 90-120 days. Run the numbers on our payment calculator and check the rate forecast first.