Refinance rates
Mortgage refinance rates in Canada.
Today’s best 5-year fixed is 4.19% and variable 4.04%. Refinance up to 80% of your home’s value to consolidate debt, fund a renovation, or cut your payment — we shop 50+ lenders and run your penalty break-even first.
As of May 13, 2026. Your rate depends on your file. O.A.C.
When refinancing pays off
Refinancing replaces your mortgage with a new one — at today’s rate, a new amortization, or a larger amount. It wins when you’re consolidating high-interest debt, funding a renovation, or your current rate is well above market. We always run a break-even versus any prepayment penalty before recommending it.
Refinance rates — FAQ
What rate can I get when I refinance?
Refinance (uninsured) rates are typically a touch higher than insured purchase rates, but still far below any unsecured debt. We shop the full market — today's best 5-year fixed and variable are shown above. Your rate depends on equity, credit and income.
How much can I borrow when I refinance?
Up to 80% of your home's value, minus your current balance. On a $900K home that's $720K of room; subtract a $400K mortgage and you can access up to $320K. Use our refinance calculator.
Is it worth refinancing if I'll pay a penalty?
Often yes — we run a break-even: the interest you save (or the high-interest debt you wipe out) versus the penalty. Use our penalty calculator; we'll confirm the exact figure with your lender.
Why refinance instead of a HELOC or loan?
A refinance gives the lowest rate of any borrowing option and one consolidated payment. A HELOC is more flexible for ongoing draws. We model both so you choose the cheapest path.