Today's Best Mortgage Rates
Rates are for illustration only and may change without notice. Contact a mortgage advisor for current details.
Mortgage rates, made simple. Compare today’s 1-, 2-, 3-, and 5-year fixed and variable mortgage rate options in Canada and use our mortgage rates guide and free mortgage calculator to estimate your payments with confidence.
Check My RatesRates are for illustration only and may change without notice. Contact a mortgage advisor for current details.
| Term | Type | Best Rate |
|---|---|---|
| 5-Year | Fixed | 5.45% |
| 5-Year | Variable | 5.20% |
| 3-Year | Fixed | 5.75% |
These sample rates are updated daily to reflect current market conditions.
Explore a curated list of today’s most competitive fixed and variable mortgage rates from multiple lenders.
Compare and select a mortgage option that aligns perfectly with your budget and financial goals.
Fill out a simple form, and we’ll match you with a trusted lender ready to help you move forward quickly.
💡 Tip: Mortgage terms affect payments and interest; short terms can save, long terms offer stability.
Finding the best mortgage rate in Canada can make a major difference in your total interest costs and monthly budget. Learn how Canadian mortgage rates work, compare fixed vs. variable options, and discover tips to secure your best rate this year. Our goal is simple: to give you the transparency, confidence, and tools you need to make a smart mortgage decision without confusion.
Canadian borrowers can typically choose between a fixed-rate mortgage or a variable-rate mortgage. A fixed rate guarantees the same interest for the entire term—usually one, two, three, or five years—so your payments stay consistent. A variable rate moves up or down with your lender’s prime rate, influenced by the Bank of Canada.
While fixed rates offer stability and predictability, variable rates may allow you to take advantage of lower interest costs if the market shifts downward. At RateChase, you can easily view both types side by side to see which option aligns with your goals and risk tolerance.
The mortgage term you choose—such as one, two, three, or five years—determines how long your rate is locked in before renewal. Shorter terms often come with lower rates but may expose you to potential increases when renewing. Longer terms provide rate stability but might have higher interest rates initially. Use our Mortgage Calculator to estimate payments for different term lengths and rates, or try our Affordability Calculator to find out how much home you can comfortably afford.
Our suite of free mortgage calculators is designed to help you plan smarter. The Mortgage Calculator estimates your monthly payments based on rate, term, and amortization. The Affordability Calculator determines how much you can borrow based on income and expenses. We also provide a Mortgage Glossary to explain key terms and a Fixed vs Variable comparison guide to help you choose the right strategy for your financial situation.
When comparing mortgage rates in Canada, remember that the lowest advertised rate is not always the best overall deal. Factors like prepayment privileges, portability, and penalties for breaking your term early can have a big impact over time. Reading the fine print—and understanding your flexibility—can save thousands of dollars.
💡 Tip: Consider accelerated bi-weekly or weekly payments. They reduce your principal faster and can shave years off your mortgage, helping you pay less interest overall.
RateChase is built for Canadians who want clarity, not clutter. Our mission is to simplify the mortgage comparison process, so whether you’re a first-time buyer, refinancing an existing loan, or renewing your term, you can find transparent information in seconds. By using RateChase, you’re not just comparing rates—you’re comparing possibilities. Start today and discover how much you could save on your next home loan.
A fixed mortgage rate stays the same for the term (1, 2, 3, or 5 years), while a variable rate can change when your lender’s prime rate moves.
The 5-year fixed rate is the most common, but shorter terms like 1, 2, or 3 years may offer flexibility depending on market conditions.
Variable mortgage rates in Canada typically change whenever the Bank of Canada adjusts its overnight lending rate, which influences prime rates.
Yes, most lenders allow you to convert a variable mortgage into a fixed mortgage, usually without penalty, though terms may vary.
Yes, some lenders allow switching terms at renewal or through refinancing, depending on your agreement and lender policies.