Current Mortgage Rates in Canada (Updated Daily)
This week's mortgage rates | June 1 - 7, 2026
Posted rate | Discounted rate | |
|---|---|---|
6.11% | 4.76% (insured) 4.86% (uninsured) | |
6.49% | 4.66% (insured) 4.96% (uninsured) | |
6.09% | 4.43% (insured) 4.63% (uninsured) | |
6.12% | 4.42% (insured) 4.72% (uninsured) | |
6.09% | -- | |
6.09% | 4.861% (insured) 4.861% (uninsured) |
This table shows current, 5-year fixed interest rates at the six major chartered banks in Canada.
💡DYK? Posted rates are publicly advertised, non-discounted rates. If you get a mortgage from a big bank, your rate offer will be personalized and probably closer to the discounted rates you see here.
✨ Our Nerdy take on current mortgage rate trends
Government bond yields, which lenders use to price their fixed mortgage rates, have been sliding steadily since hitting an Iran war-era peak on May 15. Last week's discovery that Canada is in a technical recession helped drive them down even further.
This is good news if you're a home buyer patiently waiting for fixed rates to edge down.
The sharp upward movement in yields in April and May forced lenders to raise their fixed rates significantly. Now that yields are trending in the other direction, fixed rates could follow suit.
Keep in mind, however, that lenders are usually much quicker to increase rates than they are to reduce them. And until a peace deal gets hammered out between the warring parties, the uncertainty around rates will continue.
If you're planning a home purchase this summer and are leaning toward the stability of a fixed rate, get pre-approved for a mortgage. Locking in a rate hedges against the risk of the war driving rates higher. If rates come down during your pre-approval window, you should have access to a lower one.
By contrast, variable mortgage rates are a model of predictability.
After the Bank of Canada announced yet another rate hold on April 29, variable rates shouldn't move until at least June 10, when the Bank is scheduled to make its next overnight rate decision. Despite recession talk, the Bank is likely to hold the overnight rate at 2.25%.
Variable mortgage rates remain the more affordable option by far. As of June 1, 2026:
The lowest variable mortgage rates in Canada are around 3.3%.
The lowest fixed mortgage rates are around 4%.
Keep in mind that these rates are available at certain brokers and online lenders. Bank mortgage rates are significantly higher.
2026 Mortgage rate forecast
Variable rates
Variable mortgage rates could be set to change earlier than expected. Most analysts anticipated the Bank of Canada holding its overnight rate steady for all of 2026, which would have a similar effect on variable rates.
But the Iran war and the discovery that Canada entered a technical recession in the first quarter of 2026 may force the Bank to act.
If the war leads to persistent, painful inflation, the Bank may have to announce a rate increase. But a faltering economy generally triggers rate cuts to stimulate the economy.
Because a rate cut when prices are rising would fuel inflation, the Bank is likely to hold off on making a move until later this summer.
Fixed rates
As of June 2026, fixed mortgage rates are generally 4% or higher due to lenders' response to war-related increases in government bond yields. (Lenders use bond yields to price their fixed rates.) Yields skyrocketed after the war in Iran caused oil prices to spike, raising fears of inflation and future Bank of Canada rate increases.
Predicting where fixed rates head in the coming months depends heavily on the war in Iran. If it wraps up without further damage being done to oil and food supplies, bond yields should recede and take fixed mortgage rates with them. If the war escalates and worsens the global financial outlook, yields and fixed rates could increase even further.
Read more about the Bank of Canada's latest rate announcement.
The BoC makes policy interest rate announcements eight times a year. Find out how its latest decision might impact Canada's housing market.
Which Big Six bank has the best current mortgage rates?
Canada’s biggest banks tend to offer similar mortgage rates, and they don’t always work with mortgage brokers.
Click on a bank’s name to see a full list of its current mortgage rates, including posted and discounted mortgage rates.
How does prime rate affect current mortgage rates?
Bank | Current prime rate |
|---|---|
BMO | 4.45% |
CIBC | 4.45% |
National Bank | 4.45% |
Scotiabank | 4.45% |
RBC | 4.45% |
TD | 4.45% |
A lender’s prime rate is typically used to set its current variable mortgage rates. That’s why you’ll often see banks’ variable mortgage rates described as “prime minus X%” when you visit their rates pages.
The prime rate at all Big Six banks is currently identical. That’s because each bank bases its prime rate on the Bank of Canada’s overnight lending rate. When the overnight rate rises or falls, so does prime.
It’s worth noting, however, that TD is unique among Canadian banks in that they have their own prime mortgage rate, which is currently 5.1%.
Is now a good time to get a mortgage?
You’re ready to get a mortgage if:
You’ve built up your down payment savings.
Your credit score is in a good spot.
You know what you’re looking for in a home.
The next step is to talk to a mortgage professional. Already found a rate you like? You’re definitely ready to start a conversation.
What to expect when you talk to a mortgage professional
Getting quotes from lenders should be a straightforward, low pressure process. Getting a quote doesn’t commit you to a rate, a mortgage lender or a mortgage broker. At this point in the process, it just involves a conversation.
If you haven’t done this before, here’s what you can expect the first time you and a mortgage professional talk:
Providing information about your current living and employment situations.
Talking about the type of home you’re looking for and where you’d like to buy.
Clarifying whether you’re applying for the mortgage alone or with a co-borrower.
The initial conversation is usually a fact-finding call for the mortgage provider. It's also a chance for you to ask questions about the application process and what it will be like to work with them. Your initial conversation with a mortgage provider might also include pre-qualification, a non-binding, rough estimate of what you might be able to borrow.
You won't be offered a mortgage rate at this point. No reputable lender or broker will offer you a rate until you go through the full pre-approval process, and you won’t start that until you’re ready.
5 ways to get the best mortgage rate
Improve your credit score 📈 Borrowers with a credit score of 680 or higher tend to get the best mortgage rates. Lower credit scores may mean working with an alternative lender that offers higher rates.
Tackle your debt 🏦 Paying off debt improves your credit score and increases cash flow. Debt payments, including your mortgage, should total less than 44% of your household income.
Boost your down payment 💰 Making a larger down payment and borrowing less reduces a lender's risk. They may reward you with a lower interest rate.
Compare multiple offers ⚖️ Don't limit yourself to one option when looking for a mortgage; get offers from a few lenders. A few minutes of your time could result in thousands in savings.
Negotiate 💪 Always ask lenders if they can improve on their rate offers. If this makes you feel uncomfortable, use a mortgage broker, who will negotiate for you.
Frequently asked questions
When will mortgage rates be lower?
Fixed mortgage rates, which have been driven higher because of the war in Iran, will only decrease once the war in Iran has been settled. So long as it carries on, there remains a threat to global oil supplies. Oil prices impact government bond yields, which impact fixed mortgage rates.
Variable mortgage rates could be stuck at their current levels for much of the year, too. The Bank of Canada, whose overnight rate directly impacts variable rates, is in an awkward position. The war in Iran has led to higher inflation, which typically triggers rate increases. But slow economic growth over the last two quarters may require a rate cut to stimulate activity.
Broker vs. bank: Who offers the best current mortgage rates?
When getting a mortgage, you can go directly to a lender, like a bank, or work with a mortgage broker.
Generally speaking, a mortgage broker should offer you a wider array of options. Unlike a bank’s mortgage advisors, brokers aren’t tied to a single financial institution. They can field offers from multiple lender partners, which might include B lenders and private lenders, in addition to some Big Six banks.
Part of a mortgage broker’s job is to negotiate a better rate for you. They only earn a commission when a mortgage is finalized, so it’s in their best interest to negotiate a mortgage yo
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