Compare Mortgage Rates from Canada’s Top Lenders

We follow Canada’s top mortgage lenders and have established a volume based relationship.  Our mortgage volume has allowed us to negotiate wholesale mortgage rates for our clients.  Take a look at the mortgage rates offered by our lenders and simply select your preferred lender.  We’ll be in touch with you in a few hours to guide you through the process of securing your next mortgage.

Compare Mortgage Rates
Last Updated: July 6th 2016

Type	Term	Mortgage Rate	Lender	Apply Now!
Fixed	2 Yrs	2.24%
Variable	5 Yrs	2.35%
Fixed	5 Yrs	2.69%
Fixed	5 Yrs	2.49%
Variable	5 Yrs	2.35%
Fixed	5 Yr	2.49%
Fixed	5 Yr	2.54%
Fixed	10 Yr	3.59%
Fixed	5 Yr	2.49%

Mortgage Rates

The two primary options to consider are fixed versus variable mortgage rates.  Fixed mortgage rates are more popular among Canadian homeowners as they provide a sense of stability and allow borrowers to better budget their finances over the long term.  Variable mortgage rates are typically lower than fixed mortgage rates and grow in popularity as the gap between the two grows.

Fixed Mortgage Rates

Fixed mortgage rates are ideal for first time home buyers and those homeowners with relatively tight budgets.  Although fixed mortgage rates come at a premium, they provide a guarantee that regardless of market conditions your mortgage payments will not go up.  Fixed term mortgages are typically offered in terms ranging from 1 to 10 years.  5 year fixed mortgage rates are the most popular term as they provide a medium term outlook.  This time period is long enough to provide security in the short term whithout locking in borrowers to potential costly penalties in the long term.

Variable Mortgage Rates

Variable mortgage rates vary in relation with the prime rate of interest.  This variance can be as much as one full percentage point below prime to as high as one full percentage point above prime.  This variance depends on market conditions and at the time of writting of this article stands at Prime – 0.40%.  This puts the 5 year variable mortgage rate one full percentage point below the 5 year fixed mortgage rate.  This is a significant incentive that is supportated by a historical look at the benefits of variable mortgage rates.  Homeowners need to be careful about choosing a variable mortgage rate as the reward of a lower rate comes with the risk that it will increase significanlty over time.