Current Mortgage Rates: What Canadian Buyers Need to Know
Diane Walker
Tuesday, October 6, 2026
Whether you're buying your first home or renewing, the rate you lock in has a big effect on your monthly payment. Here are the lowest rates available at the end of August.
Lowest Rates at a Glance
| Term | Insured | Uninsured |
|---|---|---|
| 3-year fixed | 4.19% | 4.44% |
| 5-year fixed | 4.34% | 4.59% |
| 5-year variable | 3.40% | 3.65% |
Source: Globe & Mail, RateHub.ca
Key Benchmarks
- Bank of Canada policy rate: 2.25%
- Prime rate: 4.45%
- Stress test qualifying rate: Mortgage lenders use the greater of the qualifying rate (5.25%) or the contract rate plus 2 percentage points.
Good to Know
Rates shown are for "A" rated deals only and don't apply to BFS, rentals, vacation homes or second-home purchases. Rates may vary from province to province, are based on approved credit, and are subject to change without notice.
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