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Compare the Best Mortgage Rates in Canada
Find the best rate for your mortgage
Compare rates from major banks and top lenders to discover the best deal for your needs. See how your rate stacks up against the competition – because even a small difference can save you thousands over the life of your mortgage.
Compare Big Bank Rates
Average rates from:
4.82%
Compare Lender Rates
Average rates from:
4.14%
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We give you the best tools to shop and compare best Mortgage rates from 20+ popular Canadian banks, brokers, and lenders in a single search.
How do we find you the best
mortgage offers in Canada?
1
We do the research and compare rates across the market for you.
Save time and see low rates from 20+ banks, brokers, and lenders in one shot.
2
We crunch the numbers & calculate savings for you.
This way, you can learn how to save hundreds on your mortgage payments monthly with our calculator.
3
Our partners contact you to offer the best rate and win.
We’ll do the work to save you thousands. Lenders will compete for your business to help you save more on your mortgage.
Why choose compare mortgages?
Here at comparemortgages.ca we have one mission: make it easy to compare and find your best mortgage rate. We do this by providing you access to the top 20+ banks, lenders, and brokers in Canada and pulling in the best rates for you to compare and save. We also know that finding a low rate is just the start of your journey. Our partner lenders and real estate experts will contact you to make your home-buying process as simple as possible.
Net: with comparemortgages.ca you win. Lowering your mortgage payment has never been this easy.
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Frequently Asked Questions (FAQs) on Mortgage Rates
What factors affect mortgage rates in Canada?
Mortgage rates are influenced by the Bank of Canada’s benchmark rate, lender competitive rate pricing and funding costs, your credit score, property location, and the type of mortgage (fixed vs. variable).
How can I get the best mortgage rate?
To secure the best mortgage rate, improve your credit score to a 680 FICO or better, have a stable income with at least 6 months history or 2 years history (to consider any additional bonus or commission income) and have the minimum downpayment saved.
What’s the difference between fixed and variable mortgage rates?
Fixed rates stay constant for the mortgage term, while variable interest rates fluctuate based on the Bank of Canada’s policy rate changes. Fixed rates offer stability, while variable rates can save money if rates decline.
How do mortgage rates vary by province?
Mortgage rates can differ by province due to regional mortgage lenders and policies. Some provinces have competitive pricing from regional credit unions, so comparing rates specific to your property location is essential.
How often do mortgage rates change?
Mortgage rates can change as often as lenders’ funding costs change or as expectations for the Bank of Canada to meet its inflation target change. Variable mortgage rates change whenever the central bank changes its policy rate, typically eight times a year. Fixed rates can change with daily movements in bond yields, though lenders are quicker to increase and slower to decrease rates.
Are lower mortgage rates always better?
A lower mortgage rate means reduced monthly payments, but other factors like prepayment flexibility and mortgage contract terms should also be considered if they are important to your mortgage strategy.
Can you negotiate mortgage rates with your bank?
Yes, mortgage rates are negotiable. Before negotiating with your mortgage lender, it is highly recommended that you speak with a mortgage broker or expert, shop around and use rate comparison sites to compare mortgage rates and features.
How does amortization impact mortgage rates?
Longer amortization periods (e.g., 30 years) may have slightly higher interest rates compared to shorter terms (e.g., 25 years) due to the increased risk of default (5 extra years to miss your scheduled payments) for lenders. All things being equal, a longer amortization will take longer to pay off your mortgage in full and will cost more in interest.
How do mortgage rates affect affordability?
A lower mortgage rate results in smaller mortgage payments, increasing affordability. A higher mortgage rate results in larger mortgage payments, decreasing affordability. Small differences in interest rates can significantly affect total interest over the life of the mortgage.