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Compare today's mortgage rates from Canada's top banks and brokers. Data sourced weekly from RBC, TD, CIBC, and leading mortgage brokers. Click any rate to see details.
Weekly Rate Report — rates as of October 12, 2026
Bank of Canada holds at 2.25% · Best 5Y fixed: 4.34% · Best 5Y variable: 3.25% · New analysis every Monday
| Lender | 3Y fixed | 5Y fixed | 5Y variable | Prime |
|---|---|---|---|---|
| RBC | 5.27% | 5.03% | 3.88% | 4.45%best |
| TD | 5.14% | 5.34% | 4.24% | 4.60% |
| CIBC | 5.09%best | 5.34% | 4.20% | 4.45% |
| Best broker (WOWA) | — | 4.34%best | 3.25%best | 4.45% |
Rates updated every Monday. Bank rates are special/discounted rates as posted on each lender's website. Broker rates represent the lowest available insured rates from aggregators. Not financial advice — always confirm rates directly with your lender.
Rates verified Oct 15, 2026
Bank of Canada overnight rate: 2.25% · Updated October 12, 2026
The Bank of Canada's overnight rate is 2.25%, which puts the Big Six prime rate at 4.45%. Variable mortgage rates are priced as a discount or premium to prime, so an existing variable rate moves only when prime does, and prime follows the Bank's policy rate. The Bank has now held for 7 consecutive decisions.
The best insured 5-year fixed rate we track is 4.34% and the best 5-year variable is 3.25%: variable is 1.09 percentage points cheaper today, but your payment or amortization changes whenever prime moves.
Fixed rates follow the 5-year Government of Canada bond yield, currently 3.60% (2026-10-08). Annual CPI inflation was 3.0% in August 2026, above the Bank's 2% target. The next rate decision is on October 28, 2026.
If your mortgage renews in the next 120 days, ask your lender and at least one broker for a rate hold now: holds usually cost nothing, and many lenders will honour a lower rate if prices fall before your renewal date.
Analysis based on Bank of Canada data, Statistics Canada CPI reports, and major bank economist forecasts. For informational purposes only — not financial advice.
Overnight rate decisions at each scheduled announcement
| Date | Decision | Rate after |
|---|---|---|
| September 2, 2026 | Hold | 2.25% |
| July 15, 2026 | Hold | 2.25% |
| June 10, 2026 | Hold | 2.25% |
| April 29, 2026 | Hold | 2.25% |
| March 18, 2026 | Hold | 2.25% |
| January 28, 2026 | Hold | 2.25% |
| December 10, 2025 | Hold | 2.25% |
| October 29, 2025 | Cut −0.25% | 2.25% |
October 28, 2026
13 days away
The Bank of Canada sets its overnight rate 8 times per year. The current rate is 2.25%, unchanged for 7 consecutive decisions.
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Uses the Canadian convention: quoted annual rates compound semi-annually, converted to an equivalent monthly rate for payment calculation.
As of October 12, 2026, the best 5-year fixed insured rate available through brokers is 4.34%, while the best 5-year variable insured rate is 3.25%. Big bank rates are higher: 5-year fixed at RBC 5.03%, TD 5.34% and CIBC 5.34%.
Fixed rates give you payment certainty for your term, typically 3 or 5 years. Variable rates move with the prime rate, which is 4.45% as of October 12, 2026. Today the best variable rate is lower than the best fixed rate (3.25% vs 4.34%).
The Bank of Canada overnight rate is 2.25%, and the Big Six prime lending rate is 4.45%. The Bank has held its rate for 7 consecutive announcements.
Banks post their own rates directly. Mortgage brokers access rates from dozens of lenders and often negotiate lower rates than what banks advertise publicly. The best broker rates are typically 0.5%–1.0% lower than posted bank rates.
Our mortgage rate data is updated every Monday from official bank websites and leading Canadian mortgage aggregators including WOWA.
Educational reference only. Not financial or lending advice.