Canadian Mortgage Rate Report
Weekly analysis of Bank of Canada policy, fixed and variable mortgage rates, and what to expect next. Updated every Monday.
Latest report
July 20, 2026
As of now, the Bank of Canada’s overnight rate stands at 2.25%, with the prime rate at 4.45%. These rates directly influence variable mortgage pricing, with the best 5-year variable rate currently at 3.30%. This reflects a competitive option for borrowers who are comfortable with potential fluctuations in payments.
In contrast, the best 5-year fixed rate, available for broker-insured mortgages, is at 3.75%. This difference of 0.45% suggests that fixed rates may offer more stability in the current environment, especially for those who prefer predictable payments amidst uncertain economic conditions.
Looking ahead, the next three months will be critical. While we currently lack the latest CPI data, it is essential to monitor inflation trends, as they can impact the Bank of Canada’s decisions. Additionally, bond yields will be a key indicator, particularly leading up to the next rate decision on June 10, 2026. Global trade dynamics and oil prices will also play a role in shaping the economic landscape.
For Canadians renewing their mortgages in 2026, consider locking in your rate early if you anticipate rising rates. This strategy could provide significant savings and peace of mind as the market evolves.
Stable Rates
60%Mortgage rates remain stable with minor fluctuations, reflecting steady economic conditions and inflation around 2.4%.
Rate Cut
25%A potential rate cut due to easing trade uncertainties and lower inflation pressures, encouraging lower borrowing costs.
Rate Hike
15%A possible rate hike driven by rising oil prices and increased inflation, leading to higher mortgage rates.
Rate history
Bank of Canada overnight rate vs best available mortgage rates
Previous reports
July 13, 2026
BoC 2.25% · Fixed 3.75% · Var 3.30%
As of now, the Bank of Canada’s overnight rate stands at 2.
July 6, 2026
BoC 2.25% · Fixed 3.75% · Var 3.30%
As of now, the Bank of Canada’s overnight rate stands at 2.
June 29, 2026
BoC 2.25% · Fixed 3.75% · Var 3.30%
As of now, the Bank of Canada’s overnight rate stands at 2.
June 22, 2026
BoC 2.25% · Fixed 3.75% · Var 3.30%
As of now, the Bank of Canada’s overnight rate stands at 2.
June 15, 2026
BoC 2.25% · Fixed 3.75% · Var 3.30%
Currently, the Bank of Canada’s overnight rate stands at 2.
June 8, 2026
BoC 2.25% · Fixed 3.75% · Var 3.30%
The current mortgage rate landscape in Canada reflects a stable environment, with the Bank of Canada maintaining its overnight rate at 2.
June 1, 2026
BoC 2.25% · Fixed 3.75% · Var 3.30%
The current landscape of Canadian mortgage rates remains stable as we approach the end of the year.
May 25, 2026
BoC 2.25% · Fixed 3.75% · Var 3.30%
As of now, the Bank of Canada’s overnight rate stands at 2.
May 18, 2026
BoC 2.25% · Fixed 3.75% · Var 3.30%
The current landscape of Canadian mortgage rates remains relatively stable, with the Bank of Canada maintaining the overnight rate at 2.
May 11, 2026
BoC 2.25% · Fixed 3.75% · Var 3.30%
As of now, the Bank of Canada’s overnight rate stands at 2.
May 4, 2026
BoC 2.25% · Fixed 3.75% · Var 3.30%
As of this week, the Bank of Canada’s overnight rate remains at 2.
April 30, 2026
BoC 2.25% · Fixed 3.75% · Var 3.30%
The current mortgage rate landscape in Canada reveals a Bank of Canada (BoC) overnight rate of 2.
April 28, 2026
BoC 2.25% · Fixed 3.75% · Var 3.30%
BoC holds at 2.25% for fourth consecutive meeting. Variable rates remain cheaper than fixed by 0.45%.