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Canadian Mortgage Rate Report
Weekly analysis of Bank of Canada policy, fixed and variable mortgage rates, and what to expect next. Updated every Monday.
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Latest report
November 2, 2026
The Bank of Canada's overnight rate is 2.50%, which puts the Big Six prime rate at 4.70%. 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 3.51% (2026-10-30). Annual CPI inflation was 3.1% in September 2026, above the Bank's 2% target. The next rate decision is on December 9, 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.
Hold at 2.50%
Base caseThe Bank keeps the overnight rate at 2.50% on December 9, 2026. Prime stays at 4.70% and variable payments do not change.
Cut to 2.25%
AlternativeWeaker growth or inflation below 2% leads to a 0.25-point cut. Prime falls to 4.45%, lowering variable payments.
Hike to 2.75%
AlternativeInflation running above target leads to a 0.25-point hike. Prime rises to 4.95%; fixed rates follow bond yields.
Rate history
Bank of Canada overnight rate and the best insured 5-year broker rates, recorded every week since April 6, 2026. No rates were recorded between April 15, 2026 and May 25, 2026.
Previous reports
October 26, 2026
BoC 2.25% · Fixed 4.34% · Var 3.25%
The Bank of Canada's overnight rate is 2.25%, which puts the Big Six prime rate at 4.45%.
October 19, 2026
BoC 2.25% · Fixed 4.34% · Var 3.25%
The Bank of Canada's overnight rate is 2.25%, which puts the Big Six prime rate at 4.45%.
October 12, 2026
BoC 2.25% · Fixed 4.34% · Var 3.25%
The Bank of Canada's overnight rate is 2.25%, which puts the Big Six prime rate at 4.45%.
October 7, 2026
BoC 2.25% · Fixed 4.34% · Var 3.25%
The Bank of Canada's overnight rate is 2.25%, which puts the Big Six prime rate at 4.45%.
September 28, 2026
BoC 2.25% · Fixed 4.29% · Var 3.25%
Rates recorded September 28, 2026: best 5-year fixed 4.29%, best 5-year variable 3.25%, 5-year Government of Canada bond 3.68%.
September 21, 2026
BoC 2.25% · Fixed 4.14% · Var 3.25%
Rates recorded September 21, 2026: best 5-year fixed 4.14%, best 5-year variable 3.25%, 5-year Government of Canada bond 3.57%.
September 14, 2026
BoC 2.25% · Fixed 3.94% · Var 3.30%
Rates recorded September 14, 2026: best 5-year fixed 3.94%, best 5-year variable 3.30%, 5-year Government of Canada bond 3.65%.
September 7, 2026
BoC 2.25% · Fixed 3.94% · Var 3.30%
Rates recorded September 7, 2026: best 5-year fixed 3.94%, best 5-year variable 3.30%, 5-year Government of Canada bond 3.40%.
August 31, 2026
BoC 2.25% · Fixed 3.94% · Var 3.30%
Rates recorded August 31, 2026: best 5-year fixed 3.94%, best 5-year variable 3.30%, 5-year Government of Canada bond 3.33%.
August 24, 2026
BoC 2.25% · Fixed 3.94% · Var 3.35%
Rates recorded August 24, 2026: best 5-year fixed 3.94%, best 5-year variable 3.35%, 5-year Government of Canada bond 3.28%.
August 17, 2026
BoC 2.25% · Fixed 3.94% · Var 3.35%
Rates recorded August 17, 2026: best 5-year fixed 3.94%, best 5-year variable 3.35%, 5-year Government of Canada bond 3.31%.
Week of August 10, 2026
No report: no rates were recorded this week, and we don't publish estimated numbers.
August 3, 2026
BoC 2.25% · Fixed 3.94% · Var 3.35%
Rates recorded August 3, 2026: best 5-year fixed 3.94%, best 5-year variable 3.35%, 5-year Government of Canada bond 3.27%.
July 27, 2026
BoC 2.25% · Fixed 3.94% · Var 3.25%
Rates recorded July 27, 2026: best 5-year fixed 3.94%, best 5-year variable 3.25%, 5-year Government of Canada bond 3.19%.
July 20, 2026
BoC 2.25% · Fixed 3.94% · Var 3.25%
As of now, the Bank of Canada’s overnight rate stands at 2.25%, with the prime rate at 4.45%.
July 13, 2026
BoC 2.25% · Fixed 3.94% · Var 3.25%
As of now, the Bank of Canada’s overnight rate stands at 2.25%, with the prime rate following closely at 4.45%.
July 6, 2026
BoC 2.25% · Fixed 3.94% · Var 3.30%
As of now, the Bank of Canada’s overnight rate stands at 2.25%, which translates to a prime rate of 4.45%.
June 29, 2026
BoC 2.25% · Fixed 3.94% · Var 3.30%
As of now, the Bank of Canada’s overnight rate stands at 2.25%, with the prime rate at 4.45%.
June 22, 2026
BoC 2.25% · Fixed 3.94% · Var 3.30%
As of now, the Bank of Canada’s overnight rate stands at 2.25%, with the prime rate at 4.45%.
June 15, 2026
BoC 2.25% · Fixed 3.99% · Var 3.30%
Currently, the Bank of Canada’s overnight rate stands at 2.25%, with the prime rate following at 4.45%.
June 8, 2026
BoC 2.25% · Fixed 3.99% · Var 3.30%
The current mortgage rate landscape in Canada reflects a stable environment, with the Bank of Canada maintaining its overnight rate at 2.25% and the prime rate sitting at 4.45%.
June 1, 2026
BoC 2.25% · Fixed 4.04% · 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 4.04% · Var 3.30%
As of now, the Bank of Canada’s overnight rate stands at 2.25%, with the prime rate at 4.45%.
May 18, 2026
BoC 2.25% · Fixed 4.04% · Var 3.30%
The current landscape of Canadian mortgage rates remains relatively stable, with the Bank of Canada maintaining the overnight rate at 2.25% and the prime rate sitting at 4.45%.
May 11, 2026
BoC 2.25% · Fixed 3.75% · Var 3.30%
As of now, the Bank of Canada’s overnight rate stands at 2.25%, with the prime rate at 4.45%.
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 2.25%, with the prime rate sitting at 4.45%.
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 2.25% and a prime rate of 4.45%.
April 28, 2026
BoC 2.25% · Fixed 3.75% · Var 3.30%
The Bank of Canada held its overnight rate at 2.25% for the fourth consecutive announcement, keeping the prime rate steady at 4.45%.