Canadian Mortgage Rate Report — June 15, 2026

BoC rate: 2.25%Prime: 4.45%Best 5Y fixed: 3.75%Best 5Y variable: 3.30%

Currently, the Bank of Canada’s overnight rate stands at 2.25%, with the prime rate following at 4.45%. These rates are pivotal as they directly influence variable mortgage pricing. The best available 5-year variable rate for broker-insured mortgages is currently at 3.3%, reflecting the prime rate's impact.

In comparison, the best 5-year fixed rate for broker-insured mortgages is 3.75%. While the fixed rate is slightly higher, it offers stability against potential future rate hikes, making it a safer option for those wary of fluctuating payments.

Looking ahead, the next three months are crucial for mortgage holders. Key indicators to monitor include bond yields, which can influence fixed rates, and the Consumer Price Index (CPI), as inflation data will inform the Bank of Canada's monetary policy decisions. Additionally, global trade dynamics and oil prices could affect economic stability, further impacting interest rates.

For Canadians renewing their mortgages in 2026, a practical tip is to start evaluating your options early. Given the potential for rate shifts, securing a pre-approval or rate hold can provide peace of mind and financial predictability in an uncertain market.

Stable Rates

60%

Mortgage rates remain stable with minor fluctuations, reflecting current economic conditions and the Bank of Canada's cautious approach.

Rate Cut

25%

A potential rate cut occurs due to easing trade tensions and lower inflation, providing relief to borrowers.

Rate Hike

15%

A rate hike is implemented in response to rising oil prices and inflation pressures, increasing borrowing costs.