Canadian Mortgage Rate Report — July 13, 2026

As of now, the Bank of Canada’s overnight rate stands at 2.25%, with the prime rate following closely at 4.45%. This prime rate serves as a benchmark for variable mortgage rates, currently available at a competitive 3.3% for the best 5-year variable options (broker insured). In comparison, the best 5-year fixed rate is slightly higher at 3.75%.

For homeowners weighing their options, the choice between fixed and variable rates remains crucial. Fixed rates offer stability against potential future rate hikes, while variable rates can provide initial savings and flexibility, especially if the Bank of Canada maintains its current stance through the next rate decision on June 10, 2026.

Looking ahead, keep an eye on bond yields and the Consumer Price Index (CPI), as these will significantly influence mortgage rates. Although the latest CPI data is unavailable, it’s essential to monitor inflation trends, especially in the context of trade and oil prices, which can impact economic conditions.

For Canadians renewing their mortgages in 2026, consider locking in your rate early if you anticipate rising interest rates. This strategy can provide peace of mind and financial predictability in an uncertain market.