Following the Bank of Canada’s rate cut (25 basis points to 3% as expected) on January 29, 2025, here are the latest mortgage rates from the Big Six banks across fixed and variable mortgages. Stay informed with the most up-to-date data to make the best financial decision.
The Big Six banks in Canada are RBC, TD, Scotia, BMO, CIBC, BNC and excluded from the list, Desjardins.
Key Considerations for Mortgage Rates
Variable Mortgage Offers: Most banks provide a suite of welcome offers on variable-rate mortgages, but these offers often depend on the loan amount. Keep in mind that some variable mortgages may be closed, have higher renewal fees, or include terms that could increase costs over time. An attractive welcome offer may not always be the best long-term option.
Fixed-Rate Mortgages: Fixed mortgages are typically available in terms ranging from 1 month, 6 months, and 1 to 10 years. Most banks offer promotional rates for 3-year and 5-year fixed terms, except for Desjardins, which provides promotions on 4-year and 5-year terms.
Special Fixed Rates: These are available for new customers, new home purchases, or new loans. They may come with restrictions but offer competitive rates for those meeting the eligibility criteria.
Understanding the Difference Between Posted Rate & APR:
- The posted rate is the publicly advertised interest rate by the bank.
- The APR (Annual Percentage Rate) includes not just the interest rate but also additional costs such as lender fees, making it a better representation of the total cost of borrowing.
Mortgage Term Options: Whether a mortgage is special or posted, it typically comes with an amortization period of 25 years or more, with the option to choose between default-insured or uninsured mortgages. Default-insured mortgages generally come with lower rates but require mortgage insurance, whereas uninsured mortgages may have higher rates but offer more flexibility.
Stay updated on the latest mortgage trends to find the best fit for your financial goals.
| Bank | 3-Year Special | 3-Year Special APR | 5-Year Special | 5-Year Special APR |
|---|---|---|---|---|
| 4.890% | 4.930% | 4.890% | 4.920% | |
 |
5.090% | 5.125% | 5.090% | 5.111% |
 |
– | – | 5.900% | 5.890% |
 |
4.940% | 4.970% | 4.940% | 4.960% |
| (insured) | – | – | 4.590% | 4.610% |
 |
4.890% | 4.910% | 4.890% | 4.910% |
| (high ratio) | – | – | 5.450% | – |
 |
4.890% | 4.940% | 4.840% | 4.880% |
 |
– | – | 4.690% | – |
| Bank | 3-Year Rate | 5-Year Rate | Rate Type |
|---|
Posted rates (25 years less)
Posted Fixed Rate – 25 Years or Less
| Bank | 3-Year Posted | 3-Year Posted APR | 5-Year Posted | 5-Year Posted APR |
|---|---|---|---|---|
| 4.890% | 4.930% | 4.890% | 4.920% | |
|
6.940% | – | 6.790% | – |
|
6.540% | – | 6.490% | – |
|
6.540% | 6.570% | 6.490% | 6.510% |
|
6.990% | – | 6.840% | – |
|
6.490% | 6.540% | 6.390% | 6.430% |
|
– | – | – | – |
Other rates 25 yrs +
Special Fixed Rate – 25 Years or More
| Bank | 3-Year Special | 3-Year Special APR | 5-Year Special | 5-Year Special APR |
|---|---|---|---|---|
| RBC | 4.990% | 5.030% | 4.990% | 5.020% |
| TD | – | – | 4.990% | 5.011% |
| Scotia | – | – | – | – |
| BMO | 5.040% | 5.070% | – | – |
| CIBC | – | – | – | – |
| BNC | – | – | – | – |
| Desjardins | 6.390% | – | – | – |
Posted Fixed Rate – 25 Years or More
| Bank | 3-Year Posted | 3-Year Posted APR | 5-Year Posted | 5-Year Posted APR |
|---|---|---|---|---|
| RBC | 6.400% | 6.440% | 6.390% | 6.420% |
| TD | – | – | 6.790% | – |
| Scotia | – | – | – | – |
| BMO | 6.540% | 6.570% | 6.490% | 6.510% |
| CIBC | – | – | – | – |
| BNC | – | – | – | – |
| Desjardins | – | – | – | – |
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