Average Mortgage Rates in Canada
What banks charged on mortgages in July 2026, by term, with history since 2013
In July 2026, Canada's chartered banks charged an average of 4.49% on uninsured 5-year fixed mortgages and 4.05% on insured ones (insurance is required with less than 20% down). Variable rates averaged 3.86% uninsured and 3.75% insured. A year earlier, in July 2025, the uninsured 5-year fixed rate averaged 4.27%: it is 0.22 points higher now, and the variable rate 0.68 points lower (it was 4.54%). The banks' posted 5-year rate was 6.19% on October 7, 2026, 1.70 points above the average borrowers were charged in July 2026.
Average Rates by Term, July 2026
| Term | Insured | Uninsured | Uninsured, July 2025 | Change (points) | Share of Lending |
|---|---|---|---|---|---|
| Variable | 3.75% | 3.86% | 4.54% | −0.68 | 41% |
| Fixed, under 1 year | 7.41% | 7.43% | 7.37% | +0.06 | 4% |
| Fixed, 1 to 3 years | 4.88% | 5.31% | 5.27% | +0.04 | 11% |
| Fixed, 3 to 5 years | 3.99% | 4.08% | 4.14% | −0.06 | 35% |
| Fixed, 5 years or more | 4.05% | 4.49% | 4.27% | +0.22 | 9% |
Rates are yearly percentages. The change is in percentage points: red is a higher rate than a year earlier, green a lower one.
What the Averages Mean for a Payment
The monthly payment on a $500,000 mortgage over 25 years at each rate, and the interest paid in the first 5 years, the usual term. At the posted 5-year rate, the payment would be $491 a month more than at the average 5-year fixed rate.
| Rate Type | Rate | Monthly Payment | Interest, First 5 Years | Balance After 5 Years |
|---|---|---|---|---|
| Average variable | 3.86% | $2,592 | $89,739 | $434,202 |
| Average fixed, 3 to 5 years | 4.08% | $2,652 | $94,984 | $435,874 |
| Average fixed, 5 years or more | 4.49% | $2,765 | $104,784 | $438,909 |
| Posted 5-year rate | 6.19% | $3,256 | $145,720 | $450,377 |
Averages are the uninsured ones, with Canadian semi-annual compounding. Work out your own payment, and the interest year by year, with the mortgage payment and interest calculator.
Mortgage Rates Since 2013
The average uninsured 5-year fixed and variable rates each month since January 2013.
- 5-year fixed
- Variable
Average by year
| Year | 5-Year Fixed, Insured | 5-Year Fixed, Uninsured | Variable, Insured | Variable, Uninsured |
|---|---|---|---|---|
| 2026 (January to July) | 3.97% | 4.31% | 3.78% | 3.87% |
| 2025 | 4.03% | 4.37% | 4.26% | 4.34% |
| 2024 | 4.75% | 5.16% | 6.27% | 6.25% |
| 2023 | 5.13% | 5.40% | 6.93% | 6.91% |
| 2022 | 3.83% | 3.96% | 3.57% | 3.65% |
| 2021 | 2.09% | 2.18% | 1.58% | 1.55% |
| 2020 | 2.40% | 2.47% | 2.54% | 2.38% |
| 2019 | 3.14% | 3.19% | 3.93% | 3.67% |
| 2018 | 3.43% | 3.54% | 3.14% | 3.14% |
| 2017 | 2.85% | 2.88% | 2.75% | 2.74% |
| 2016 | 2.65% | 2.69% | 2.81% | 2.69% |
| 2015 | 2.77% | 2.82% | 2.46% | 2.39% |
| 2014 | 3.16% | 3.22% | 2.84% | 2.78% |
| 2013 | 3.23% | 3.24% | 3.27% | 3.23% |
Each year is our average of the Bank of Canada's monthly figures.
See the last 24 months
| Month | Variable | Fixed, under 1 year | Fixed, 1 to 3 years | Fixed, 3 to 5 years | Fixed, 5 years or more |
|---|---|---|---|---|---|
| July 2026 | 3.86% | 7.43% | 5.31% | 4.08% | 4.49% |
| June 2026 | 3.90% | 7.97% | 5.32% | 4.03% | 4.35% |
| May 2026 | 3.89% | 7.82% | 5.25% | 3.97% | 4.30% |
| April 2026 | 3.88% | 7.96% | 4.96% | 3.90% | 4.17% |
| March 2026 | 3.84% | 8.09% | 5.31% | 3.91% | 4.22% |
| February 2026 | 3.84% | 7.98% | 5.54% | 3.99% | 4.31% |
| January 2026 | 3.86% | 7.43% | 5.48% | 4.01% | 4.33% |
| December 2025 | 3.88% | 7.70% | 5.50% | 4.02% | 4.31% |
| November 2025 | 3.88% | 7.67% | 5.50% | 4.04% | 4.26% |
| October 2025 | 3.97% | 7.80% | 5.37% | 4.07% | 4.40% |
| September 2025 | 4.27% | 7.72% | 5.43% | 4.13% | 4.37% |
| August 2025 | 4.49% | 7.27% | 5.26% | 4.13% | 4.31% |
| July 2025 | 4.54% | 7.37% | 5.27% | 4.14% | 4.27% |
| June 2025 | 4.53% | 7.61% | 5.35% | 4.13% | 4.25% |
| May 2025 | 4.47% | 7.59% | 5.44% | 4.13% | 4.24% |
| April 2025 | 4.42% | 7.91% | 5.51% | 4.18% | 4.30% |
| March 2025 | 4.42% | 8.11% | 5.58% | 4.31% | 4.52% |
| February 2025 | 4.60% | 8.28% | 5.77% | 4.42% | 4.61% |
| January 2025 | 4.64% | 8.20% | 5.70% | 4.43% | 4.59% |
| December 2024 | 4.86% | 8.17% | 5.35% | 4.40% | 4.61% |
| November 2024 | 5.32% | 8.06% | 5.25% | 4.41% | 4.68% |
| October 2024 | 5.44% | 8.29% | 5.28% | 4.51% | 4.82% |
| September 2024 | 5.93% | 8.11% | 5.45% | 4.71% | 4.93% |
| August 2024 | 6.18% | 7.92% | 5.42% | 4.93% | 5.11% |
Uninsured rates.
Posted Rates, Prime and the Bank of Canada Rate
| Benchmark | Rate | As Of |
|---|---|---|
| Bank of Canada policy rate | 2.25% | October 6, 2026 |
| Prime rate | 4.45% | September 30, 2026 |
| Posted 1-year fixed | 5.49% | October 7, 2026 |
| Posted 3-year fixed | 6.05% | October 7, 2026 |
| Posted 5-year fixed | 6.19% | October 7, 2026 |
These are published every week (the policy rate every day), so they are more recent than the averages above. The Bank of Canada's policy rate sets what banks pay to borrow overnight; the banks set their prime rate from it, and variable mortgage rates are priced as prime plus or minus a discount. Posted rates are the fixed rates banks advertise. Most borrowers get less than the posted rate, but the big banks use it to work out the penalty for breaking a fixed mortgage.
Mortgage Rates: Quick Answers
What is the average mortgage rate in Canada?
4.49% for an uninsured 5-year fixed mortgage and 4.05% for an insured one, in July 2026: the latest month the Bank of Canada has published. Variable mortgages averaged 3.86% uninsured and 3.75% insured. The Bank publishes each month's averages about two months later. They are what banks charged, after discounts, on the mortgages they lent that month.
Are mortgage rates going down?
From July 2025 to July 2026, the average 5-year fixed rate rose 0.22 points (4.27% to 4.49%) and the variable rate fell 0.68 points (4.54% to 3.86%). Over the last three months, the average 5-year fixed rate rose 0.32 points (4.17% to 4.49%) and the variable rate fell 0.02 points (3.88% to 3.86%). These are uninsured averages; insured rates move with them. Variable rates follow the prime rate, which moves when the Bank of Canada changes its policy rate; fixed rates follow bond yields.
Is a variable rate cheaper than a fixed rate right now?
Yes, on average. In July 2026 the average uninsured variable rate (3.86%) was 0.63 points below the 5-year fixed (4.49%). Variable mortgages took 41% of the money banks lent on mortgages in July 2026. A variable rate can change at any time during the term; a fixed rate cannot.
Why are insured mortgage rates lower?
A mortgage with less than 20% down must be insured against default (by CMHC or a private insurer), so the lender takes less risk and charges less. In July 2026, the insured 5-year fixed rate averaged 0.44 points less than the uninsured one. The borrower pays for the insurance: a premium of 2.80% to 4.00% of the mortgage on a 25-year amortization, added to the loan.
Why is the posted rate higher than these averages?
The posted rate is the rate banks advertise; most borrowers are offered a discount from it. The posted 5-year rate was 6.19% on October 7, 2026, while borrowers were charged 4.49% on average in July 2026. Posted rates still matter: the big banks use them to work out the penalty for breaking a fixed mortgage early.
Where the Figures Come From
- The averages are the Bank of Canada's table of interest rates charged by chartered banks on the residential mortgages they advanced in each month: new mortgages, renewals and refinancing. Each bank's rate is weighted by the amount it lent, so they are the rates borrowers actually got, after discounts.
- Only chartered banks report them. Credit unions and other lenders are not included. A mortgage is counted under the term chosen when it was made.
- Insured mortgages are those with mortgage default insurance, which is required with less than 20% down.
- The share of lending is the share of all the mortgage money banks advanced in July 2026, insured and uninsured together.
- Posted rates, the prime rate and the policy rate are the Bank of Canada's weekly and daily series.
- The page reads the Bank's figures as it publishes them, about two months after each month ends.
Work out your own numbers
- Mortgage payment and interest calculator: your payment and the interest you pay each year
- Mortgage stress test calculator: the rate you must qualify at
- Mortgage renewal comparison: your payment at renewal at today's rates
- Understanding mortgage interest rates in Canada
- Fixed vs variable mortgages
- Income needed to buy a home in each city, at these rates
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